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In CRA Test BancorpSouth Bid For Cadence Will Be Challenged To Fed BXS Quit to Evade

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

FEDERAL COURT / S Bronx, April 17 – Whether or not the U.S. Community Reinvestment Act will be again enforced under the new Administration and its regulators is an open question.

  Now, a test. BancorpSouth, which when faced with race discrimination charges dropped its Federal Reserve Board holding company to get easier approvals from the FDIC, says it will buy Cadence Bancorp and its name.

  But Cadence *is* with the Federal Reserve, as Inner City Press documented here. So BancorpSouth's regulatory evasion would have to be reversed - and will be opposed. 

 BancorpSouth Bank in Mississippi in 2019 made 3756 home loans to whites and only 768 to African Americans. Its denial rate for African Americans was TWICE AS HIGH as for whites.   

   BancorpSouth Bank in 2019 made 6 loans to whites for each denial to whites. It made three loans to African Americans for every denial to African Americans.  

 This is totally unacceptable.

Cadence in Texas in 2019 made 3.40 loans to whites for every denial to whites, versus on 2.0 loans to African American for every denial to African American. Fair Finance Watch will be requesting public hearings.

       Previously, Inner City Press protested the applications of BancorpSouth to merge with Ouachita Bancshares Corporation and thereby indirectly acquire Ouachita Independent Bank, and with Central Community Corporation, and thereby indirectly acquire First State Bank Central Texas, Austin, Texas. - based on racial discrimination in lending. Then:     See, e.g., this.   BancorpSouth's CEO said the company wanted to “alleviate... regulatory oversight,” and become the “only state-chartered bank not a part of the Federal Reserve system.” 

The Fed's logic in extending a recent comment period due to Coronavirus must apply to this and other applications. These are litmus tests. Watch this site.


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