| In Florida
Disparate United Community Banks
Granted ANB By Fed Amid Lending
Disparities
by
Matthew R. Lee,
Patreon Substack
FEDERAL
COURT, April
16
–
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.
On April 16 the
Fed approved, calling Fair
Finance Watch the commenter
and noting, "The data cited by
the commenter corresponds to
publicly available 2023 data
reported by both banks under
the Home Mortgage Disclosure
Act of 1975 (“HMDA”), 12
U.S.C. § 2801 et seq." - this
while the Fed has refused to
respond to FFW's petition that
it ensure 2024 HMDA data is
available as before. We'll
have more on this.
Watch this site.
***
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