Tell the FDIC to increase transparency on bank settlements
Recently, through a Freedom of Information Act request the LA Times obtained over 1,600 pages of settlements with major banks and other actors between the years of 2007-2012 that had been kept out of the public eye by non-disclosure agreements negotiated into the settlements. One of the most notable being a $54 million settlement from Deutsche Bank over loans that contributed to a California bank failure.
These agreements not only keep vital information from the public that informs their decision and shames bad actors, it also violates the spirit of the laws instituted after the S&L crisis of the 1980-90’s, which instituted a ban on secret settlements.
Sign the petition urging the Federal Deposit Insurance Corporation to institute and abide by a policy banning non-disclosure agreements of any type in all future settlements to increase transparency and shame bad actors in the banking industry.
We urge you to increase transparency of settlements by instituting a policy in which your agency will not agree to non-disclosure agreements in settlements.
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