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  • Revealed: Federal Reserve Asking CIT Group About Inner City Press FOIA Request: Now Goldman Sachs?

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    Matthew Russell Lee
    13K views40 pages
    Federal Reserve Let CIT Run Clock, Docs, Like Goldman Now to Oct 30 By Matthew R. Lee NEW YORK, October 13 -- The lack of seriousness in US bank regulation grows from the relatively smaller to the largest banks, with CIT and OneWest a major, and Goldman Sachs the most recent, example. Goldman is trying to speed through Federal Reserve approval to buy $16 billion in insured deposits from GE Capital, and the Fed so far seems bent on helping. It began by withholding basic parts of Goldman's application, click here to view. Inner City Press still has a pending Freedom of Information Act request; Fair Finance Watch and others, including NCRC, asked the Fed to extend its comment period, which has now been done, until October 30, with the Fed's FOIA response to Inner City Press due on October 16. In the interim, Inner City Press is today publishing the Federal Reserve's communications with the CIT Group's outside counsel, which shows how the release of public documents is allowed by the Fed to be delayed. CIT made disingenuous requests for confidential treatment of information that could not be withheld, without any repercussion. They were rewarded with FOIA appeal denials by Fed Governor Jay Powell; now Goldman is trying to withhold information that should be public. Will there be any repercussion or accountability? Watch this site. responded to today: "The Federal Reserve Board on Monday announced that the public comment period has been extended through October 30, 2015, on the application by Goldman Sachs Bank USA, New York, New York, to assume certain liabilities and acquire certain assets of GE Capital Bank, Holladay, Utah, under section 18(c) of the Federal Deposit Insurance Act... The original comment period, which closed on September 19, 2015, is being extended to allow interested persons more time to review the proposal and to provide comments... Comments regarding this application must be received at the Federal Reserve Bank of New York (Attention: Bank Applications Officer, 33 Liberty Street, New York, New York 10045; comments.applications@ny.frb.org) or the Office of the Secretary of the Board (20th Street and Constitution Avenue, NW, Washington, D.C. 20551) on or before October 30, 2015." Just last week, the Fed told Inner City Press a comment it submitted on Goldman Sachs, with new Home Mortgage Disclosure Act data, was "untimely" -- "Dear Mr. Matthew Lee, Executive Director Inner City Press/Fair Finance Watch We acknowledge receipt on September 22, 2015 of your email dated September 22, 2015 ("Comment Letter"), commenting on the application filed by Goldman Sachs Bank USA... The public comment period for this application ended on September 19, 2015. Since your Comment Letter was received after the end of the public comment period, it will not be made a part of the record of this application unless the Board in its sole discretion determines to consider your late comments. However, you previously submitted timely comments that have been made part of the application record that the Board will consider." Now it must be considered. reviously, the Federal Reserve wrote to Inner City Press, extending its own time to respond under FOIA until October 16 -- all while maintaining that the comment period closed on September 19: "Dear Mr. Lee, On September 2, 2015, the Board of Governors ('Board') received your electronic message dated September 2, pursuant to the Freedom of Information Act (“FOIA”), 5 U.S.C. § 552, for the entirely of the “Application by Goldman Sachs Bank USA for the Acquisition by Purchase and Assumption of Certain Deposit Liabilities and Certain Very Limited Non-Financial Assets of GE Capital Bank,” and for all records.... Pursuant to section (a)(6)(B)(i) of the FOIA, we are extending the period for our response until October 16, 2015, in order to consult with two or more components of the Board having a substantial interest in the determination of the request. "If

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    Federal Reserve Let CIT Run Clock, Docs, Like Goldman Now to Oct 30 By Matthew R. Lee NEW YORK, October 13 -- The lack of seriousness in US bank regulation grows from the relatively smaller to the largest banks, with CIT and OneWest a major, and Goldman Sachs the most recent, example. Goldman is trying to speed through Federal Reserve approval to buy $16 billion in insured deposits from GE Capital, and the Fed so far seems bent on helping. It began by withholding basic parts of Goldman's application, click here to view. Inner City Press still has a pending Freedom of Information Act request; Fair Finance Watch and others, including NCRC, asked the Fed to extend its comment period, which has now been done, until October 30, with the Fed's FOIA response to Inner City Press due on October 16. In the interim, Inner City Press is today publishing the Federal Reserve's communications with the CIT Group's outside counsel, which shows how the release of public documents is allowed by the Fed to be delayed. CIT made disingenuous requests for confidential treatment of information that could not be withheld, without any repercussion. They were rewarded with FOIA appeal denials by Fed Governor Jay Powell; now Goldman is trying to withhold information that should be public. Will there be any repercussion or accountability? Watch this site. responded to today: "The Federal Reserve Board on Monday announced that the public comment period has been extended through October 30, 2015, on the application by Goldman Sachs Bank USA, New York, New York, to assume certain liabilities and acquire certain assets of GE Capital Bank, Holladay, Utah, under section 18(c) of the Federal Deposit Insurance Act... The original comment period, which closed on September 19, 2015, is being extended to allow interested persons more time to review the proposal and to provide comments... Comments regarding this application must be received at the Federal Reserve Bank of New York (Attention: Bank Applications Officer, 33 Liberty Street, New York, New York 10045; comments.applications@ny.frb.org) or the Office of the Secretary of the Board (20th Street and Constitution Avenue, NW, Washington, D.C. 20551) on or before October 30, 2015." Just last week, the Fed told Inner City Press a comment it submitted on Goldman Sachs, with new Home Mortgage Disclosure Act data, was "untimely" -- "Dear Mr. Matthew Lee, Executive Director Inner City Press/Fair Finance Watch We acknowledge receipt on September 22, 2015 of your email dated September 22, 2015 ("Comment Letter"), commenting on the application filed by Goldman Sachs Bank USA... The public comment period for this application ended on September 19, 2015. Since your Comment Letter was received after the end of the public comment period, it will not be made a part of the record of this application unless the Board in its sole discretion determines to consider your late comments. However, you previously submitted timely comments that have been made part of the application record that the Board will consider." Now it must be considered. reviously, the Federal Reserve wrote to Inner City Press, extending its own time to respond under FOIA until October 16 -- all while maintaining that the comment period closed on September 19: "Dear Mr. Lee, On September 2, 2015, the Board of Governors ('Board') received your electronic message dated September 2, pursuant to the Freedom of Information Act (“FOIA”), 5 U.S.C. § 552, for the entirely of the “Application by Goldman Sachs Bank USA for the Acquisition by Purchase and Assumption of Certain Deposit Liabilities and Certain Very Limited Non-Financial Assets of GE Capital Bank,” and for all records.... Pursuant to section (a)(6)(B)(i) of the FOIA, we are extending the period for our response until October 16, 2015, in order to consult with two or more components of the Board having a substantial interest in the determination of the request. "If

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    Revealed: Federal Reserve Asking CIT Group About Inner City Press FOIA Request: Now Goldman Sachs?

    Uploaded by

    Matthew Russell Lee
    Federal Reserve Let CIT Run Clock, Docs, Like Goldman Now to Oct 30 By Matthew R. Lee NEW YORK, October 13 -- The lack of seriousness in US bank regulation grows from the relatively smaller to the largest banks, with CIT and OneWest a major, and Goldman Sachs the most recent, example. Goldman is trying to speed through Federal Reserve approval to buy $16 billion in insured deposits from GE Capital, and the Fed so far seems bent on helping. It began by withholding basic parts of Goldman's application, click here to view. Inner City Press still has a pending Freedom of Information Act request; Fair Finance Watch and others, including NCRC, asked the Fed to extend its comment period, which has now been done, until October 30, with the Fed's FOIA response to Inner City Press due on October 16. In the interim, Inner City Press is today publishing the Federal Reserve's communications with the CIT Group's outside counsel, which shows how the release of public documents is allowed by the Fed to be delayed. CIT made disingenuous requests for confidential treatment of information that could not be withheld, without any repercussion. They were rewarded with FOIA appeal denials by Fed Governor Jay Powell; now Goldman is trying to withhold information that should be public. Will there be any repercussion or accountability? Watch this site. responded to today: "The Federal Reserve Board on Monday announced that the public comment period has been extended through October 30, 2015, on the application by Goldman Sachs Bank USA, New York, New York, to assume certain liabilities and acquire certain assets of GE Capital Bank, Holladay, Utah, under section 18(c) of the Federal Deposit Insurance Act... The original comment period, which closed on September 19, 2015, is being extended to allow interested persons more time to review the proposal and to provide comments... Comments regarding this application must be received at the Federal Reserve Bank of New York (Attention: Bank Applications Officer, 33 Liberty Street, New York, New York 10045; comments.applications@ny.frb.org) or the Office of the Secretary of the Board (20th Street and Constitution Avenue, NW, Washington, D.C. 20551) on or before October 30, 2015." Just last week, the Fed told Inner City Press a comment it submitted on Goldman Sachs, with new Home Mortgage Disclosure Act data, was "untimely" -- "Dear Mr. Matthew Lee, Executive Director Inner City Press/Fair Finance Watch We acknowledge receipt on September 22, 2015 of your email dated September 22, 2015 ("Comment Letter"), commenting on the application filed by Goldman Sachs Bank USA... The public comment period for this application ended on September 19, 2015. Since your Comment Letter was received after the end of the public comment period, it will not be made a part of the record of this application unless the Board in its sole discretion determines to consider your late comments. However, you previously submitted timely comments that have been made part of the application record that the Board will consider." Now it must be considered. reviously, the Federal Reserve wrote to Inner City Press, extending its own time to respond under FOIA until October 16 -- all while maintaining that the comment period closed on September 19: "Dear Mr. Lee, On September 2, 2015, the Board of Governors ('Board') received your electronic message dated September 2, pursuant to the Freedom of Information Act (“FOIA”), 5 U.S.C. § 552, for the entirely of the “Application by Goldman Sachs Bank USA for the Acquisition by Purchase and Assumption of Certain Deposit Liabilities and Certain Very Limited Non-Financial Assets of GE Capital Bank,” and for all records.... Pursuant to section (a)(6)(B)(i) of the FOIA, we are extending the period for our response until October 16, 2015, in order to consult with two or more components of the Board having a substantial interest in the determination of the request. "If

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    of 40

    From:

    To:
    Cc:
    Subject:
    Date:
    Attachments:

    Tara Kowalczyk
    Ormec@sullcrom.com; Salleys@sullcrom.com
    Misty Mirpuri
    Appeal of FOIA request seeking FOIA request for CIT/OneWest"s 4/14/15 submission -ZFRSSETuesday, June 09, 2015 8:36:02 AM
    Not Responsive - Underlying
    20150414 Other Applications Document - Confidential.pdf

    Documents

    INTERNAL FR
    Dear Camille and Stephen,
    Misty Mirpuri and I are attorneys in the Boards Legal Division working to respond to an appeal of a
    FOIA request from Matthew Lee seeking the exhibits that CIT/OneWest have claimed are
    confidential and that the Federal Reserve has withheld from Inner City Press as part of its April 14
    submission sent to ICP and others.
    You had previously been in touch with Amory Goldberg about the Board's initial response to this
    request. As you may recall, Ms. Goldberg contacted you seeking justifications for certain redactions
    to Exhibits B (Details Regarding Planned OneWest Branch Relocations) and D (Pro Forma and
    Related Information) of the 4/14/15 submission. The Boards response to Mr. Lees FOIA request
    withheld Exhibits A (OneWest Bank Branch Opening, Closing, Consolidation, or Relocation Policy)
    and C (CIT Bank Internet Deposit Data by County) in their entirety. We are contacting you to
    determine if any portions of exhibits A and C could be released to the requester on appeal. With
    respect to Exhibit C, Mr. Lee asks in his appeal how the release of the column listing the counties
    and states in which CIT has bank internet deposits (while redacting the two other columns in that
    chart) would cause substantial competitive harm to CIT.
    If CIT continues to seek confidential treatment for Exhibits A and C of the attached 4/14/15
    submission, on or before June 23, 2015, please provide a statement verifying:
    (1) that any information for which confidential treatment is sought has not been made
    publicly available (e.g., that it has not been made publicly available in a press release,
    SEC filing, or other public filing); and
    (2) the FOIA exemption(s) or other legal justification to support your request for
    confidential treatment and a statement with detailed facts and arguments to support
    such a determination. Under the Board's Rules Regarding Availability of Information
    (Boards Rules), a conclusory statement that the information would result in
    competitive harm is not sufficient. 12 CFR 261.15(b); see also 12 CFR 261.16(b)(1) and
    (e).
    The Board retains the right to make its own determination with regard to any claim of
    confidentiality. Pursuant to the Boards Rules, notice of the decision by the Board to deny a claim of
    confidential treatment, in whole or in part, and an opportunity to respond shall be provided to the
    submitter claiming confidentiality of information no less than five days prior to its public disclosure,
    12 CFR 261.16(c)(4), and where appropriate, the Board shall delay disclosure for ten working days
    from the date of the determination. 12 CFR 261.16(f). Please be advised that even if a portion of a
    document contains information that is exempt from disclosure, the FOIA requires federal agencies

    to segregate and release the non-exempt portions of the document.


    If you have any questions, please do not hesitate to contact me by telephone at (202) 452-3477 or at
    this e-mail address. Alternatively, Misty Mirpuri may be reached at the email address above or at
    (202) 452-2597. I greatly appreciate your time and kind attention to this matter.
    Many thanks,
    Tara E. Kowalczyk
    Administrative Law Attorney
    Legal Division
    Board of Governors of the Federal Reserve System
    20th St. & Constitution Ave., NW
    Washington, DC 20551
    (202) 452-3477 (Office)
    (b)(6)
    (Blackberry)
    (202) 452-3863 (Fax)

    From:
    To:
    Cc:
    Subject:
    Date:
    Attachments:

    Salley, Stephen M.
    Tara Kowalczyk; Misty Mirpuri
    Orme, Camille L.
    FOIA Appeal re: CIT-OneWest April 14, 2015 Submission
    Tuesday, June 23, 2015 5:07:22 PM
    SC1-#3889938-v1-FOIA_Response_Apr_14th_Submission.PDF

    Tara and Misty,


    Further to your email of June 9th, please see the attached letter.
    Best regards,
    Stephen

    Stephen M. Salley
    Sullivan & Cromwell LLP
    125 Broad Street
    New York, New York 10004
    Tel: 212-558-4998
    Fax: 212-291-9192
    salleys@sullcrom.com

    This e-mail is sent by a law firm and contains information that may be privileged and
    confidential. If you are not the intended recipient, please delete the e-mail and notify us
    immediately.

    From:
    To:
    Cc:
    Subject:
    Date:

    '
    "QQFBM
    3FDFJWFE
    

    Matthew R. Lee
    Office-of-the-Secretary; FOIA Appeals
    Matthew Lee [at] innercitypress.org; Matthew R. Lee [at] FairFinanceWatch.org
    FOIA Appeal of FRB Denials of May 5, 2015 to ICP"s April 15, 2015 FOIA Request re the Application of CIT"
    Group to acquire OneWest
    Saturday, May 09, 2015 3:19:44 PM

    May 9, 2015
    By email to Office-of-the-Secretary [at] frb.gov and FOIA-Appeals [at] frb.gov
    Board of Governors of the Federal Reserve System
    Attn: Secretary Robert deV. Frierson and FRB Governor in charge of FOIA Appeal
    20th Street and Constitution Avenue, N.W.
    Washington, DC 20551
    Re: FOIA Appeal of FRB Denials of May 5, 2015 to ICP's April 15, 2015 FOIA Request re
    the Application of CIT' Group to acquire OneWest
    Dear Governor in charge of FOIA Appeals:
    On behalf of Inner City Press / Fair Finance Watch (ICP), this is a timely appeal under the
    Freedom of Information Act of the Federal Reserve Board's (the FRB's) May 5, 2015
    Denials of ICP's April 15, 2015 FOIA Request regarding the Application of CIT' Group to
    acquire OneWest.
    Inner City Press immediately requested the withheld portions of CIT's and OneWest's
    submission of April 14, 2015. Now the Fed has ruled that it can withhold IN FULL
    Confidential Exhibit C, CIT Bank Internet Deposit Data By County. Overall, how can CRA
    be enforced if such basic information is withheld? As a matter of FOIA, it is illegitimate to
    withhold in full, including for example the names of the counties - how would the disclosure
    of the names of these countries, most or all of which are publicly known, cause substantial
    competitive harm?
    ICP is appealing all withholdings, including the unexplained redaction of the address of one of
    the branches OneWest would shutter, and the branch closing policy.
    Please immediately send all requested information and responses by e-mail to
    lee@fairfinancewatch.org and innercitypress@gmail.com, and/or by hard copy by FedEx to:
    Matthew R. Lee, Esq.
    Fair Finance Watch
    c/o 747 Third Ave (hold at location Fed Ex), NY NY 10017 USA
    Or regular mail: Matthew R. Lee Esq, PO Box 20047, NYC NY 10017
    If you have any questions, please immediately telephone the undersigned, at (718) 716-3540.
    Very Truly Yours,

    Matthew Lee, Esq.


    Executive Director
    Inner City Press/Fair Finance Watch

    Internal FR

    Board of Governors of the Federal Reserve System


    Office of the Secretary
    Freedom of Information Assignment
    Request No:
    F-2015-00196
    Action Type:

    Request Type:
    Formal
    Initial

    Request Category:

    Requester:

    Received Date:

    Complex

    Lee, Matthew

    05/11/2015

    Please return this completed form, attaching all responsive documents, to the FOI Section by 06/05/2015.
    If responsive documents are available electronically, please email to FOI.Section@frb.gov by 6/05/2015.
    The Law Requires the Board to Respond to this Request by: 06/05/2015
    NOTE: This information is used in the preparation of invoices and for the Annual Report to Congress. Questions may be directed to Denise Harris.
    Each division handling any part of this request should report on this form all time it spends on the request in quarter hours by grade level:
    1. Search Hours -- Time spent looking for material responsive to the request including line-byline identification of material within documents.
    2. Review Hours -- Time spent determining if material is exempt from disclosure
    3. Nonbillable Hours -- All other time spent on the request.
    -- ASSIGNMENT -Division
    Person Assigned
    Legal

    Grade
    FR-31-36
    FR 21-22
    FR 23-26
    FR 27+
    Computer
    C
    Co
    mpute
    tr

    Time Report
    Billable Hours
    Search
    Review

    Nonbillable
    Hours

    DESCRIPTION
    all of the exhibits that CIT / OneWest have claimed are confidential and that the Federal Reserve has withheld from Inner City Press as part of its April 14
    submission sent to ICP and others.

    NOTES

    RECOMMENDED DISPOSITION
    NO responsive records

    Confirmed w/FR Bank (see Note:)

    Records not reasonably identified

    Deny in full

    Grant request in full

    Deny in part

    Signed:

    EXEMPTIONS:

    Date:

    FR 1415
    Page 1

    From:
    To:
    Cc:
    Subject:
    Date:
    Attachments:

    Denise Harris on behalf of FOI Requests


    lee@fairfinancewatch.org
    innercitypress@gmail.co
    Freedom of Information Act Request No. F-2015-00196
    Friday, July 31, 2015 12:29:00 PM
    2015-0196 - Lee.pdf

    Dear Mr. Lee,


    Attached is a copy of the response to your e-mail message dated May 9, 2015, and receive by the
    Boards Freedom of Information Office on May 11.
    Thank you,
    Freedom of Information Office
    Federal Reserve Board

    From:
    To:
    Cc:
    Subject:
    Date:

    '
    "QQFBM
    3FDFJWFE
    

    Matthew R. Lee
    Office-of-the-Secretary; FOIA Appeals
    Matthew Lee [at] innercitypress.org; Matthew R. Lee [at] FairFinanceWatch.org
    FOIA Appeal of FRB Denials of May 5, 2015 to ICP"s April 15, 2015 FOIA Request re the Application of CIT"
    Group to acquire OneWest
    Saturday, May 09, 2015 3:19:44 PM

    May 9, 2015
    By email to Office-of-the-Secretary [at] frb.gov and FOIA-Appeals [at] frb.gov
    Board of Governors of the Federal Reserve System
    Attn: Secretary Robert deV. Frierson and FRB Governor in charge of FOIA Appeal
    20th Street and Constitution Avenue, N.W.
    Washington, DC 20551
    Re: FOIA Appeal of FRB Denials of May 5, 2015 to ICP's April 15, 2015 FOIA Request re
    the Application of CIT' Group to acquire OneWest
    Dear Governor in charge of FOIA Appeals:
    On behalf of Inner City Press / Fair Finance Watch (ICP), this is a timely appeal under the
    Freedom of Information Act of the Federal Reserve Board's (the FRB's) May 5, 2015
    Denials of ICP's April 15, 2015 FOIA Request regarding the Application of CIT' Group to
    acquire OneWest.
    Inner City Press immediately requested the withheld portions of CIT's and OneWest's
    submission of April 14, 2015. Now the Fed has ruled that it can withhold IN FULL
    Confidential Exhibit C, CIT Bank Internet Deposit Data By County. Overall, how can CRA
    be enforced if such basic information is withheld? As a matter of FOIA, it is illegitimate to
    withhold in full, including for example the names of the counties - how would the disclosure
    of the names of these countries, most or all of which are publicly known, cause substantial
    competitive harm?
    ICP is appealing all withholdings, including the unexplained redaction of the address of one of
    the branches OneWest would shutter, and the branch closing policy.
    Please immediately send all requested information and responses by e-mail to
    lee@fairfinancewatch.org and innercitypress@gmail.com, and/or by hard copy by FedEx to:
    Matthew R. Lee, Esq.
    Fair Finance Watch
    c/o 747 Third Ave (hold at location Fed Ex), NY NY 10017 USA
    Or regular mail: Matthew R. Lee Esq, PO Box 20047, NYC NY 10017
    If you have any questions, please immediately telephone the undersigned, at (718) 716-3540.
    Very Truly Yours,

    Matthew Lee, Esq.


    Executive Director
    Inner City Press/Fair Finance Watch

    Not Responsive - Underlying Documents

    From:
    To:
    Subject:
    Date:
    Attachments:

    Amory Goldberg
    "Orme, Camille L."; Salley, Stephen M.
    Freedom of Information Act Request 2015-196 Regarding CIT Group Inc. Proposed Acquisition of IMB Holdco LLC
    Thursday, April 23, 2015 10:55:34 PM
    20150414 Other Applications Document - Confidential - PLEASE SEE Exh. B and PLEASE SEE Green Highlighted
    Part of Exhibit D.pdf
    Not Responsive - Underlying Documents

    Good evening Camille and Stephen,


    The Board received a FOIA request seeking the confidential portions of CIT Group Inc.s Response
    dated April 14, 2015, responding to the Boards Request for Additional Information with respect to
    the proposed acquisition of IMB HoldCo. LLC.
    Having consulted with Applications staff at the Board, it appears that certain information contained
    in Confidential Exhibit B can be publicly disclosed in whole or in part. If you continue to seek
    confidential treatment for information contained in Exhibit B of the attached PDF file, please (1)
    identify the financial data for which confidential treatment is sought (by highlighting such
    information in yellow or using redaction); and (2) provide the applicable FOIA exemption or other
    legal justification to support your request. Under the Board's Rules Regarding Availability of
    Information ("Board's Rules"), a conclusory statement that release of the information would result
    in competitive harm is not sufficient. 12 C.F.R. 261.15(b); see also 12 C.F.R. 261.16(b)(1) and (e). In
    addition, the loss share amount of $104.2, which is included in Confidential Exhibit D (see page 70
    and 72 of the attached PDF file) appears to be public information see
    http://www.ibanknet.com/scripts/callreports/viewreport.aspx?
    ibnid=usa_3918898&per=20141231&rpt=RCM&typ=html I believe the prior loss share amount was
    disclosed by CIT as part of the public version of "Confidential Exhibit 5" to the Application, which
    was provided in redacted form on October 2, 2014. Accordingly, please also provide additional
    information as to why the loss share amount $104.2 should be treated as confidential business
    information and withheld from Confidential Exhibit D.
    The Board retains the right to make its own determination with regard to any claim of
    confidentiality. Pursuant to the Boards Rules, notice of the decision by the Board to deny a claim of
    confidential treatment, in whole or in part, and an opportunity to respond shall be provided to the
    submitter claiming confidentiality of information no less than five days prior to its public disclosure,
    12 C.F.R. 261.16(c)(4), and where appropriate, the Board shall delay disclosure for ten working days
    from the date of the determination. 12 C.F.R. 261.16(f). If we do not hear back from you on or
    before May 1, 2015, the information in Exhibit B will be released.
    Sincerely,
    Amory
    Amory R. Goldberg
    Counsel
    Legal Division
    Board of Governors of the Federal Reserve System
    202-452-3124 (phone)

    From:
    To:
    Cc:
    Subject:
    Date:
    Attachments:

    Auten, Taylor
    Amory Goldberg
    Orme, Camille L.; Salley, Stephen M.
    RE: Freedom of Information Act Request 2015-196 Regarding CIT Group Inc. Proposed Acquisition of IMB Holdco
    LLC
    Friday, May 01, 2015 4:20:18 PM
    SC1-#3856773-v1-Letter_to_the_FRB_dated_May_1_2015.PDF

    Amory,
    Please find the attached letter in response to your email below.
    Best regards,
    Camille Orme/TCA

    From: Amory Goldberg <amory.r.goldberg@frb.gov>


    Sent: Friday, April 24, 2015 2:55:34 AM
    To: Orme, Camille L.; Salley, Stephen M.
    Subject: Freedom of Information Act Request 2015-196 Regarding CIT Group Inc. Proposed
    Acquisition of IMB Holdco LLC
    Good evening Camille and Stephen,
    The Board received a FOIA request seeking the confidential portions of CIT Group Inc.s Response
    dated April 14, 2015, responding to the Boards Request for Additional Information with respect to
    the proposed acquisition of IMB HoldCo. LLC.
    Having consulted with Applications staff at the Board, it appears that certain information contained
    in Confidential Exhibit B can be publicly disclosed in whole or in part. If you continue to seek
    confidential treatment for information contained in Exhibit B of the attached PDF file, please (1)
    identify the financial data for which confidential treatment is sought (by highlighting such
    information in yellow or using redaction); and (2) provide the applicable FOIA exemption or other
    legal justification to support your request. Under the Board's Rules Regarding Availability of
    Information ("Board's Rules"), a conclusory statement that release of the information would result
    in competitive harm is not sufficient. 12 C.F.R. 261.15(b); see also 12 C.F.R. 261.16(b)(1) and (e). In
    addition, the loss share amount of $104.2, which is included in Confidential Exhibit D (see page 70
    and 72 of the attached PDF file) appears to be public information see
    http://www.ibanknet.com/scripts/callreports/viewreport.aspx?
    ibnid=usa_3918898&per=20141231&rpt=RCM&typ=html I believe the prior loss share amount was
    disclosed by CIT as part of the public version of "Confidential Exhibit 5" to the Application, which
    was provided in redacted form on October 2, 2014. Accordingly, please also provide additional
    information as to why the loss share amount $104.2 should be treated as confidential business
    information and withheld from Confidential Exhibit D.
    The Board retains the right to make its own determination with regard to any claim of
    confidentiality. Pursuant to the Boards Rules, notice of the decision by the Board to deny a claim of
    confidential treatment, in whole or in part, and an opportunity to respond shall be provided to the

    submitter claiming confidentiality of information no less than five days prior to its public disclosure,
    12 C.F.R. 261.16(c)(4), and where appropriate, the Board shall delay disclosure for ten working days
    from the date of the determination. 12 C.F.R. 261.16(f). If we do not hear back from you on or
    before May 1, 2015, the information in Exhibit B will be released.
    Sincerely,
    Amory
    Amory R. Goldberg
    Counsel
    Legal Division
    Board of Governors of the Federal Reserve System
    202-452-3124 (phone)

    This e-mail is sent by a law firm and contains information that may be privileged and
    confidential. If you are not the intended recipient, please delete the e-mail and notify us
    immediately.

    Not Responsive - Underlying Documents

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