by Matthew Russell Lee, Patreon Book Substack
SOUTH BRONX, NY, Jan 19 – 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.
On January 18 Provident asked two Board questions - by withholding the entire answers. Inner City Press immediately FOIAed: " The January 18 response recites then states: Provide an update to all action items included in the Consent Order, reflecting those items which have been completed and any other pertinent updates, including, but not limited to, the status of any deliverables required under the Consent Order that have not yet been completed. Please refer to the attached Confidential Exhibit 1 for a response to this Item. The entire response is withheld, about fair lending compliance, including public commitments that are unfulfilled. This cannot stand; the information must be provided before the Board acts in any way on the application (other than denial.) Inner City Press / Fair Finance Watch is a timely protestant to the application; this is also again request that the FRB begin putting all applications online, since the Fed has a new electronic system for applicants. What is the rationale for not doing this, and allowing for delay for the public and community organizations? In these contexts, this comment period should be extended."
Watch this site.
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