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As Signature Bank Like SVB Fails Frank and Cephas on its Board with CRA Games Like First Republic

by Matthew Russell Lee, Patreon Book Substack

SDNY COURTHOUSE, March 13 – Alongside the larger flame-out of Silicon Valley Bank, over the weekend Signature Bank too failed.

  On Signature Bank's board of directors is not only Barney Frank (who after leaving Congress undermine his own Dodd Frank Act) but also former New York State Superintendent of Banks Derrick D. Cephas, who later as a lawyer faced off against Community Reinvestment Act protest by Fair Finance Watch. The Administration is saying that people will be held accountable. We'll see.

  We'll also see if the Fed's solicitude to First Republic can pull it back from the brink. 1st Republic has been the subject of CRA opposition, as reported by Inner City Press:
"
First Republic Bank, which excludes The Bronx as well as Brooklyn and Queens from its assessment area while funding outer borough slumlords, applied to New York bank regulators to open another branch in Manhattan. Fair Finance Watch filed opposition:

'this is a timely comment opposing the application by First Republic Bank to open a new insured deposit-taking facility at 329 Tenth Avenue, Borough of Manhattan, City of New York 10001. First Republic Bank is engaged in redlining. Its branches in New York are entirely in Manhattan, and only in the most affluent sections. It excludes from its CRA Assessment Area, in their entirety, the boroughs of The Bronx, Brooklyn, Queens and Staten Island. (Inner City Press previously challenged and got changes such exclusionary Assessment Areas at Bank of New York, HSBC, predecessors of Bank of America and others). Cynically, while excluding the outer boroughs from its assessment area, First Republic Bank does business with landlords who have been described as slumlords, such as Moshe Piller. See, e.g., Daily News, “Moshe Piller, owner of the Hunts Point Ave. building in the Bronx where two children died when a faulty radiator spewed steam into their bedroom.”

Fair Finance Watch had reviewed First Republic Bank's most recent publicly available HMDA data for the NYC MSA and, for home purchase loans, find that FRB made 283 such loans to whites, and only three each to Latino and  African American applicants. Its denial rate disparity is astronomical: 20% denial rate for African American, less than 1% for whites." And this is the bank that the Fed now props up.

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