by Matthew Russell Lee, Patreon Book Substack
SDNY/SOUTH BRONX, Sept 8 – As US bank regulators loosen rules - including the FDIC moving to eliminate public comment altogether on branch expansion applications - now big banks are moving to get bigger.
But the biggest banks poo-poo the deal as "small" - "Bank of America views the announced PNC [proposed] acquisition of Colorado based FirstBank as relatively small, with low-to-no integration risk. BofA sees deal as 'not thesis changing.'" Oh, the arrogance. We'll have more about this, and about "de-banking" and CRA.
On September 8, not long after the pending Pinnacle-Synovus proposal, PNC Bank announced it will apply to buy FirstBank in Colorado and Arizona.
Fair Finance Watch has been reviewing Community Reinvestement records and Home Mortgage Disclosure Act data. FirstBank in Colorado in 2024 made fully 1828 loans to whites (with 420 denials) versus only SIXTY loans to African Americans, will fully 27 denials.
In Arizona in 2024, FirstBank made 123 loans to whites (with 38 denials) versus only FOUR loans to African Americans, with three denials.
Inner City Press, which has opposed the FDIC's moves to close itself to public scrutiny, will be submitting FOIA requests on all this. Watch this site.
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