by Matthew R. Lee, Patreon Substack
FEDERAL COURT, Nov 14 – In the Midwest, Busey Bank is trying to move into the Kansas City area via merger, with a disparate lending record. Fair Finance Watch with Inner City Press on the FOIA has filed a timely first comment on, the Applications
Van Dukeman, First Busey's CEO called it a "great fit from a cultural perspective." But consider Busey Bank's culture - including contempt for CRA, its disparate lending record:
First Busey's Busey Bank in Illinois in 2023 - data not yet included in any CRA exam - made 1163 mortgage loans to whites, and only 772 loans to African Americans. Meanwhile it denied only 216 applications from whites, and fully 24 from African Americans. Busey Bank should be referred to DOJ.
Busey Bank in Missouri in 2023 - data not yet included in any CRA exam - made 49 mortgage loans to whites, and onlyseven loans to African Americans. Meanwhile it denied only 21 applications from whites, and fully eight from African Americans
Busey Bank in Indiana in 2023 - data not yet included in any CRA exam - made 22 mortgage loans to whites, and only two loans to African Americans.
Busey Bank in Florida in 2023 - data not yet included in any CRA exam - made 80 mortgage loans to whites, and only ONE loan to an African American.
There is litigation, for example under the FCRA, here - dropped without explanation, presumable settled, the FRB should ask First Busey about all outstanding consumer litigation.
And there was the First Busey board member, Elisabeth Kimmel, caught in the college admissions scandal, here.
Rather than provide the CRA info, First Busey's Monica L. Bowe, Executive Vice President & Chief Risk Officer of First Busey Corporation - and of the Risk Management Association- submitted a letter saying CRA conditions are never attached - false, and telling.
On November 14 the Federal Reserve asked First Busey: "The Board has received comments objecting to the proposal. To the extent not discussed in the Response Letter that Applicant submitted on October 15, 2024, provide information that is responsive to the following concerns: a) The commenter notes that a board member of the Applicant was charged with criminal conduct in a college admissions scandal. Respond to this concern as it relates to the managerial resources of Applicant post-merger. b) The commenter notes that Applicant may be involved in litigation under the Fair Credit Reporting Act, and requests information on all of Applicant’s outstanding consumer litigation. Respond to these concerns." Because in their arrogance they hadn't. Watch this site.
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