By Matthew Russell Lee, Patreon Story
BBC - Guardian UK - Honduras - ESPN
FEDERAL COURT / S Bronx, August 7 – Whether or not the U.S. Community Reinvestment Act will actually be enforced under the Administration and its regulators remains an open question. Consider: Inner City Press immediately reported that BMO Harris' application to buy Bank of the West and its more than 500 branches from BNP would be a litmus test.
Fair Finance Watch noted, from Day 1, that in 2020 BMO Harris denied many more mortgage applications from African Americans than it approved: 509 denied versus only 223 loans made to African Americans, nationwide. BMO's numbers for whites were the reverse: 9270 loans made, versus less then six thousand denials. As noted, there are also climate and secrecy issues.
Now the banks in an August 3 letter belatedly admit: "One commenter requested that certain confidential exhibits to the April 12, 2022 responses to the Federal Reserve as well as certain confidential exhibits to the initial Federal Reserve application be made public. The parties have reviewed this information and have concluded that some of this information can be public." So why did they mislabel it, and the Fed allow it? The comment period must be reopened. Especially in light of this:
The banks now claim: "Commenters criticized BNP Paribas S.A.’s15 and BMO’s efforts related to climate resiliency and lending to the fossil fuel industry...Similarly, BNP Paribas and BOTW have some of the financial services industry’s most restrictive financing policies concerning the most damaging forms of fossil fuel extraction and have minimal exposure to the fossil fuel exploration and extraction sectors."
But consider: "Following the UK government's decision to give "final regulatory approval" to Shell's Jackdaw gas field in the North Sea, a coalition of climate organizations sent a letter to the oil major's biggest bankers calling for a halt to the project. The letter was sent to 25 financiers of Shell, including the top five financiers in the period 2016 - 2021: BNP Paribas... Almost all of the bank recipients of the letter have commitments to reach “Net Zero” in their financed emissions by 2050, including the top five – all members of the Net Zero Banking Alliance (NZBA). The letter highlights the incompatibility between these banks’ financial relationship with Shell and their own climate commitments, potentially exposing them to significant reputational, legal, financial and other risks."
On May 17 the Federal Reserve and OCC announced that they will at least hold a public meeting: The public meeting will be held virtually on July 14, 2022, at 11:00 a.m. EDT. Members of the public seeking to present oral comments must register by 12:00 p.m. EDT on June 23, 2022, through the online registration webpage."
Inner City Press / Fair Finance Watch visited the page on June 20, Juneteenth (Observed), in order to register - and found the Fed's "we want to know your views" - in 200 characters. Is that enough? Fair Finance Watch entered: "Concerns: BMO Harris HMDA disparities (nationside in 2020 only 223 mortgages to African Americans, vs. 9270 to whites), its destruction of evidence in a MN bankruptcy case; BNP's activities in Russia."
Next came a series of Federal Reserve emails that went into spam, then a threat that if one didn't appear on screen for the Fed in one of four one-hour windows (three remaining) you couldn't testify. You had to ask to get the WebEx link. Inner City Press signed up - then came, at the same time, an FBI press conference about crypto fraud OneCoin, on which the Fed told Inner City Press under FOIA it has not a single document. Really?
The penultimate slot conflicts with a press conference by the incoming president of the UN Security Council for July, Brazil. And July 5? The irony is, Inner City Press did this same sign up for the US Bancorp - MUFG public meeting. Why have to do it again? We'll have more on this- watch this site.
Inner City Press (and Fair Finance Watch, on the HMDA) will have more to say about this. Watch this site.
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