by Matthew Russell Lee, Patreon Book Substack
SOUTH BRONX, NY, June 20 – When the US Department of Justice sued and immediately settled with Lakeland Bank for fair lending violations, it announced a proposed merger with Provident Bank.
As if to sweep it under the carpet.
And when Fair Finance Watch looked into it, it found that the DOJ settlement did not address in any way the banks' disparities in New York. So on December 1, the FDIC's comment deadline, it filed a protest, with Inner City Press on the FOIA.
Jump cut to March 15, 2023, when Provident's Deputy General Counsel filed a letter with the New York Fed, cc-ing Rodgin Cohen - only on New Jersey, nothing on the disparities in New York.
Now on June 20, from the same Provident DGC via Sullivan & Cromwell, this: "to avoid restating Provident’s prior responses, Provident refers to and reiterates such prior correspondence on this matter, as described above, including Provident’s strongly held view that a Community Reinvestment Act (“CRA”) commitment or agreement is neither necessary nor appropriate in these circumstances."
Particularly amid the failures of Silicon Valley Bank and Signature Bank, this ill-fated proposed merger should be scrapped. These dubious regulators should not be allowed to approve any more mergers until there is accountability. Watch this site.
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