US needs to change bank takeover rules, FDIC official says
Rohit Chopra criticises SF Fed over bank linked to Sam Bankman-Fried firms
US regulations on mergers and acquisitions for banks should be amended, Rohit Chopra, a director of the Consumer Financial Protection Bureau, said on April 25.
Chopra strongly criticised how the Federal Reserve Bank of San Francisco had handled the takeover of a bank by companies linked to Sam Bankman-Fried. A US court found Bankman-Fried guilty of seven counts of financial crimes, and in March sentenced him to 25 years’ imprisonment.
“Many of our discretionary rules just don’t make sense,” Chopra
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