The Federal Reserve's approval of a foreclosure settlement with 13 banks this year happened without a formal vote of the board of governors, according to a letter Fed regulation czar Daniel Tarullo sent to Sen. Elizabeth Warren, D-Mass. The letter, sent in response to a request from Warren and Rep. Elijah Cummings, D-Md., for more information regarding the settlement, said that Fed staff made the decision with "delegated approval authority."

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