by Matthew Russell Lee, Patreon Book Substack
SOUTH BRONX/Federal Court, June 18 – A proposed by First National Bank of Ohama of Country Club Bank has brought into focus FNBO's disparate lending.
On June 18 Fair Finance Watch, reviewing Home Mortgage Disclosure Act patterns nationwide, filed a timely Community Reinvestment Act protest with the OCC:
The applicant First National Bank of Ohama in Missouri in 2023 made 108 mortgage loans to whites and only eight to African Americans; it denied six applications from African Americans and only 21 from white. For whites, five originations for every denial. For African Americans, barely one and a third originations for every denied. This is outrageous; the practices should not be further imposed on Missouri.
First National Bank of Ohama in 2023 in Colorado made 827 mortgage loans to whites and only SIX to African Americans.
First National Bank of Ohama in 2023 in Illinois made 562 mortgage loans to whites and only TEN to African Americans.
First National Bank of Ohama in 2023 in Texas made 35 mortgage loans to whites and only ONE to African Americans.
Nationwide in 2023 First National Bank of Ohama made 4824 mortgage loans to whites and only EIGHTY ONE to African Americans; it denied 53 applications from African Americans and only 1128 from white. As with its ratio for Missouri, above, this is outrageous. This application should be denied. These practices should not be allowed to expand.
See also, for the record on the application: "The Consumer Financial Protection Bureau (CFPB) ordered First National Bank of Omaha to provide $27.75 million in relief to roughly 257,000 consumers harmed by illegal practices with credit card add-on products." This acquisition proposal should be denied.
FFW and Inner City Press have been deeply concerned about the rush by the OCC's move to rubber-stamp mergers by redliners, money launderers and predatory lenders, and to deny or delay under FOIA. This has been killing the Community Reinvestment Act and we timely request public hearings. [Our timely comments on OCC's unilateral withdrawal of merger review rules could not be submitted through the directions on Regulations dot gov and were email to the address used here, and are incorporated herein by reference]. The comment period should be extended; evidentiary hearings should be held; and on the current record, the application should not be approved.
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