By Matthew Russell Lee, Patreon
FEDERAL COURTHOUSE, Dec 21 – Umpqua Bank now has a Ponzi scheme class action lawsuit against it proceeding to trial. What will the Federal Reserve, with the Umpqua - Columbia application before it, do? This while its 2021 nationwide mortgage lending record, reviewed by Fair Finance Watch using Home Mortgage Disclosure Act data, is disparate.
In 2021 nationwide Umpqua made 16,883 mortgage loans to this, with 1560 denials to whites - which making only 178 loans to African Americans, with 27 denial to African Americans.
Inner City Press, which covers the DOJ and regulators, is questioning their lack of action on these disparities. In the lawsuit, per counsel,
An Umpqua Bank employee admitted that she removed Casey’s name from PFI’s bank records at the company’s request, even though Umpqua documents show it knew Casey was a convicted felon with a history of financial crime.
So where are the regulators, other than rubberstamping mergers? Watch this site.
The case is 20-cv-5905 (NDCA).
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