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Fair Finance Watch Protests Investors Bank Bid For Berkshire Branches on Lending Disparities

By Matthew Russell Lee, Patreon
BBC - Guardian UK - Honduras - ESPN

SOUTH BRONX, NY, Jan 19 – Even amid the Coronavirus pandemic, U.S. banks keeps seeking to merge and expand, with less and less oversight.   Fair Finance Watch, with Inner City Press on the FOIA, on January 19, 2021 has filed a Community Reinvestment Act protest:

 "Federal Deposit Insurance Corporation Attn: Frank Hughes, Regional Director and Robert P. Cordeiro, Scott D. Strockoz 350 Fifth Avenue, Suite 1200 New York, NY 10118-0110

Re: Timely First Comment on Application by Investors bank to Buy Branches from Berkshire Bank Dear Regional Director Hughes and others at the FDIC: 

 This is a timely first comment opposing and requesting an extension of the FDIC's public comment period on the Applications by Investors Bank to acquire branches from Berkshire Bank - and close some. 

    The applicant Investors Bank in the New York in 2019 made 272 home loans to whites and only 11 to African Americans. Its denial rate for African Americans was more than double than for whites.    

   In Pennsylvania in 2019, Investors Bank made 61 home loans to whites and NONE to African Americans, and only ONE to Latinos. This is unacceptable.   There is a history. For the record, here.

    Hearings are requested on that; they may also touch on which branches Investors would close. The comment period should be extended; evidentiary hearings should be held; and on the current record, the application should not be approved."

  In this new era, we will report on this in detail. Watch this site.


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