by Matthew Russell Lee, Patreon Book Substack
FEDERAL COURT, June 4 – The Biden Administration has ordered all "federal agencies to consider and report on measures to ameliorate and prevent disproportionate negative environmental and health impacts on historically marginalized communities."
But what does it mean, for the bank regulators?
Take for example the Federal Reserve Board, which has routinely ignored, and official stated it can and will ignore, environmental justice, and even despite its claims, climate change. For example in approving BMO Harris' application to acquire Bank of the West - protested by Fair Finance Watch and Inner City Press - ruled that
"Some commenters expressed concerns regarding the amount of funding that BNP Paribas and Bank of Montreal have provided to fossil-fuel companies, while one commenter requested that the combined organization publish annual disclosures related to environmental issues. In addition, one commenter expressed concern that BOTW had not disclosed information regarding the diversity of its employees. These comments concern matters that are outside the scope of the limited statutory factors that the Board is authorized to consider when reviewing an application under the BHC Act. See Western Bancshares, Inc. v. Board of Governors, 480 F.2d 749 (10th Cir. 1973)."
Inner City Press wrote, The Fed sure loves that 1973 case. It's time to amend the BHC Act and CRA to provide a private right of action and of judicial review.
But what about the Biden Administration's Executive Order? It doesn't only apply to the FDIC and OCC - it references independent regulatory agencies. Watch this site.
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