By Matthew Russell Lee, Patreon Story Order
BBC - Guardian UK - Honduras - ESPN
FEDERAL COURT / S Bronx, July 30 – Whether or not the U.S. Community Reinvestment Act will be again enforced until the new Administration and its regulators is an open question. And the proposed acquisition of Investors Bank by Citizens Bank NA will be litmus test.
Investors Bank is one of the most disparate banks in New York State, where in 2020 it made only three mortgage loans to African Americans, while denying fully seven applications from African Americans. By contrast, it made 164 loans to whites while denying only 76 applications from whites.
Inner City Press raised the 2019 disparities to the FDIC - and on July 30 was contacted by the FDIC that it imposed rare conditions on Investors. Letter here. This will be raised on Citizens' application - disparities cannot be rewarded, seriatim. The FDIC wrote: "Matthew Lee, Esquire Executive Director Inner City Press/Fair Finance Watch Dear Mr. Lee: We are writing to inform you that the FDIC approved Investors Bank’s application to acquire eight branches from Berkshire Bank. As part of the application review process, we investigated the issues you raised in your e-mail dated January 19, 2019...
The Bank will develop and Board approve an Action Plan within 60 days of the effective date of this Order to ensure that its home mortgage lending adequately addresses the credit needs of all segments of its market areas. The Action Plan should include, at a minimum, the following: a. The Bank will regularly monitor application and origination activity of home mortgage loans in majority-minority census tracts and from Blacks throughout the Bank’s assessment areas. b. The Bank will ensure marketing and outreach efforts are inclusive of all communities, including minority communities within all the Bank’s assessment areas. The marketing and outreach efforts should focus on home mortgage product awareness. Marketing activities should use materials and media that reflect the racial and ethnic composition of the targeted communities. The Bank should also have specific advertising and outreach goals, and the results of these efforts should be documented, monitored, and evaluated for effectiveness. 5. Upon Board approval of this Order, the Bank will provide a copy of the signed Order to the FDIC's New York Regional Office within 30 days. 6. Upon Board approval of such Action Plan, the Bank will provide a copy of the Plan to the FDIC’s New York Regional Office. 7. The Bank will provide the FDIC’s New York Regional Office with quarterly updates detailing its progress in meeting the goals listed in the Action Plan."
Citizens cannot, as of now, be allowed to acquire this hot mess.
Citizens Bank proposes to buy 80 more branches, from HSBC. So on July 7, from Fair Finance Watch and Inner City Press on the FOIA, this:
Dear Deputy Comptrollers incl Kiefer, Ms. Cummings and others in the OCC: This is a timely first comment opposing and requesting an extension of the OCC's public comment period on the Applications by Citizens Bank NA to acquire branches from HSBC, and close some of them.
The applicant Citizens in 2020 in New York State based on its disparate marketing made 7183 mortgage loans to whites, with 3116 denials to whites -- while making only 323 loans to African Americans, with more than that in denials: 336. This is outrageous.
Citizens Bank should be precluded from acquiring these branches. Additionally, it has not disclosed which branches it would close. So which of these would Citizens close?
See e.g., for the record on this application, this:
"The branch acquisition also fills in an important gap in the $187-billion-asset bank's geographic footprint: New York City. While the bank does have 111 branches in New York, most of them are upstate and not around the city, so this certainly fills in a missing piece. Also, I expect the bank will find opportunities to consolidate or close branches, which will eventually result in cost savings down the line."
There is no public benefit to this proposal.
FFW and Inner City Press have been deeply concerned about the rush by the OCC's penchant to rubberstamp mergers by redliners, particularly during the pandemic. We also note the OCC's role in The Federal Savings Bank's use to try to get a job for its CEO with the previous administration, being exposed today in SDNY court.
The branches in danger:
24522 Doral Branch 4090 NW 97TH AVE. MIAMI FL 33178 Miami-Dade 127750A 24522 Arch St. Branch 1027 ARCH STREET PHILADELPHIA PA 19107 Philadelphia 127753A 24522 Boston Road Branch 3478 BOSTON ROAD BRONX NY 10469 Bronx 127764A 24522 Fordham Branch ONE EAST FORDHAM ROAD BRONX NY 10468 Bronx 127765A 24522 Crosby Branch 1756 CROSBY AVENUE BRONX NY 10461 Bronx 127766A 24522 Riverdale Branch 569 WEST 235TH STREET BRONX NY 10463 Bronx 127767A 24522 Parkchester Branch 1499 WEST AVENUE BRONX NY 10462 Bronx 127769A 24522 3rd Ave. and 92nd Branch 9201 THIRD AVENUE BROOKLYN NY 11209 Kings 127874A 24522 Williamsburgh 252 BEDFORD AVENUE BROOKLYN NY 11211 Kings 127876A 24522 86th St. & 23rd Ave Branch 2301 86TH STREET BROOKLYN NY 11214 Kings 127878A 24522 9th Street Branch 325 E. 9TH STREET BROOKLYN NY 11215 Kings 127879A 24522 Avenue U Branch 1702 AVENUE U BROOKLYN NY 11229 Kings 127884A 24522 Georgetown Branch 2145 RALPH AVE. BROOKLYN NY 11234 Kings 127886A 24522 Flatbush & Nostrand Branch 1545 FLATBUSH AVE. BROOKLYN NY 11210 Kings 127889A 24522 Starret City Branch 1330 PENNSYLVANIA AVE. BROOKLYN NY 11239 Kings 127891A 24522 Franklin Square Branch 682 DOGWOOD AVE. FRANKLIN SQUARE NY 11010 Nassau 127944A 24522 Levittown Branch 3130 HEMPSTEAD TURNPIKE LEVITTOWN NY 11756 Nassau 127953A 24522 Miami Beach Branch 301 ARTHUR GODFREY RD. MIAMI BEACH FL 33140 Miami-Dade 127746A 24522 Syosset Branch 603 JERICHO TURNPIKE SYOSSET NY 11791 Nassau 127958A 24522 Tribeca Branch 110 WEST BROADWAY NEW YORK NY 10013 New York 127961A 24522 Lenox Hill Branch 1340 THIRD AVE. NEW YORK NY 10075 New York 127968A 24522 Union Square 15 UNION SQUARE WEST NEW YORK NY 10003 New York 127970A 24522 95th Street & Amsterdam Avenue Branch 721 Amsterdam Avenue New York NY 10025 New York 127974A 24522 Canal Street Branch 235 CANAL STREET NEW YORK NY 10013 New York 127975A 24522 8th Ave. & 14th Branch 80 8TH AVENUE NEW YORK NY 10011 New York 127978A 24522 57th Street Branch 252 West 57th Street New York NY 10019 New York 127986A 24522 57th Street & Lexington Avenue 131 East 57th Street New York NY 10022 New York 127988A 24522 86th St. & 3rd Branch 186 E. 86TH ST. NEW YORK NY 10028 New York 127990A 24522 Staten Island Branch 280 Marsh Avenue Staten Island NY 10314 Richmond 128076A 24522 Commack Branch 5880 JERICHO TURNPIKE COMMACK NY 11725 Suffolk 128094A 24522 Huntington Village Branch 355 W. MAIN STREET HUNTINGTON NY 11743 Suffolk 128096A 24522 E. Setauket Branch 300 MAIN STREET SUITE 1 EAST SETAUKET NY 11733 Suffolk 128097A 24522 Lake Ronkonkoma Branch 395 PORTION RD. LAKE RONKONKOMA NY 11779 Suffolk 128107A 24522 Melville Branch 534 BROAD HOLLOW ROAD MELVILLE NY 11747 Suffolk 128112A 24522 Bohemia Branch 4040 VETERANS MEMORIAL HWY. BOHEMIA NY 11716 Suffolk 128114A 24522 Hampton Bays Branch 248 MONTAUK HWY. WEST HAMPTON BAYS NY 11946 Suffolk 128115A 24522 Rye City Branch 67 PURCHASE STREET RYE NY 10580 Westchester 128141A 24522 Bronxville Branch 74 PONDFIELD ROAD BRONXVILLE NY 10708 Westchester 128143A 24522 New Rochelle Branch 260 NORTH AVE. NEW ROCHELLE NY 10801 Westchester 128145A 24522 E. Yonkers Branch 778 YONKERS AVE. YONKERS NY 10704 Westchester 128151A 24522 S. Yonkers Branch 449 S. BROADWAY YONKERS NY 10705 Westchester 128152A 24522 North Avenue Branch 1300 NORTH AVENUE NEW ROCHELLE NY 10804 Westchester 128155A 24522 Chelsea Office 800 6TH AV NEW YORK NY 10001 New York 128638A 24522 Brickell 1441 Brickell Avenue, Suite 100 MIAMI FL 33131 Miami-Dade 128786A 24522 Washington D.C. Branch 1401 I Street, N.W. Washington DC 20005 District of Columbia 129216A 24522 Las Olas Branch 350 EAST LAS OLAS BOUEVARD FORT LAUDERDALE FL 33301 Broward 130913A 24522 Rockville Centre Branch 330 SUNRISE HIGHWAY ROCKVILLE CENTRE NY 11570 Nassau 132604A 24522 Fort Lee Office 2151 LEMOINE AVENUE FORT LEE NJ 07024 Bergen 132663A 24522 Gramercy Branch 302 3RD AVENUE NEW YORK NY 10010 New York 134403A 24522 City Center 1 CITY PLACE WHITE PLAINS NY 10601 Westchester 134608A 24522 Newport-Pavonia Branch 89 RIVER DRIVE JERSEY CITY NJ 07310 Hudson 136407A 24522 Rockville Branch 200C EAST MIDDLE LANE ROCKVILLE MD 20850 Montgomery 138446A 24522 Reston Office 11842 SPECTRUM CENTER RESTON VA 20190 Fairfax 138568A 24522 Bowling Green Branch 26 BROADWAY NEW YORK NY 10004 New York 127998A 24522 East Village Office 143 SECOND AVENUE NEW YORK NY 10003 New York 128001A 24522 Hillside Branch 147-02 HILLSIDE AVE. JAMAICA NY 11435 Queens 128051A 24522 Pomonok Branch 156-02 AGUILAR AVE. FLUSHING NY 11367 Queens 128052A 24522 Woodside 5120 NORTHERN BLVD. WOODSIDE NY 11377 Queens 128053A 24522 Elmhurst East Branch 8703 QUEENS BLVD. ELMHURST NY 11373 Queens 128056A 24522 Glen Oaks Branch 257-15 UNION TPK GLEN OAKS NY 11004 Queens 128060A 24522 Arlington Office 4075 WILSON BOULEVARD ARLINGTON VA 22203 Arlington 139486A 24522 Frederick Douglass Boulevard Branch 2063 FREDERICK DOUGLASS BOULEVARD NEW YORK NY 10026 New York 142566A 24522 Bethesda Office 7637 OLD GEORGETOWN ROAD BETHESDA MD 20814 Montgomery 143620A 24522 Edison Branch 1819 STATE ROUTE 27 EDISON NJ 08817 Middlesex 144070A 24522 River Road 10113 RIVER ROAD POTOMAC MD 20854 Montgomery 147063A 24522 Bayside Branch 3415 FRANCIS LEWIS BLVD. FLUSHING NY 11358 Queens 128062A 24522 3rd Avenue & 40th Street 617 3rd Avenue New York NY 10158 New York 127983A 24522 Montague Street 174 Montague Street Brooklyn NY 11201 Kings 127871A 24522 Coral Gables 2222 Ponce De Leon Boulevard, Suite 100 Coral Gables FL 33134 Dade 127749A 24522 7th Avenue Branch 518 Fashion Avenue New York NY 10018 New York 127964A 24522 Alexandria 1700 Diagonal Road Alexandria VA 22314 Alexandria City 138631A 24522 Valley Stream 750 West Sunrise Highway, Space# 4110 (Green Acres Commons) Valley Stream NY 11582 Nassau 127954A 24522 Forest HIlls Branch 107-19 Continental Ave Forest Hills NY 11375 Queens 128068A 24522 Great neck 57 Middle Neck Road Great Neck NY 10023 Nassau 127955A 24522 Carle Place 857 East Gate Blvd Garden City NY 11530 Nassau 127940A 24522 Silver Springs 8252 Georgia Avenue Silver Springs MD 20910 Montgomery 209900A 24522 Avenue of the Americas 1133 Avenue of the Americas New York NY 10036 New York 127993A 24522 Northern Boulevard 144-01 Northern Boulevard Flushing NY 11354 Queens 128061A 24522 Long Island City 24-15 Queens Plaza North Long Island City NY 11101 Queens 210933A 24522 101 Delancey 101 Delancey Street New York NY 10002 New York 210927A
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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