My brother in Carl XVI Gustaf the banks are self-regulatory and committ FINRA violations willfully since the penalty is lower than the profit. It is the cost of doing business.
Uh, lol no. I know a guy who used to work for the OCC. Banks pee their pants just hearing the name. When they shut down a bank they literally walk in and tell everyone to stop what they’re doing and lock the door. It’s like the movies.
My point is: they are not “living on their own terms”. The Federal Government gives them a bank charter and can take it away.
An example of the authority and power the OCC have is the recently fined City National Bank from Los Angeles, CA. They were fined $65 million dollars for continually violating various regulations (including AML) for period going back years after having previously being warned. City National Bank claims $93 Billion CAD ($69B USD) in assets and during the time period they egregiously violated our laws made hundreds of millions in profit, only slowing down in the last quarters due to interest rates hikes in the US. The interest rate hikes costed CNB $247 million USD between start of August through end of October for comparison.
My brother in Carl XVI Gustaf the banks are self-regulatory and committ FINRA violations willfully since the penalty is lower than the profit. It is the cost of doing business.
Uh, lol no. I know a guy who used to work for the OCC. Banks pee their pants just hearing the name. When they shut down a bank they literally walk in and tell everyone to stop what they’re doing and lock the door. It’s like the movies.
My point is: they are not “living on their own terms”. The Federal Government gives them a bank charter and can take it away.
Are there regulations? Yes. Is regulatory capture also a reality? Yes.
There’s too much to unpack for this discussion
An example of the authority and power the OCC have is the recently fined City National Bank from Los Angeles, CA. They were fined $65 million dollars for continually violating various regulations (including AML) for period going back years after having previously being warned. City National Bank claims $93 Billion CAD ($69B USD) in assets and during the time period they egregiously violated our laws made hundreds of millions in profit, only slowing down in the last quarters due to interest rates hikes in the US. The interest rate hikes costed CNB $247 million USD between start of August through end of October for comparison.
PR of Enforcement action by OCC v CNB
$93 Billion Canadian in Assets
10 year historical financials on P235, note values are in millions of CAD
News Article covering CNB 2023 Fourth Quarter
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