| In CRA Test
WSFS Bid To Buy Bryn Mawn Should Be Denied
Based on Fair Lending Here
By Matthew
Russell Lee, Patreon
BBC
- Guardian
UK - Honduras
- ESPN
FEDERAL COURT / S
Bronx, March 24 – Whether or
not the U.S. Community
Reinvestment Act will be again
enforced until the new
Administration and its
regulators is an open
questions.
Two months
into the new Administration,
Fair Finance Watch with Inner
City Press on the FOIA are
scrutinizing the proposal by
the long problematic
Wilmington Savings Funds
Society FSB to buy Bryn Mawr
Trust - and what they have
found is not pretty:
The applicant WSFS in
Pennsylvania in 2019 made 849
home loans to whites and only
35 to African
Americans.
The target
Bryn Mawr Trust in
Pennsylvania in 2019
made 635 home loans to whites
and also only 52 to African
Americans.
While Bryn Mawr's fair lending
performance leaves much to be
desired, WSFS's is
significantly worse. And, WSFS
would close one third of the
branches. The proposal should
be opposed, and denied..
Meanwhile
in Federal court, PNC Bank and
its Midland Loan Services have
been sued for usury, predatory
lending and civil conspiracy,
under New York and Federal
law.
***
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