| US Bancorp
MUFG Big Will Face Protest on Loan
Disparities and Violations, Litmus Test
By Matthew
Russell Lee, Patreon Story
BBC
- Guardian
UK - Honduras
- ESPN
FEDERAL COURT /
Bronx, Sept 22 – Whether or
not the U.S. Community
Reinvestment Act will be again
enforced until the new
Administration and its
regulators is an open
question. And the proposed
acquisition by U.S. Bancorp of
Japan's MUFG's U.S. business
will be a litmus test.
U.S. Bank in 2020
in New York State made only 26
mortgage loans to African
Americans, while denying more,
fully 66 applications from
African Americans. By
contrast, it made 842 loans to
whites while denying less,
only 567 applications from
whites.
U.S.
Bank in 2020
in Florida
made only 196
mortgage loans
to African
Americans,
while denying
more, fully
259
applications
from African
Americans. By
contrast, it
made 4140
loans to
whites while
denying fewer,
only 2107
applications
from whites.
U.S.
Bank in 2020
in Michigan
made only 34
mortgage loans
to African
Americans,
while denying
more, fully 48
applications
from African
Americans. By
contrast, it
made 1208
loans to
whites while
denying fewer,
only 436
applications
from whites.
MUFG's
Union Bank in
Oregon
in 2020 made
only ONE
mortgage loan
to and African
Americans,
while denying
more, two
applications
from African
Americans. By
contrast, it
made 196 loans
to whites
while denying
fewer, only 55
applications
from whites.
Then there are
MUFG's
admitted-to
violations.
The
proposal is part of a trend:
HSBC dumps its US business to
Citizens and others, BBVA
selling to PNC. The latter
case drew antitrust scrutiny
and a dissent at the Federal
Reserve. This one, with the
consolidation trend now clear
and the Administration's
Antitrust memo out (and Jay
Powell's commitment and future
at the Fed in question) should
draw more scrutiny.
The
comment period should be
extended; evidentiary hearings
should be held; and on the
current record, the
application should not be
approved.
***
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