| Old National
- 1st Midwest Will Be Scrutinized After
PNC Abstention, As M&T Stonewalls
By Matthew
Russell Lee, Patreon Story
BBC
- Guardian
UK - Honduras
- ESPN
FEDERAL COURT / S
Bronx, June 7 – 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
merger of two redlining banks,
M&T and People's United,
will be a litmus test, see
below.
And now another
one: Old National's proposal
to buy First Midwest. If the
Federal Reserve, or at least
Governor (soon to be Fed
chair?) Lael Brainard, had a
problem with PNC - BBVA, why
now Old National - First
Midwest?
For now we
note that in Indiana in 2019
Old National based on its
disparate marketing made 3312
mortgage loans to whites, with
1060 denials to whites --
while making only SIXTY TWO
loans to African Americans,
with more than that in
denials: 65. This is
outrageous.
Inner City
Press (and Fair Finance Watch,
on the HMDA) will have more to
say about this. Watch this
site.
While
M&T - People's United
still pends in the Federal
Reserve, with a promised
expedited FOIA response still
not forthcoming, the Fed in
mid May approved PNC - BBVA,
with a rare abstention by
Governor Lael Brainard, albeit
on antitrust and not CRA or
fair lending grounds.
***
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