“If we really care about helping the unbanked, it would be to provide them with greater diversity in the financial services ecosystem, and that would be to encourage new bank formation.”
Barr emphasizes the need for new banks to serve unbanked communities.
Share
More from Michael S. Barr
Community banks are exempt from this proposal. It only covers the top 37 banks in the country.
Shouldn't this be a more transparent public Board meeting and a deliberative process that includes all members of the Board?
The bank did respond to regulator citations but those responses were insufficient.
The answer is that the Biden Administration allowed this to happen by pursuing a policy of weakness and appeasement that allowed Iran to finance this invasion.