By Matthew Russell Lee, Patreon Story
BBC - Guardian UK - Honduras - ESPN
FEDERAL COURT / S Bronx, March 21 – Whether or not the U.S. Community Reinvestment Act will be again enforced until the new Administration and its regulators remains an open question.
Now as a CRA challenge, Fair Finance Watch with Inner City Press on the FOIA has filed comments with the Federal Deposit Insurance Company to a proposed merger involving a bank subject to a rare CRA condition: Oakwood Bank in Dallas, and MapleMark Bank:
"March 21, 2022 Dear Regional Director Elmquist, Ass't Regional Director Finnegan and others at the FDIC: This is a request for all information in the possession of the FDIC about, and a timely comment on, the Applications of Oakwood Bank to merge with MapleBank Bank, both of Dallas, Texas.
The FDIC publicly imposed a CRA / fair lending condition on Oakwood for its underperformance in Dallas, see, e.g., FDIC required Oakwood Bank to "develop plans to equitably lend to low- and moderate-income borrowers in predominately minority parts of Southern Dallas... [and] action plans to improve small business lending in census tracts in majority-minority, and low- to moderate-income areas. Those action plans have to be adopted by the banks' board of directors and submitted to the FDIC, which is also requiring regular updates on the banks' progress."
There is a long history here. See, e.g., American Banker, "Oakwood's CRA Problems Continue."
Inner City Press has submitted a FOIA request to the FDIC for All records reflecting and regarding the fair lending / Community Reinvestment Act condition publicly imposed by the FDIC on Oakwood Bank in Dallas, Texas, including all non exempt portions of reports purporting to show performance
This is a matter of public interest, as it MapleMark's engagement with fintech(s), see, e.g., MapleMark Bank is utilizing German fintech in a partnership Jun 9, 2021 — A Dallas-based bank funded by local family offices is partnering with a German fintech There is no HMDA data for either institution, also troubling. Inner City Press is requesting an extension of the public comment period, public / virtual evidentiary hearings and that, on the current record, the applications not be approved FFW and Inner City Press have been deeply concerned about the rush by the FDIC's to rubber-stamp mergers by redliners, money launderers and predatory lenders. This has been killing the Community Reinvestment Act and we timely request public hearings. Very Truly Yours, Matthew Lee, Esq. Executive Director Inner City Press/Fair Finance Watch
Inner City Press (and Fair Finance Watch, on the HMDA) will have more to say about this. Watch this site.
***
Your support means a lot. As little as $5 a month helps keep us going and grants you access to exclusive bonus material on our Patreon page. Click here to become a patron.
