By Matthew Russell Lee, Patreon Story
BBC - Guardian UK - Honduras - ESPN
FEDERAL COURT / S Bronx, Nov 4 – Whether or not the U.S. Community Reinvestment Act will be again enforced under the new Administration and its regulators remains an open question. But the acquisition by disparate lending Valley National Bank of The Westchester Bank in New York was a litmus test for the NYS Department of Financial Services which the agency failed, under Cuomo ally Linda Lacewell who left August 24.
Now this: DFS proposes to collect data, still stalled at the Federal level ever since Dodd Frank, which it was will allow "DFS to consider banking institutions’ record of performance in helping to meet the credit needs of minority- and women-owned businesses and banking institutions’ participation in technical assistance programs for small businesses and minority- and women-owned businesses in the Department‘s CRA examinations. Among its provisions, the proposed regulation details how institutions must collect and submit the necessary data to DFS while abiding by fair lending laws. Banks will be required to ask whether a business applying for a loan or credit is minority- or women-owned and report to the Department the details of applications, such as the date; type of credit applied for and amount; and whether the application was approved or denied; as well as whether the applicant is a minority-owned business, a women-owned business, or both; the size of the business; and the location of the business. The proposed regulation is subject to a 60-day comment period following publication in the State Register. The Department of Financial Services will then review all received comments and issue a revised proposal or a notice of adoption of the final regulation." Click here for more. Fair Finance Watch, and Inner City Press for transparency, will stay on this.
Back on August 14, Fair Finance Watch (with Inner City Press on the FOIA) filed the below with the NYS DFS:
Dear [Outgoing] Superintendent Lacewell, General Counsel and others at NYSDFS: This is a timely first comment opposing and requesting an extension of the NYS DFS public comment period on the Applications by Valley National Bank to acquire The Westchester Bank.
The applicant Valley National Bank in 2020 in New York State based on its disparate marketing made 1080 mortgage loans to whites, with 83 denials to whites -- while making only 51 loans to African Americans, with seven denials. This is far out of keeping with the demographics, and others lenders, in NYS - this is outrageous. This is a pattern.
The applicant Valley National Bank in 2020 in Florida based on its disparate marketing made 859 mortgage loans to whites, with 119 denials to whites -- while making only 45 loans to African Americans, with eight denials.
This is far out of keeping with the demographics, and others lenders, Florida - this is outrageous.
Beyond its lending disparities, Valley National Bank is being sued for mis-categorizing and underpaying those who work for it. See, e.g., PALERMO v. VALLEY NATIONAL BANCORP (D.N.J. 2020) - submitted for the record, and in light of the new merger review Executive Order.
There is no public benefit to this proposal.
Valley National Bank should be precluded from acquiring these branches: Yonkers 1900 Central Park Avenue, Yonkers, NY 10710 Corporate Headquarters 12 Water Street, White Plains, NY Mamaroneck Store Front Mamaroneck 305 Mamaroneck Avenue, Mamaroneck, NY 10543 Mount Kisco storefront Mount Kisco 51 South Moger Avenue, Mount Kisco, NY 10549 Ossining, 240 S. Highland Avenue Ossining 240 S. Highland Avenue, Ossining, NY Brook Storefront Rye Brook 800 Westchester Ave, Rye Brook, NY 10573 Thornwood storefront Thornwood 994 Broadway, Thornwood, NY 10594 White Plains storefront White Plains 464 Mamaroneck Avenue, White Plains, NY 10605
But even after DFS purported to reach out to Fair Finance Watch, it was rubber stamped, and Inner City Press' FOIL requests to DFS are all long delayed. We'll have more on this.
Watch this site.
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