| Fed Fails
CRA Litmus Test on M&T People's
Endorsing Money Laundering Plus Redlining
By Matthew
Russell Lee, Patreon
BBC
- Guardian
UK - Honduras
- ESPN
FEDERAL COURT / S
Bronx, March 4 – Whether or
not the U.S. Community
Reinvestment Act will be again
enforced by the Federal
Reserve if new Governors join
the Board is a remaining open
question. Because the old
Board's March 4 approval of
merger of two redlining banks,
M&T and People's United,
is failed litmus test.
Fair
Finance Watch with Inner City
Press exposed M&T as a
redliner as well as money
launderer; the first label
applies to People's United as
well. See, e.g., Journal
Inquirer, "Challenge
opposes
M&T
takeover of
People’s
United,"
by Adam
Hushin, Fair
Finance Watch,
"a financial
consumer
watchdog group
has asked
federal
regulators to
deny
Buffalo-based
M&T Bank
Corp.’s
application to
acquire
People’s
United Bank,
based on what
it claims is a
record of
discriminatory
lending
practices by
M&T.
And
see, Buffalo
Business First, "Comments on
the M&T/People's United
merger," by Dan Miner,
"Matthew Lee, executive
director, Inner City
Press/Fair Finance Watch, wrote
in opposition and
requested an extension to the
public comment period."
On the
afternoon of Friday March 4,
with new Governors pending,
the old Governors hauled off
and approved M&T's
application. This as, in a
rush, the Federal Reserve Bank
of New York doled out an
approval on a delegated basis
- the Reserve Banks do not
have the legal power to deny
applications - a merger of
Berkshire Bank, with a rare
Needs to Improve CRA rating in
New York. Fair Finance Watch
immediately petitioned the
(old) Governors for review; no
answer, see here.
Fair
Finance Watch has asked that
its petition be reviewed by
the new Governors, as should
be Toronto Dominion's First
Horizon proposal. Watch this
site.
***
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