In Other Media-eg New Statesman, AJE, FP, Georgia, NYT,  Azerbaijan, CSM Click here to contact us     .

By Matthew Russell Lee, Patreon Maxwell book
BBC - Honduras - CIA Trial book - NY Mag

FEDERAL COURT / S Bronx, Nov 25 – Whether or not the U.S. Community Reinvestment Act will be again enforced under this Administration and its regulators including under the incoming divided Congress is an open question.

   Now Fair Finance Watch with Inner City Press on the FOIA has filed comments with the Federal Deposit Insurance Corporation against the applications by Prosperity Bank in Texas:

November 25, 2022 

Federal Deposit Insurance Corporation Attn: Chairman Martin J. Gruenberg Dallas Kristie K. Elmquist, Regional Director Julie V. Banfield, Deputy Regional Director Chris Finnegan, Assistant Regional Director (Consumer Protection) 1601 Bryan Street, 38th Floor Dallas, Texas 75201-4586 

Re: Comment on Applications by Prosperity Bank, El Campo, Texas to acquire Lone Star Bank of West Texas and FirstCapital Bank of Texas, N.A. 

Dear Chairman Gruenberg, Regional Director Elmquist, Ass't Regional Director Finnegan and others at the FDIC:   This is a request for all information in the possession of the FDIC about, and a timely comment on, the Applications of Prosperity Bank, El Campo, Texas to acquire Lone Star Bank of West Texas and FirstCapital Bank of Texas, N.A. which appear on the FDIC website under "Applications In Process Subject to the CRA Report" with an initial comment periods running through December 16. This comment is timely.  

   The applicant Prosperity Bank in 2021 in Texas based on its disparate marketing made 5453 mortgage loans to whites -- while making only 188 loans to African Americans. Meanwhile it denied fully 94 applications from African Americans, versus only 1186 from whites. This is far out of keeping with the demographics, and others lenders, in Texas in particularly in Prosperity Bank's CRA assessment areas - this is outrageous.    

  The applicant Prosperity Bank in 2021 in Oklahoma based on its disparate marketing made 320 mortgage loans to whites -- while making only 38 loans to African Americans.  This is far out of keeping with the demographics, and others lenders, in Oklahoma in particularly in Prosperity Bank's CRA assessment areas - this is outrageous. 

Beyond these disparities, there is the question of possible service reductions. Already, for the record, consider this:   "I was with Prosperity Bank in Cleveland, Texas and my I was with Prosperity Bank in Cleveland, Texas and my account was scammed and I lost 2 of my Social Security checks and the cash I had in the bNK. tHEY PAID MY BILLS IN NOVEMBER AND NOW THEY SAY i HAVE TO PAY THEM $1013 after they didn't protect my account and I lost over $2,828 and had nothing to live on. I paid on a plan with Noeton Security and they got my debit card number and took all my money and the bank says I gave Noeton permission to get American Express gift cards. What can I do about this? Yes I did speak with the manager of Prosperity Bank in Cleveland, Texas.... The bank says they will turn me in for collection and the BBB and I will never be able to open another bank account 

  Inner City Press is requesting an extension of the public comment period, public / virtual evidentiary hearings and that, on the current record, the applications not be approved

 FFW and Inner City Press have been deeply concerned about the rush by the FDIC to rubber-stamp smaller mergers by these sized redliners. This has been killing the Community Reinvestment Act and we timely request public hearings. The comment period should be extended; evidentiary hearings should be held; and on the current record, the application should not be approved.     Very Truly Yours,     Matthew Lee, Esq.   Executive Director  Inner City Press/Fair Finance Watch

Watch this site.

***

Your support means a lot. As little as $5 a month helps keep us going and grants you access to exclusive bonus material on our Patreon page. Click here to become a patron.

Feedback: Editorial [at] innercitypress.com
SDNY Press Room 480, front cubicle
500 Pearl Street, NY NY 10007 USA

Mail: Box 20047, Dag Hammarskjold Station NY NY 10017

Reporter's mobile (and weekends): 718-716-3540

Other, earlier Inner City Press are listed here, and some are available in the ProQuest service, and now on Lexis-Nexis.

 Copyright 2006-2022 Inner City Press, Inc. To request reprint or other permission, e-contact Editorial [at] innercitypress.com