Banks Bring Disclosure Case to Supreme Court

Nov 2, 2010 - LegalZoom News Sources
Banks Bring Disclosure Case to Supreme Court

The Clearing House Association, comprised of the nation's largest commercial banks, has decided to appeal a court ruling that requires the government to disclose the names of the banks that accepted emergency loans during the peak of the financial crisis, FoxBusiness reports.

The organization, which includes Bank of America, Citigroup and JPMorganChase, wants the case to be decided by the Supreme Court.

In August 2009, a judge ruled that the Federal Reserve must release the information, according to the news provider. Certain media outlets, including Fox Business Network and Bloomberg News, had sued the Reserve, seeking the information under the Freedom of Information Act.

In its court filing, the Clearing House Association said that the Reserve has never released the identities of borrowers from the lending facility, where banks receive short-term funding. This facility was the source of the loans in 2008, according to the news source.

In October, President Obama repealed a provision in the financial reform legislation that had made it easier for the Securities and Exchange Commission to deny information requests.