| In CRA Test
BancorpSouth Bid For Cadence Will Be
Challenged To Fed BXS Quit to Evade
By Matthew
Russell Lee, Patreon
BBC
- Guardian
UK - Honduras
- ESPN
FEDERAL COURT / S
Bronx, April 17 – Whether or
not the U.S. Community
Reinvestment Act will be again
enforced under the new
Administration and its
regulators is an open
question.
Now, a
test. BancorpSouth, which when
faced with race discrimination
charges dropped its Federal
Reserve Board holding company
to get easier approvals from
the FDIC, says it will buy
Cadence Bancorp and its name.
But
Cadence *is* with the Federal
Reserve, as Inner City Press
documented here.
So BancorpSouth's regulatory
evasion would have to be
reversed - and will be
opposed.
BancorpSouth
Bank in Mississippi in 2019
made 3756 home loans to whites
and only 768 to African
Americans. Its denial rate for
African Americans was TWICE AS
HIGH as for
whites.
BancorpSouth Bank in 2019 made
6 loans to whites for each
denial to whites. It made
three loans to African
Americans for every denial to
African Americans.
This is
totally unacceptable.
Cadence in Texas
in 2019 made 3.40 loans to
whites for every denial to
whites, versus on 2.0 loans to
African American for every
denial to African American.
Fair Finance Watch will be
requesting public hearings.
Previously, Inner City Press
protested the applications of
BancorpSouth to merge with
Ouachita Bancshares
Corporation and thereby
indirectly acquire Ouachita
Independent Bank, and with
Central Community Corporation,
and thereby indirectly acquire
First State Bank Central
Texas, Austin, Texas. - based
on racial discrimination in
lending.
Then:
See, e.g., this.
BancorpSouth's CEO said the
company wanted to
“alleviate... regulatory
oversight,” and become the
“only state-chartered bank not
a part of the Federal Reserve
system.”
The Fed's logic
in extending a recent comment
period due to Coronavirus must
apply to this and other
applications. These are litmus
tests. Watch this site.
***
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