By Matthew Russell Lee, Patreon Maxwell Book
SOUTH BRONX, August 14 – The Texas Bankers Association and ABA managed to finagle a Federal court ruling allowing its and the ABA's members' non-compliance with the Consumer Financial Protection Bureau's small business data collection rules, pending Supreme Court decision on CFPB's structure and funding. Order here.
On August 3, the ABA wrote to demand the CFPB extend the stay to its non-members, here.
On August 11 the two credit union associations wrote it to get a stay - while they themselves try to merger. The letter was signed by NAFCU Vice President of Regulatory Affairs Ann Petros and CUNA Deputy Chief Advocacy Officer and Managing Counsel Alexander Monterrubio.
There will be fightback.
Meanwhile, Pennsylvania, California, Delaware and Virginia are portrayed as diverse and even progressive places. But their banks, not so much.
Consider for example the proposed merger on the rebound between New York-based Link Bank and Partners Bancorp, which recently broke off its proposed deal with OceanFirst.
Inner City Press and Fair Finance Watch have long exposed redlining - and in this vein, on May 6 they filed a Community Reinvestment Act challenge with the Federal Reserve, below.
On July 25, amid winks from the US bank regulators about approving such mergers, PacWest is rushing to combine with Banc of California. Will the regulators throw out the window their claims of renewed vigor, to encourage yet more mergers? Watch this site.
This is a timely first comment on the Applications of LINKBANCORP, Inc. Camphill, Pennsylvania; to acquire Partners Bancorp, Salisbury, Maryland, and thereby indirectly acquire The Bank of Delmarva, Seaford, Delaware, and Virginia Partners Bank, Fredericksburg, VA "and more."
Since Partners Bancorp's attempt to sell itself to Ocean Bancorp died amid reports of regulator concern - CRA failures covered up - documents in that regard should be provided (and made part of the record on this application), too.
Fair Finance Watch has been reviewing LinkBank including its 2021 HMDA data not taken into account in any CRA exam and finds it troubling.
In Pennsylvania in 2021, Link Bank made 49 HMDA-reported loans to whites - and only TWO to African Americans, worse that its peers. When one expands the review to include loans beyond Pennsylvania, Link Bank's loans in 2021 to whites increase to 53, but to African Americans remains the same insufficient TWO.
If the regulators at the Fed and FDIC mean what they claim, this application should be denied. Watch this site.
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