As Columbia Financial Brags of FHBNY Spot and Northfield Outrage Fed Asks 9 Questions

As Columbia Financial Brags of FHBNY Spot and Northfield Outrage Fed Asks 9 Questions by Matthew Russell Lee, Patreon Book Substack SOUTH BRONX/SDNY, April 10 – Columbia Financial proposes to expand into New York by taking over Northfield Bancorp.   Fair Finance Watch, while the Federal Reserve refuses to act to ensure public access to Home Mortgage Disclosure Act data,  has commented to the Fed on the 2024 HMDA data of both institutions: "Dear Chairman Powell, Secretary Misback:     This is early opposition to the application of Columbia Financial, Inc.to acquire Northfield Bancorp and Northfield Bank, Staten Island, New York. Today the application was filed / notice posted on the FRB's website.      In New York in 2024 Columbia made four mortgage loans to whites while denying one - with nothing at all to / for African Americans.      Northfield Bank in New York in 2024 made only 10 loans to African Americans, while denying fully 21 application (it made 93 loans to whites, denying 146).     Northfield's denial rates by income groups are also disparate and merit a public hearing:  Income Band Denial Rate Under $50k 86.2% $50–100k 71.9% $100–150k 59.1% $150–200k 52.9% Over $200k 51.8%   In New Jersey in 2024 Columbia made 612 loans to whites with 164 denial, but only 82 to African Americans, with 18 denials.   FFW expressed concerns about / to Northfield in 2020 - see, here An evidentiary hearing is needed.       There are consumer complaints against these two banks, but the FRB has taken the position that even the CFPB complaint database is not "substantive." FFW objects, and requests a hearing." On April 1, Columbia's outside counsel purported to respond, bragging that Columbia CEO "Thomas J. Kemly is on the Board of Directors of the Federal Home Loan Bank of New York" and stating that "Northfield Bank finds the comment unsupportable."  Then, in a new low, Columbia Financial redacted - blacks out - its purported response. A FOIA request has been filed. On April 10 the Fed asked Columbia more questions, including "Provide a description of any weaknesses identified as part of the due diligence review of Northfield Bancorp and identify the steps that have been or would be taken to address such deficiencies. 4. The FR Y-4 Notice states that an interstate banking analysis is “not applicable” to the proposed merger. However, the home state of Columbia Financial is New Jersey, while the home state of Northfield Bank is New York. Discuss the transaction’s compliance with section 4(i)(8) of the Bank Holding Company (“BHC”) Act. 5. The FR Y-4 Notice states that the three Northfield Bancorp board members to be appointed to the Columbia Financial board, besides Steven Klein, have not been selected yet. Explain when such decisions would be made. Discuss Columbia Financial’s plan for Northfield Bank Foundation (“NB Foundation”), including: (1) any plans to fund it and/or merge it with the existing Columbia Bank Foundation; and (2) any expected amendments to the NB Foundation’s charter and bylaws that would be made in connection with the proposal. Provide copies of such amendments, if available" - full filing on Patreon here *** Your support means a lot. As little as $5 a month helps keep us going and grants you access to exclusive bonus material on our Patreon page. Click here to become a patron. Feedback: Editorial [at] innercitypress.com SDNY Press Room 500 Pearl Street, NY NY 10007 USA Mail: Box 130222, Chinatown Station, NY NY 10013 Reporter's mobile (and weekends): 718-716-3540 Other, earlier Inner City Press are listed here, and some are available in the ProQuest service, and now on Lexis-Nexis.  Copyright 2006-2025 Inner City Press, Inc. To request reprint or other permission, e-contact Editorial [at] innercitypress.com