by Matthew Russell Lee, Patreon Book Substack
SOUTH BRONX NY, Dec 18 – Two of 2023's largest US proposed bank mergers were announced this summer: Atlantic Union applying to buy Atlantic National in Virginia, and Banc of California to buy PacWest. Fair Finance Watch had been monitoring the banks, and on September 25 commented to the Federal Reserve on and against Atlantic Union - American National, including on the very fees Atlantic Union has now been fined by the CFPB.
But when the Fed asked Atlantic Union a question on December 18, it was not about the CFPB fine, but rather the CRA assessment area:
"On page 24 of the BMA application, the applicant indicated that it was still conducting an analysis of how the bank merger would affect its assessment areas. Indicate whether that analysis has been completed and whether, after the proposed bank merger, all of the current CRA assessment areas of Atlantic Union Bank and American National Bank would be included in the CRA assessment area of the resulting bank. Please upload written responses and the requested documentation to the following observations and questions within eight business days from the date of this letter."
This is today's Federal Reserve.
FFW and Inner City Press have been deeply concerned about the rush by the Federal Reserve to rubber-stamp mergers by redliners, money launderers and predatory lenders. This has been killing the Community Reinvestment Act and we timely request public hearings.
We'll have more on this.
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