By Matthew Russell Lee, Patreon Story
BBC - Guardian UK - Honduras - ESPN
FEDERAL COURT / S Bronx, Oct 25 – Whether or not the U.S. Community Reinvestment Act will be again enforced under this 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.
Fair Finance Watch timely protested the proposed merger, and Inner City Press filed a FOIA request. The Fed wrote that it had granted expedited processing for the FOIA request - but now months later has yet to give a single document, while having closed the comment period. It is a scam.
Meanwhile after the Fed comment period closed, M&T made a WARN Act filing it would cut 661 jobs in Bridgeport. Then Bridgeport Mayor Joseph P. Ganim said, "This announcement of layoffs is appalling as there was no indication of layoffs of this magnitude when city officials met with M&T Bank," this in a letter to state Attorney General William Tong. Connecticut state Sen. Marilyn Moore, who represents Bridgeport, has requested legislative hearings about the planned job cuts.
But now in October, Connecticut and New York regulators have doled out their approvals. What's new under CRA? So far, not much.
The Fed lurches on, despite all the talk in DC and the Antitrust Executive Order to more closely scrutinize mergers. What's next?
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? Especially now that Old National has been formally sued for redlining? Where is Merrick Garland on this one?
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.
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