By Matthew Russell Lee, Patreon Story
BBC - Guardian UK - Honduras - ESPN
FEDERAL COURT / S Bronx, June 7 – Whether or not the U.S. Community Reinvestment Act will be again enforced until the new Administration and its regulators is an open question. And the proposed merger of two redlining banks, M&T and People's United, will be a litmus test, see below.
And now another one: Old National's proposal to buy First Midwest. If the Federal Reserve, or at least Governor (soon to be Fed chair?) Lael Brainard, had a problem with PNC - BBVA, why now Old National - First Midwest?
For now we note that in Indiana in 2019 Old National based on its disparate marketing made 3312 mortgage loans to whites, with 1060 denials to whites -- while making only SIXTY TWO loans to African Americans, with more than that in denials: 65. This is outrageous.
Inner City Press (and Fair Finance Watch, on the HMDA) will have more to say about this. Watch this site.
While M&T - People's United still pends in the Federal Reserve, with a promised expedited FOIA response still not forthcoming, the Fed in mid May approved PNC - BBVA, with a rare abstention by Governor Lael Brainard, albeit on antitrust and not CRA or fair lending grounds.
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