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April 12, 2013

Lawmakers lambast Fed, others for hiding behind "trade secrets"

Two Democratic lawmakers lambasted federal regulators whom they accuse of using an obligation to protect bank “trade secrets” as an excuse not to hand over details of a botched review of home foreclosures.

“Breaking the law is not a corporate trade secret,” Senator Elizabeth Warren of Massachusetts and Representative Elijah Cummings of Maryland told the Federal Reserve and the Office of the Comptroller of the Currency in a letter on Wednesday.

The regulators reached settlements worth about $9.3 billion with 13 banks earlier this year to end case-by-case reviews of whether they had wrongly seized homes or begun the foreclosure process.”

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Read full Reuters article here

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