By Matthew Russell Lee, Patreon Story
BBC - Guardian UK - Honduras - ESPN
FEDERAL COURT / Bronx, Sept 22 – 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 U.S. Bancorp of Japan's MUFG's U.S. business will be a litmus test.
U.S. Bank in 2020 in New York State made only 26 mortgage loans to African Americans, while denying more, fully 66 applications from African Americans. By contrast, it made 842 loans to whites while denying less, only 567 applications from whites.
U.S. Bank in 2020 in Florida made only 196 mortgage loans to African Americans, while denying more, fully 259 applications from African Americans. By contrast, it made 4140 loans to whites while denying fewer, only 2107 applications from whites.
U.S. Bank in 2020 in Michigan made only 34 mortgage loans to African Americans, while denying more, fully 48 applications from African Americans. By contrast, it made 1208 loans to whites while denying fewer, only 436 applications from whites.
MUFG's Union Bank in Oregon in 2020 made only ONE mortgage loan to and African Americans, while denying more, two applications from African Americans. By contrast, it made 196 loans to whites while denying fewer, only 55 applications from whites. Then there are MUFG's admitted-to violations.
The proposal is part of a trend: HSBC dumps its US business to Citizens and others, BBVA selling to PNC. The latter case drew antitrust scrutiny and a dissent at the Federal Reserve. This one, with the consolidation trend now clear and the Administration's Antitrust memo out (and Jay Powell's commitment and future at the Fed in question) should draw more scrutiny.
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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