| CRA Problems with First
National Bank of Omaha Bid for
Country Club Bank So Challenge
by
Matthew Russell Lee, Patreon Book
Substack
SOUTH
BRONX/Federal
Court,
June 18 – A proposed by
First National Bank of Ohama
of Country Club Bank has
brought into focus FNBO's
disparate lending.
On June 18
Fair Finance Watch, reviewing
Home Mortgage Disclosure Act
patterns nationwide, filed a
timely Community Reinvestment
Act protest with the OCC:
The applicant First National
Bank of Ohama in Missouri in
2023 made 108 mortgage loans
to whites and only eight to
African Americans; it denied
six applications from African
Americans and only 21 from
white. For whites, five
originations for every denial.
For African Americans, barely
one and a third originations
for every denied. This is
outrageous; the practices
should not be further imposed
on Missouri.
First National Bank of Ohama
in 2023 in Colorado made 827
mortgage loans to whites and
only SIX to African
Americans.
First
National Bank of Ohama in 2023
in Illinois made 562 mortgage
loans to whites and only TEN
to African
Americans.
First National
Bank of Ohama in 2023 in Texas
made 35 mortgage loans to
whites and only ONE to African
Americans.
Nationwide
in 2023 First National Bank of
Ohama made 4824 mortgage loans
to whites and only EIGHTY ONE
to African Americans; it
denied 53 applications from
African Americans and only
1128 from white. As with its
ratio for Missouri, above,
this is outrageous. This
application should be
denied. These
practices should not be
allowed to expand.
See also,
for the record on the
application: "The Consumer
Financial Protection Bureau
(CFPB) ordered First National
Bank of Omaha to provide
$27.75 million in relief to
roughly 257,000 consumers
harmed by illegal practices
with credit card add-on
products." This acquisition
proposal should be denied.
FFW and Inner City Press have
been deeply concerned about
the rush by the OCC's move to
rubber-stamp mergers by
redliners, money launderers
and predatory lenders, and to
deny or delay under FOIA. This
has been killing the Community
Reinvestment Act and we timely
request public hearings. [Our
timely comments on OCC's
unilateral withdrawal of
merger review rules could not
be submitted through the
directions on Regulations dot
gov and were email to the
address used here, and are
incorporated herein by
reference]. The comment period
should be extended;
evidentiary hearings should be
held; and on the current
record, the application should
not be approved.
Watch this site
***
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