| Fed Dropped
CRA Condition on Linkbancorp Approval
after Posting now Governors Not Told
By Matthew
Russell Lee, Patreon Maxwell
Book
SOUTH BRONX, Nov
21 – The Federal Reserve Board
in considering the proposed
merger on the rebound between
New York-based Link Bank and
Partners Bancorp omitted at
the eleventh hour - or
apparently the thirteenth hour
- language about a Community
Reinvestment Act condition
imposed by the FDIC.
Now the
Fed and its Governors have
been asked Why - and when. But
the Fed General Counsel
dismissed the request for
reconsideration without the
Governors even seeing it.
Inner City Press
and Fair Finance Watch have
long exposed redlining - and
in this vein, on May 6 they
filed a Community Reinvestment
Act challenge with the FDIC
and Federal Reserve.
In
October, the FDIC required
from LINKBANK a plan to
improve its lending to African
Americans, which Inner City
Press has published on its
DocumentCloud
here.
A "Corrected" Fed
approval emailed to Inner City
Press on November 16 did not
acknowledge the CRA condition.
But the approval order first
posted - and voted on?- did.
We on November 16 filed a
request for reconsideration,
on this site.
On November
21 past 5 pm, a Federal
Reserve staff attorney left
Inner City Press a voicemail
reading a script that the Fed
General Counsel - without
showing even this to the Board
members - determined there was
nothing new in the request.
But Inner City Press didn't
know about the removal of the
condition language until after
the Fed said it approved it -
it could NOT have been shown
before. UNreal. And the
new(ish) Governors? What do
they think or do?
Watch this site.
***
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