By Matthew Russell Lee, Patreon Story
BBC - Guardian UK - Honduras - ESPN
FEDERAL COURT / Bronx, Feb 11 – Whether or not the U.S. Community Reinvestment Act will be again enforced under this Administration and its regulators is an open question. And as Inner City Press published in September 2021, the proposed acquisition by U.S. Bancorp of Japan's MUFG's U.S. business (along with Stock Yards - Commonwealth and CBTX - Allegiance) will be among the litmus tests.
Fair Finance Watch back in September analyzed: U.S. Bank in 2020 in New York State made only 26 mortgage loans to African Americans, while denying more, fully 66 applications from African Americans. By contrast, it made 842 loans to whites while denying less, only 567 applications from whites.
U.S. Bank in 2020 in Florida made only 196 mortgage loans to African Americans, while denying more, fully 259 applications from African Americans. By contrast, it made 4140 loans to whites while denying fewer, only 2107 applications from whites.
U.S. Bank in 2020 in Michigan made only 34 mortgage loans to African Americans, while denying more, fully 48 applications from African Americans. By contrast, it made 1208 loans to whites while denying fewer, only 436 applications from whites.
MUFG's Union Bank in Oregon in 2020 made only ONE mortgage loan to and African Americans, while denying more, two applications from African Americans. By contrast, it made 196 loans to whites while denying fewer, only 55 applications from whites. Then there are MUFG's admitted-to violations.
Now in February 2022 the Federal Reserve has belated released: "The Federal Reserve Board and the Office of the Comptroller of the Currency (OCC) today announced a joint public meeting on the proposal by U.S. Bancorp, Minneapolis, Minnesota, to acquire MUFG Union Bank, National Association, San Francisco, California. Members of the public seeking to present oral comments must register by 12:00 p.m. EST on March 1, 2022, through the online registration webpage."
Among the issues that will be raised, beyond the disparities: branch closures, and low rates for neighborhood legal services Interest on Lawyer Trust Accounts. Watch this site.
Inner City Press registered, now this: "We appreciate your interest in watching and testifying at the public meeting regarding the proposal by U.S. Bancorp, Minneapolis, Minnesota, to acquire MUFG Union Bank, National Association, San Francisco, California, pursuant to the Bank Holding Company Act, and to merge MUFG Union Bank with and into U.S. Bancorp’s subsidiary national bank, U.S. Bank National Association, Cincinnati, Ohio, pursuant to the Bank Merger Act. The public meeting will start at 11:00 a.m. EST on Tuesday, March 8, 2022, and will be hosted virtually on an online meeting platform. The Federal Reserve Board and the Office of the Comptroller of the Currency have received your request to testify and are reviewing your request. In order to verify their identity, all individuals who have requested to testify will be required to connect to the camera function on their computer or mobile device, to appear on camera, and to present a valid, government-issued photo identification to Federal Reserve staff at a virtual “ID Check” session to be held the first week of March. In addition, at the ID Check session, Federal Reserve staff will separately perform a “Technical Check” to confirm that they are able to connect to the meeting platform on your desktop or mobile device. For privacy purposes, the ID Check portion of the session will occur for each individual in a separate “breakout room” on the online meeting platform. You will receive an e-mail message with the date and time of the pre-meeting ID/Technical Check session(s) on or before March 2, 2022." Watch this site.
The proposal was and is part of a trend: HSBC dumps its US business to Citizens and others, BBVA selling to PNC. Nothing was done, though the latter case drew antitrust scrutiny and a dissent at the Federal Reserve. This one, with the consolidation trend now clear and the Administration's Antitrust memo out should draw more scrutiny.
On the current record, the application should not be approved.
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