by Matthew R. Lee, Patreon Substack
FEDERAL COURT, Jan 25 – In Florida, United Community Bank is trying to move into the Miami 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 Application by UCB to acquire American National Bank.
But consider United Community Bank's disparate lending record:
In South Carolina in 2023, United Community Banks made 673 mortgage loans to whites with 282 denials. Meanwhile to African Americans in the state it made only FIFTY ONE loans, while denying fully 45 applications.
In Florida in 2023, United Community Banks made 240 mortgage loans to whites with 86 denials. Meanwhile to African Americans in the state it made only TWELVE loans, while denying five applications.
Nationwide, United Community Banks is scarcely better. In 2023 overall it made 5576 mortgage loans to whites with 4114 denials. Meanwhile to African Americans nationwide it made only 477 loans, while denying fully 1246 applications. That is to say, while UCB to whites had more loans then denial, to African Americans it had nearly three times as many denials as of loans. A referral should be made to the DOJ for a pattern and practice of fair lending violations.
Fair Finance Watch and Inner City Press have been deeply concerned about the rush by the Federal Reserve to rubber-stamp mergers by redliners. This has been killing the Community Reinvestment Act.
The new Merger Guidance should be applied - that is a test case, in this new era.
Watch this site.
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