by Matthew Russell Lee, Patreon Book Substack
SOUTH BRONX NY, Nov 4 – Two of 2023's largest US proposed bank mergers were announced this summer: Atlantic Union applying to buy Atlantic National in Virginia, and Banc of California to buy PacWest. Fair Finance Watch had been monitoring the banks, and on September 25 commented to the Federal Reserve on and against Atlantic Union - American National, below.
On October 6, mailed October 11, Atlantic Union's counsel claims that it's fine that Atlantic Union, in Virginia in 2022, made 2819 mortgage loans to whites, and only 197 to African Americans. Meanwhile it denied 159 applications from African Americans, and only 944 from whites.
Atlantic Union has told the Federal Reserve that's fine.
That is to say, beyond the 2.4 denial rate disparate, American Union made fully 14 mortgage loans to whites for every loan to an African American. Statewide in Virginia for the aggregate, the ratio was five to one.
This is outrageous; again, American Union should be referred by the FRB to the Department of Justice.
FFW and Inner City Press have been deeply concerned about the rush by the Federal Reserve 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.
We'll have more on this.
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