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BMO Harris BNP Face Fed Qss After Admitting Mislabeling Info Now Confidential Answers

By Matthew Russell Lee, Patreon Story
BBC - Guardian UK - Honduras - ESPN

FED COURT / S Bronx, Sept 2 – Whether or not the U.S. Community Reinvestment Act will actually be enforced under the Administration and its regulators remains an open question. Consider: Inner City Press immediately reported that BMO Harris' application to buy Bank of the West and its more than 500 branches from BNP would be a litmus test.

 Fair Finance Watch noted, from Day 1, that in 2020 BMO Harris denied many more mortgage applications from African Americans than it approved: 509 denied versus only 223 loans made to African Americans, nationwide. BMO's numbers for whites were the reverse: 9270 loans made, versus less then six thousand denials. As noted, there are also climate and secrecy issues. Fair Finance Watch and other raised branch closings.

On August 23-4 the Fed has asked questions.

Late on September 2, the banks submission answers - referring repeated to withheld "Confidential" exhibits:

"a. Copies of policies and procedures for BHB’s new overdraft program; 

See Confidential Exhibits A-1 thru A-15 for the policies and procedures  related to BHB’s overdraft practices.  

8. Provide pro forma asset quality information, including total allowance for loan losses for BFC and BHB, as of March 31, 2022. Include a discussion of why the proposed level of capital and loan loss reserves would be adequate to support the level of nonperforming assets following consummation of the proposed transaction. 

See Confidential Exhibit B. 

 9. Provide actual and pro forma risk-based capital ratios (and supporting documentation) calculated according to CECL as of March 31, 2022.

 See Confidential Exhibit C.  

10. The original filing stated that there would be no changes to the board of directors of Bank of Montreal; however, the directorate of BFC and BHB will include some representation from BOTW’s current board of directors. Provide an update as to who has been or will be asked to join the directorate of BFC and BHB and include a 7  brief background on the individuals and the timeline of when they will join post  consummation. In addition, please confirm that there are still no contemplated  changes to the Bank of Montreal directorate.  

See Confidential Exhibit D.."

This is outrageous. The Fed itself should made these exhibits public. Watch this site.

The banks in an August 3 letter belatedly admitted: "One commenter requested that certain confidential exhibits to the April 12, 2022 responses to the Federal Reserve as well as certain confidential exhibits to the initial Federal Reserve application be made public. The parties have reviewed this information and have concluded that some of this information can be public." So why did they mislabel it, and the Fed allow it? The comment period must be reopened. Especially in light of this:

The banks now claim: "Commenters criticized BNP Paribas S.A.’s15 and BMO’s efforts related to climate resiliency and lending to the fossil fuel industry...Similarly, BNP Paribas and BOTW have some of the financial services industry’s most restrictive financing policies concerning the most damaging forms of fossil fuel extraction and have minimal exposure to the fossil fuel exploration and extraction sectors."

But consider: "Following the UK government's decision  to give "final regulatory approval" to Shell's Jackdaw gas field in the North Sea, a coalition of climate organizations  sent a letter to the oil major's biggest bankers calling for a halt to the project. The letter was sent to 25 financiers of Shell, including the top five financiers in the period 2016 - 2021: BNP Paribas... Almost all of the bank recipients of the letter have commitments to reach “Net Zero” in their financed emissions by 2050, including the top five – all members of the Net Zero Banking Alliance (NZBA). The letter highlights the incompatibility between these banks’ financial relationship with Shell and their own climate commitments, potentially exposing them to significant reputational, legal, financial and other risks."

We'll have more on this- watch this site.


 Inner City Press (and Fair Finance Watch, on the HMDA) will have more to say about this. Watch this site.


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