By Matthew Russell Lee, Patreon Maxwell Book
BBC - Guardian UK - Honduras - ESPN
SDNY / SOUTH BRONX, Feb 28 – Seemingly oblivious to US regulators stated desire to tighten up their merger review rules, specifically on fair lending, Toronto Dominion on February 28 announced a $13.4 billion proposal to buy First Horizon. It will be opposed.
Fair Finance Watch has been concerned by TD Bank's lending disparities for some time. Nationwide in 2020, TD Bank denied almost as many applications from African Americans (833) as it made in mortgage loans to African Americans (853). It was far more generous with white borrowers: 23,469 loans made, with only 9009 denials.
In New York State in 2020, TD Bank was even worse. It denied more mortgage applications from African Americans (255) that it made loans to African Americans in NYC (198). Again, TD Bank was far more generous with white borrowers in NYS: 3,558 loans made, with only 1714 denials. Analysis will be conducted of the target, First Horizon.
But just as the Federal Reserve begrudgingly is holding a public hearing on US Bancorp - MUFG / Union Bank, on March 8, there is even more reason to hold multiple hearings on a large and disparate Canadian bank buying Horizon.
Inner City Press will be inquiring under the Freedom of Information Act. Watch this site.
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