by Matthew Russell Lee, Patreon Book Substack
SDNY COURTHOUSE, Jan 12 – The trend of credit unions buying banks is growing - and credit unions are not subject to the Community Reinvestment Act. Nor do some of them respect the fair lending laws.
Take, this week, the proposed acquisition in New York of Catskill Hudson Bancorp by Hudson Valley Credit Union.
Home Mortgage Disclosure Act data for 2022, reviewed by Inner City Press / Fair Finance Watch, show that Hudson Valley Credit Union made 141 loans to African Americans while denying more applications, 164, from African Americans. By contrast it made fully 2583 loans to white, which less than half than number of denials: 1128.
HVCU should be referred to the Justice Department for prosecution. But it will not be under the Community Reinvestment Act. This loophole must be closed.
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