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After CRA Protest of Veritex-StoneCastle NYC By Fair Finance Watch Application Withdrawn

By Matthew Russell Lee, Patreon Maxwell book
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SOUTH BRONX NYC, Sept 19 – Citing the Community Reinvestment Act, Fair Finance Watch with Inner City Press on the FOIA filed a challenge on April 11, 2022, to an application which was withdrawn in September 2022, see below.

The CRA challenge: "Re: Comment on Applications by Veritex Community Bank to acquire StoneCastle Insured Sweep, LLC  Dear Regional Director Elmquist, Ass't Regional Director Finnegan and others at the FDIC: 

 This is a request for all information in the possession of the FDIC about, and a timely comment on, the Applications of Veritex Community Bank to acquire StoneCastle Insured Sweep, LLC of NYC, which appears on the FDIC website under "Applications In Process Subject to the CRA Report" with an initial comment period running through April 22. This comment is timely.       The applicant Veritex in 2020 in Texas based on its disparate marketing made 312 mortgage loans to whites -- while making only EIGHT loans to African Americans.

This is far out of keeping with the demographics, and others lenders, in Texas, in particularly Veritex' CRA assessment areas - this is outrageous.

   See also,  King v. Veritex Community Bank (4:21-cv-00989)  esp Exhibit A - Plaintiffs Charge of Discrimination  

  Despite eschewing serving people of color in its community for, instead, ad campaigns and this proposed transaction describes thusly: "VBTX will be able to provide broker/dealers with a range of added services, including private banking."      This is precisely the type of selective expansion, into private banking while underserving lower income community residents of color, that the CRA was and is meant to impact.   

  FFW and Inner City Press have been deeply concerned about the rush by the FDIC's to rubber-stamp mergers by redliners, money launderers and predatory lenders. This has been killing the Community Reinvestment Act and we timely request public hearings.  The comment period should be extended; evidentiary hearings should be held; and on the current record, the application should not be approved."

And, on September 19, this: "Dear Mr. Lee:  We are writing to inform you that Veritex Community Bank, Dallas, Texas, withdrew its application to  acquire StoneCastle Insured Sweep, LLC, New York City, New York. Please note we have shared your  concerns with the Federal Reserve Bank of Dallas, Veritex Community Bank’s primary federal regulator,  who will perform any necessary follow-up." Letter on Inner City Press' DocumentCloud here

Yes, we will follow up and file more. Watch this site.


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