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Amid PPP Secrecy By Mnuchin Inner City Press Requests Data Valley National Answer Here

By Matthew Russell Lee, Patreon
BBC - Guardian UK - Honduras - CJR - PFT

SDNY COURT / SOUTH BRONX, June 17 –     Amid the COVID-19 pandemic, fair lending and the Community Reinvestment Act are taking a back seat, or worse. Some banks to which CRA applies are excluding smaller businesses and those in communities of color. And some banks bragging about the PPP loans won't provide any information - we are Pressing.

   Inner City Press / Community on the Move has begun contacting both banks and non-banks for their Paycheck Protection Program data. Without yet getting into the full results, we want to make a contrast not only to the contempt for CRA and public disclosure shown by Joseph Otting, now with Black Knight but also his OneWest crony and Treasury Secretary Steve Mnuchin calling PPP information "proprietary."

 The contrast is to the answers by a sample bank, Valley National, to questions Inner City Press / Community on the Move put to its CEO and others:

"Mr. Lee:     I’m sending Ira Robbins’ response to your recent inquiry below.  Thank you.         Dear Mr. Lee:     I want to thank you for reaching out to me.  We were proud to support the SBA’s Paycheck Protection Program (PPP) and support local businesses throughout our footprint during these challenging times.      Over 500 Valley associates worked around the clock to stand up an online platform, provide timely communication about the program and provide direct support to individual businessowners and nonprofits throughout the application process.      Although we have not yet compiled all the analytics related to the questions you asked, I am happy to provide the results we have right now.  The metrics below are current as of June 16, 2020:     §  12,158 PPP loans have been approved by the SBA and funded by Valley.     §  Total funding in PPP loans is $2,242,657,503     §  The average PPP loan amount funded is $184,459 with the median loan size being $45,011     §  The distribution by loan size of PPP loans made are as follows:  $0 - $99K:                    8,381 $100K - $999K:          3,310 $1M - $10M:              467    §  We made approximately 423 loans totaling $166 million to nonprofit organizations.     §  We processed 1,018 loans totaling approximately $166 million to hotels and restaurants.     §  Although we are still aggregating this information, preliminary results from approximately 66% of our loans show the following distribution of PPP loans by number of employees per borrower:    o   1-10:              67%  o   11-50:           25%  o   51-100:         4%  o   100-250:      3%  o   250-500:      1%     25.8% of PPP borrowers have an existing borrowing relationship with the bank.  Our PPP application process welcomed many new customers who had no prior banking relationship with Valley.     §  Data on PPP funding in specific LMI geographies is not currently available to us today. [Hmm...] I hope that these metrics will be of use to you when compiling your report. Sincerely,Ira Robbins  President & CEO"

  Contrast this to the "proprietary information" dodge - and note for example that the highest overdraft fee bank in America, Ameris Bank has for now responded to Inner City Press' questions by stating that: "Information about our Paycheck Protection Program participation can be found in our filings with the Securities and Exchange Commission.  Sincerely,  William D. McKendry EVP and Chief Risk Officer Ameris Bank. " UNacceptable.

  We'll have more on this and others, including fintechs. Watch this site.


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