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Now FDIC and Otting Attack on CRA March 9 Deadline As Wells Fargo Tries To Censor

By Matthew Russell Lee, Patreon
Honduras - The Source - The Root - etc

Bronx / SDNY, Jan 9 –  With US Comptroller of the Currency Joseph Otting on January 9 formally publishing notice in the Federal Register along with the FDIC to undermine the  Community Reinvestment Act, the too-short comment period is set: to March 9. Notice here.

  Meanwhile Wells Fargo, one of the less than a handful of banks which dominate the industry in the United States, is asking a federal court to shut down a website. 

  Wells Fargo's motion, filed on January 8, complains that "Defendants have re-posted the very website that defames and threatens Wells Fargo and its employees, agents, attorneys, and vendors involved in this litigation. See Exhibit A,, Website Screen Shots captured 1/7/20. Defendants should now be immediately ordered to take down the Website and should be permanently enjoined from re-posting any of its content again in any public forum."  More on Patreon here.  

    While describing a bank or its lawyers as prostitutes is not nice - and may as to the bank reverse the analysis - Inner City Press finds it highly problematic that a mega-bank, particularly one so recently bailed out by the public, should be trying to shut down a website.

  Discrimination, too: on December 16 Inner City Press / Fair Finance Watch filed a CRA protest with the FDIC to Flushing Bank's application to acquire Empire National Bank, see below.

The Consumer Financial Protection Bureau under Kathy Kraninger issued 2018 Home Mortgage Disclosure Act data - with an interface without any racial or ethnic information unlike 2017 and every previous year, undermining the entire purpose of the HMDA law. See this page and this December 16 filing with FDIC, cc-ed to the CFPB:

December 16, 2019  Via e-mail

Federal Deposit Insurance Corporation Attn: John Vogel, Regional Director and Doreen R. Eberley, Jim Watkins, Robert P. Cordeiro, Scott D. Strockoz 350 Fifth Avenue, Suite 1200 New York, NY 10118-0110  

Re: Timely First Comment on Applications by Flushing Bank to Acquire Empire National Bank 

Dear Regional Director Vogel and others at the FDIC:  

This is a timely first comment opposing and requesting an extension of the FDIC's public comment period on the Applications by Flushing Bank to Acquire Empire National Bank.   

Flushing Bank in 2018, for race specified loans, made six times more loans to whites than to African Americans, entirely out of keeping with the demographics of its market.   

Compare the demographics of its lending to the geography: 68 loans to Queens, 35 in Manhattan, 27 in The Bronx, 35 in Manhattan, five on Staten Island and 24 in Westchester County.    

Inner City Press / Fair Finance Watch would like to and has a right to submit more detailed HMDA data. But for the record, the Consumer Financial Protection Bureau for 2018 data has unilaterally removed the ability of the public to view HMDA data by race on its website, which the FFIEC / Federal Reserve allowed in previous years and the CFBP did even in 2017.

Inner City Press / Fair Finance Watch contends that the CFPB's move is both anti-public and illegal.    

For further context, last week the FDIC opted in a party line vote to go with the OCC of ex-banker Otting which is trying to further weaken the CRA, and has already in rogue-like fashion barred the public from comment on charter conversion and even merger applications like that involving Chinatown FSB earlier this year.   

In this context, Inner City Press / Fair Finance Watch is demanding an extension of this comment period by the FDIC, its intervention with the CFPB to restore access on the website itself to 2018 HMDA data, a reversal of the FDIC's anti-CRA moves, and on the current record the denial by the FDIC of these application(s).  Thank you for your prompt attention, 
Matthew R. Lee
Inner City Press / Fair Finance Watch

cc's incl Brenda.Muniz [at]

  Leading fights on HMDA, and on defending CRA, are NCRC and its members.

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