by Matthew R. Lee, Patreon Substack
FEDERAL COURT, Dec 5 – In the Midwest, Busey Bank is trying to move into the Kansas City area via merger, with a disparate lending record. Fair Finance Watch with Inner City Press on the FOIA has filed a timely first comment on, the Applications
Van Dukeman, First Busey's CEO called it a "great fit from a cultural perspective." But consider Busey Bank's culture - including contempt for CRA, its disparate lending record:
First Busey's Busey Bank in Illinois in 2023 - data not yet included in any CRA exam - made 1163 mortgage loans to whites, and only 772 loans to African Americans. Meanwhile it denied only 216 applications from whites, and fully 24 from African Americans. Busey Bank should be referred to DOJ.
Busey Bank in Missouri in 2023 - data not yet included in any CRA exam - made 49 mortgage loans to whites, and only seven loans to African Americans. Meanwhile it denied only 21 applications from whites, and fully eight from African Americans
Busey Bank in Indiana in 2023 - data not yet included in any CRA exam - made 22 mortgage loans to whites, and only two loans to African Americans.
Busey Bank in Florida in 2023 - data not yet included in any CRA exam - made 80 mortgage loans to whites, and only ONE loan to an African American.
Rather than provide CRA info, First Busey's Monica L. Bowe, Executive Vice President & Chief Risk Officer of First Busey Corporation - and of the Risk Management Association- submitted a letter saying CRA conditions are never attached - false, and telling.
Now after questions Busey's outside counsel has disclosed that Busey "has been the target of multiple law firms’ efforts to solicit customers via the internet to bring a mass arbitration based on overdraft and NSF fees, specifically Authorize Positive, Settle Negative and Representment fees, both of which Busey Bank stopped charging in 2022. Busey Bank first became aware of these solicitations in February, 2024. Representatives of Busey have spoken with representatives of some of these law firms and have received demands for attorneys’ fees and potential refunding of certain fees and Busey management is currently discussing the path forward with counsel."
On December the Federal Reserve cc-ed Inner City Press on its question to Busey Bank - but the question was entirely withheld.
The merger should be denied. Watch this site.
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