By Matthew Russell Lee, Patreon Story
BBC - Guardian UK - Honduras - ESPN
FEDERAL COURT / S Bronx, July 24 – 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 by disparate lending Valley National Bank of The Westchester Bank in New York will be a litmus test, for the Office of the Comptroller of the Currency.
On July 24, Fair Finance Watch (with Inner City Press on the FOIA) filed the below with the OCC:
This is a timely first comment opposing and requesting an extension of the OCC's public comment period on the Applications by Valley National Bank to acquire The Westchester Bank.
The applicant Valley National Bank in 2020 in New York State based on its disparate marketing made 1080 mortgage loans to whites, with 83 denials to whites -- while making only 51 loans to African Americans, with seven denials. This is far out of keeping with the demographics, and others lenders, in NYS - this is outrageous.
This is a pattern. The applicant Valley National Bank in 2020 in Florida based on its disparate marketing made 859 mortgage loans to whites, with 119 denials to whites -- while making only 45 loans to African Americans, with eight denials. This is far out of keeping with the demographics, and others lenders, Florida - this is outrageous.
Beyond its lending disparities, Valley National Bank is being sued for mis-categorizing and underpaying those who work for it. See, e.g., PALERMO v. VALLEY NATIONAL BANCORP (D.N.J. 2020) - submitted for the record, and in light of the new merger review Executive Order. There is no public benefit to this proposal.
Valley National Bank should be precluded from acquiring these branches: Yonkers 1900 Central Park Avenue, Yonkers, NY 10710 Corporate Headquarters 12 Water Street, White Plains, NY Mamaroneck Store Front Mamaroneck 305 Mamaroneck Avenue, Mamaroneck, NY 10543 Mount Kisco storefront Mount Kisco 51 South Moger Avenue, Mount Kisco, NY 10549 Ossining, 240 S. Highland Avenue Ossining 240 S. Highland Avenue, Ossining, NY Brook Storefront Rye Brook 800 Westchester Ave, Rye Brook, NY 10573 Thornwood storefront Thornwood 994 Broadway, Thornwood, NY 10594 White Plains storefront White Plains 464 Mamaroneck Avenue, White Plains, NY 10605
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 timely request public hearings.
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