Senator Elizabeth Warren is seriously kicking financial regulators’ butt..
Elizabeth Warren, the Democratic Senator from Massachusetts, grilled two financial regulators this Thursday as to why the men were favoring big banks over families that are struggling.
The questioning took place during a Senate Banking Committee hearing where Warren took aim at Daniel P. Stipano of the Office of the Comptroller of the Currency and Richard Ashton of the Federal Reserve. The line of questioning centered around the Independent Foreclosure Review, which investigated foreclosure abuses that ended in January with a $8.5 billion settlement.
Warren claimed the two were withholding data obtained from the investigation. She asked whether they planned to disclose evidence of illegal activity to families who were in the middle if litigation with the banks for the wrongful disclosures, with Ashton responding that they had not made a decision.
“So I just want to make sure I get this straight,” Warren continued. “Families get pennies on the dollar in the settlement for having been the victims of illegal activities or mistakes in the banks’ activities. You now know individual cases where the banks violated the law and you’re not going to tell the homeowners, or at least it’s not clear if you’re going to do that?” She added,
People want to know that their regulators are watching out for the American public, not for the banks, and the only way that we can evaluate whether or not you’re doing your job is if you make some of this information publicly available.
Watch Senator Warren in the video below.
- Sen. Elizabeth Warren scolds regulators for protecting banks (rawstory.com)
- Surprise! Financial regulators accused of protecting banks instead of helping struggling families (sott.net)
- Sen. Warren: Regulators Are Watching Out for Banks, Not the American Public (commondreams.org)
- Elizabeth Warren Tears Into Federal Regulators For Shielding Big Banks (thinkprogress.org)
- Warren to Feds: ‘You Don’t Know’ How Many Banks Broke Laws? (crooksandliars.com)
- Elizabeth Warren’s Foreclosure Settlement Bombshell: Banks Determined the Number of Victims of Their Own Foreclosure Frauds (wallstreetonparade.com)