by Matthew Russell Lee, Patreon Book Substack
SOUTH BRONX/SDNY, July 25 – Synovus Bank, with a track record of disparate lending and consumer complaints, now proposes to cash out and merge with Nashville-based Pinnacle.
Fair Finance Watch, as the Federal Reserve memorialized, has noted "disparities in denial rates and home mortgage originations to African Americans and/or Hispanics, as compared to whites, in certain markets. The commenter also noted a complaint filed with the CFPB against Synovus Bank relating to collecting on a debt allegedly not owed."
Since then, Synovus showed up in the criminal "We Build the Wall" prosecution in the U.S. District Court for the Southern District of New York, covered by Inner City Press, and in NSF investigations.
Fair Finance Watch has reviewed the just-released 2024 Home Mortgage Disclosure Act data of Synovus and finds that while it made 3.18 loans to whites for each denial to whites, it made only 1.7 loans to African Americans for each denial to African Americans. We will have more on these troubling disparities, including under the Community Reinvestment Act. Watch this site.
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