by Matthew R. Lee
South Bronx, Feb 17 -- The monopolization of banking in the US has seen JPMorgan Chase grow well beyond the 10% of nationwide deposit cap that Congress purported to set, as Chase was awarded First Republic and parts of other failed banks.
Now Chase proposes to gobble up even more deposits, this time by opening hundreds of branches, in affluent and disproportionately non-diverse communities.
Chase in applying to its purported regulator the Office of the Comptroller of the Currency or OCC has chosen not to include the street addresses of the branches it proposes to open.
So on February 17 Fair Finance Watch, with Inner City Press on the FOIA, submitted a sample first comment to the OCC, Acting Comptroller Michael J. Hsu and others, comparing branches Chase proposes to close and open in this instance, February 2 and February 6, in Ohio:
On February 2, 2024 the OCC received a filing from Chase to close Eastgate Wyler Park 867 WYLER PARK DRIVE CINCINNATI OH 45245 Hamilton 080223A
On February 6, 2024, the OCC received an application from Chase to open Maineville Town Center NWC of OH Hwy 48 and US Hwy 22 Maineville OH 45039 Warren 217362A
Now, because Chase chooses to list its proposed branch openings not by street address (which information it has) but instead by street-corner (apparently, even if not on a corner), we will herebelow compare the zip codes. [The OCC should henceforth require Chase and others to including street address and census tract in applications.]
In Zip Code 45245 where Chase is closing, there are 388 African American residents and 17,817 whites - significantly more diverse than Zip Code 45039 where Chase proposes to open (21,702 whites and only 191 African Americans).
In Zip Code 45245 where Chase is closing, fully 21% of households make less than $30,000, and 16% make between $30,000 and $50,000 - significantly lower income than Zip Code 45039 where Chase proposes to open (only 9% of households below $30,000 and only 12% between $30,000 and $50,000).
This comparison is troubling; the OCC should require Chase to (re) apply listing street addresses and census tracts, and should make its own comparisons, as this new Chase proposed strategy is rolled out.
Fair Finance Watch and Inner City Press are hereby opposing these applications / proposal (including proposed closings) and are requesting public hearing on this issue.
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