| In Florida
Disparate United Community Banks
Wants ANB But Lending Disparties
Raised
by
Matthew R. Lee,
Patreon Substack
FEDERAL
COURT, Jan 25
–
In Florida, United Community
Bank is trying to move into
the Miami area via merger,
with a disparate lending
record. Fair Finance Watch
with Inner City Press on the
FOIA has filed a timely first
comment on, the Application by
UCB to acquire American
National Bank.
But
consider United Community
Bank's disparate lending
record:
In South
Carolina in 2023, United
Community Banks made 673
mortgage loans to whites with
282 denials. Meanwhile to
African Americans in the state
it made only FIFTY ONE loans,
while denying fully 45
applications.
In Florida in
2023, United Community Banks
made 240 mortgage loans to
whites with 86 denials.
Meanwhile to African Americans
in the state it made only
TWELVE loans, while denying
five applications.
Nationwide, United Community
Banks is scarcely better. In
2023 overall it made 5576
mortgage loans to whites with
4114 denials. Meanwhile to
African Americans nationwide
it made only 477 loans, while
denying fully 1246
applications. That is to say,
while UCB to whites had more
loans then denial, to African
Americans it had nearly three
times as many denials as of
loans. A referral should be
made to the DOJ for a pattern
and practice of fair lending
violations.
Fair
Finance Watch and Inner City
Press have been deeply
concerned about the rush by
the Federal Reserve to
rubber-stamp mergers by
redliners. This has been
killing the Community
Reinvestment Act.
The new Merger
Guidance should be applied -
that is a test case, in this
new era.
Watch this site.
***
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