looked into. they worked with these thesemera organizations like the national asian-american coalition, the national diversity yalition,coalition, these groupt to the fdic and other regulators and said, look,hese first republic banks,es they should be exempted from these rules becaus, they ae you they re spending so much in the underserved communities.y can t deal with burdensome regu can t deal with these burdensome regulations because they re donating to philanthropic organizations and good causes like us . so if you don t have the lobbying here. yeah, that s right. and after engaging in this exe lobbying and deed, they were given this exemptionmp s and sae diversity organizations. the leader of this groupe was te appointed to a special board by first republic bank. ring thethey started sponsoringe their gallas, receiving financial donations from the bank prett, a pretty clear d pro quo. you know what s crazy? i don t understand how we go from saying, look, we want or the same st
that a pennsylvania schoolo we n district must allow a samete school club. so wd toe wanted to find out exactly what is the sameness,owi how that a religion we ll talk about next. struggling with credit or no credit . you need a lift where credit up by five star bank, the best there is . and credit building our credit builder program offers a quick, easy way to get the credit. you real fast. better credit . got me a better rate on my new truck loan. super easy done. real help you get the right house for our family. we needed to improve our credit real time. we started our own business and i love that we can keep track of our credit on the go over one hundred million people in the u.s. struggle with low or no credit credit is the way up with no fees, lower interest rates and banks in the usa.
the loan for the house or car to say no stress. so the bank won t fail. how do we jump over thathurdle? hurdle? look, america has a history of racism for any kind of lobbying campaign. you wantce to targetgulators your audience and influence them. a lot of these bank regulatorsta lean to the left., so banks are not stupid. they know that a very effective persuasion strategy is using these third party organizationns ,diversity groups, to make their pitch on their behalf. you know, if a bangivek is goinn to regulators and saying, hey,ot give us an exemption, they re not as sympathetic. so that s why they work through these third party organizations. al yeah, so they recruited all thesl the minorities and theirl, banks still filled. so all the minorities bank thatt that they re they re screwed. the government oing governmentlved t is saying they re going to help them, but it s jushet doesn pro seem like they solved the problem. lee, thanks so much for joining the program. lawrencthan
independent investigative reporter and the author of leaving .com on substate lee.fag .c just explain to us what are the different rules they wanted to abide by ? thanks for having meinanci on the follow aftealr the 2008so financial crisis, congress passed a new set of rulesg to to prevent too big to fail banks. that s annual stress tests. there s risk assessments oftfolo the loan portfolio businesses. decisions of these banks would be reviewed by regulators. that s if you were designated as a too big to fail bank. ed a first republic bank should havao been designated as a too big to fail bank, but they were b exempted from these rules. these rules were supposed to be asplied to any bank over 50 billion dollarsse in assets.i now, first republic bank, like n many mid-sized banks around this threshold, lobbied legislators. bugislatort they also worked thh third party groups. and that s what my report
The acquisition of First Republic Bank merely provided a "backstop" but not a solution to the US banking crisis that was facilitated by the Federal Reserve s continuing interest rate hikes, Sergio Rossi, professor of macroeconomics and monetary economics at the University of Fribourg, Switzerland, told Sputnik.