Welcome to Inner City Press’ Bank Beat. We aim to scrutinize the industry, from high to low. Our other Reporters cover Community Reinvestment, the Federal Reserve, and other beats. ICP has published a (double) book about the Bank Beat-relevant topic of predatory lending - click here for sample chapters, an interactive map, and ordering information. The Washington Post of March 15, 2004, calls Predatory Bender: America in the Aughts "the first novel about predatory lending;" the London Times of April 15, 2004, "A Novel Approach," said it "has a cast of colorful characters." See also, "City Lit: Roman a Klepto [Review of 'Predatory Bender']," by Matt Pacenza, City Limits, Sept.-Oct. 2004. The Pittsburgh City Paper says the 100-page afterword makes the "indispensable point that predatory lending is now being aggressively exported to the rest of the globe." Click here for that review; click here to Search This Site. Click here for Inner City Press' weekday news reports, from the United Nations and elsewhere, which include bank-related topics.
Click here for Inner City Press' weekday news reports, from the United Nations and elsewhere. Click here for a recent BBC piece on Inner City Press' reporting from the United Nations. New: Follow us on TWITTER BloggingHeads.tv Click for March 1, 2011 BloggingHeads.tv re Libya, Sri Lanka, UN Corruption by Inner City Press. Until next time, for or with more information, contact us.
May 22, 2017
From Steve Mnuchin's Senate Q&A, two things jumped out: he said Trump already has a permanent Comptroller of the Currency in mind. And he said the biggest banks may not be too big to fail, but too big to succeed...
May 15, 2017
ICP
Asks IMF About Sri Lanka
Inland Revenue Act, Here, and
For Cameroon Silicon Mountain
Update
By Matthew Russell Lee
UNITED NATIONS,
May 11 – When
the
International
Monetary Fund
resumed its
biweekly
embargoed
press
briefings on
May 11, Inner
City Press
asked about
Sri Lanka and
Cameroon,
among others.
From the IMF's
transcript, of
its Deputy
Spokesperson
Willam Murray:
"I’ve got a
question from
Inner City
Press on Sri
Lanka. Do
recent
government
moves on the
Inland Revenue
Act make it
more likely
the IMF Board
will act on
the request
for completion
of the second
loan review in
June and make
a third
disbursement?
Again, it’s a
question about
Sri Lanka and
the Inland
Revenue Act
and the
likelihood of
completing the
second review. We
had a staff
level
agreement in
Sri Lanka on
May 3rd, last
week. We noted
in announcing
that agreement
that it’s
subject to
completion of
a prior action
by the
authorities,
which is
submission of
the Inland
Revenue Act to
Parliament.
And that was a
prior action
that was
agreed earlier
this year. Our
legal experts
are still
analyzing the
content of the
new draft
bill, and are
in discussions
with the Sri
Lankan
authorities.
That’s where
we stand at
the moment on
Sri Lanka."
May 8, 2017
Some mergers we are looking at, feel free to contact ICP or FFW:
May 4: Tenn. based First Horizon National Corp proposes to acquire Charlotte NC-based Capital Bank Financial Corp. in a $2.2 billion deal;
May 1, 2017
A merger we are looking at: Columbia, S.C.-based South State Corp. says it will acquire Charlotte, N.C.-based Park Sterling Corp for $690.8 million to create a new company with $14.5 billion in assets, $11.5 billion in deposits and $10.4 billion in loans. We'll see.
April 24, 2017
By Matthew Russell Lee
UNITED NATIONS,
April 21 – When at
the
International
Monetary
Fund's Spring
Meetings the
IMF held its
Middle East
and Central
Asia press
conference,
Inner City
Press submitted
this question:
"Please
describe the
IMF's view and
possible plans
on Yemen,
given the
crisis there,
including on
President
Hadi's
proposed
moving of the
Central Bank
out of the
capital to
Aden. What is
the IMF's view
of and any
assistance to
the Central
Bank's
performance?" After
the briefing,
the IMF
provided this
answer: "The
humanitarian
and economic
impact of the
conflict has
been
devastating;
it has caused
many deaths,
depressed
economic
activity, and
destroyed much
of Yemen’s
infrastructure. There
is now even a
tangible risk
that the
conflict could
lead to famine
in some parts
of Yemen. Yemenis
food supply
relies largely
on imported
staples, like
wheat and
rice. Yemen
needs urgently
foreign
exchange
grants from
donors to pay
for imported
food. But
Yemenis also
need to be
able to buy
the food that
is imported.
Resuming
paying public
salaries and
social
assistance
grants in all
of Yemen is
therefore also
urgently
needed. Given
these needs,
the Central
Bank of Yemen
(CBY) could be
the pivotal
player for
facilitating
food imports
and for
resuming
paying public
salaries and
social
assistance
grants in all
of Yemen. But
to play this
humanitarian
role, the
central banks
in Aden and
Sana’a need
urgently to
find a way to
cooperate in
the interest
of providing
sufficient
food to all
Yemenis.
Fund
engagement is
currently
limited. We
support the
Yemeni
authorities
and the
international
community to
the best of
our
abilities.The
Fund stands
ready to
re-engage more
fully as soon
as the
conflict is
resolved to
help rebuild
economic
institutions,
jumpstart
growth, and
stabilize the
economy."
April 17, 2017
Also looking at this merger, and Wells Fargo branch closings: New Jersey: Sussex Bancorp proposes to buy Community Bank;
April 10, 2017
Fair Finance Watch and others opposed Capital One buying the deposits and credit card business of Cabela's bank -- but now it's said Synovus of Columbus, Georgia might take the deposits and immediately transfer the credit card business to Capital One without any CRA review. Meanwhile the Federal Reserve quietly reduced the time of its review of mergers for financial stability, and denied a request for reconsideration. A deal that had stalled out has been revived: Canadian Imperial Bank of Commerce has "sweetened its bid" for PrivateBancorp - there are predictions of more Wall Street mergers, as well as a strange bipartisan move to limit the size of the largest banks... Some mergers we are looking at:
April 3, 2017
After
Capital One Failed on
Cabela, Synovus Scam
Emerges, To Evade CRA, FFW Opposes
By Matthew R. Lee
NEW YORK, March
30 – Two months after Inner
City Press reported
Capital One failing in its
proposal to acquire Cabela's
"World's Foremost Bank," now a
way to try to avoid the
regulators and Capital One's
Community Reinvestment Act
record has emerged. The scam
would involve Synovus buying
the bank then passing one the
credit card receivables to
Capital One, while keeping the
deposits, so Capital One
wouldn't be reviewed under CRA.
The Fair Finance Watch will
oppose this, trying to ensure
that another bank merger
challenged by Fair Finance
Watch fails. In December it
was Astoria's proposed take
over by NY Community Bancorp,
here.
Soon, Sterling.
In
January, disparate lender
Investor Bancorp, on which
Fair Finance Watch previously
got a condition imposed saw
its proposal with Bank of
Princeton fall apart.
And now
it's Capital One - Cabela, on
which Inner City Press
commented: "In the New York
City MSA in 2015, the most
recent year for which HMDA
data is available, for
conventional home purchase
loans Capital One denied the
applications of whites 23% of
the time, while denying
African Africans fully 45% of
the time, and Latinos even
more, 46% of the time. This is
unacceptable.
Meanwhile, Capital One
is “closing branches in
Laurel, Gaithersburg,
Frederick and Merrifield.”
March 27, 2017
ICP
Asks IMF About Belarus Letters
& Talks, Cameroon Silicon
Mountain Internet Cut
By Matthew Russell Lee
UNITED NATIONS,
March 23– When the International
Monetary Fund held its
biweekly embargoed press
briefing on March 23, Inner
City Press asked Spokesperson
Gerry Rice about Belarus,
Cameroon and other issues. On
Belarus, Inner City Press
asked: "requests have been
publicly made to write to head
IMF mission to Belarus Peter
Dolman and advisor of the IMF
mission in Minsk Julia Lysko
to NOT give loans to the
government. Has the IMF
received such letters? If so,
how many, and what weight does
it give them and the issues
raised in them?" Rice read out
the question, then said he's
not aware of any letters being
received, but is aware of a
petition from press reports.
He said the IMF met Belarus'
presidnet on March 16 and
talks about a program will
continue up to the IMF's
Spring Meetings in April.
March 20, 2017
After
FFW Protest, Fed Sends Community Bank System Lending Qs,
CEO Tryniski Trashed CRA
By Matthew R. Lee
NEW YORK, March
13 – At what point does bank
executives' spin to investors
and the media become more than
misleading? Take Community
Bank System (NYSE: CBU), which
has now received on March 13
consumer lending questions on
top of the nine
earlier
questions from
the Federal Reserve on its
proposal to acquire Merchants,
after its CEO
derided issues Fair
Finance Watch raised about the
proposal.
On March
13, the Fed asked CBU: "In
connection with the
application by Community Bank
System, Inc. (“Community”),
DeWitt, parent company of
Community Bank, National
Association (“Community
Bank”), Canton, both of New
York, to merge with Merchants
Bancshares (“Merchants”), and
thereby acquire Merchants
Bank, both of South
Burlington, Vermont, pursuant
to section 3(a)(5) of the Bank
Holding Company Act of 1956,
12 U.S.C. § 1842(a)(5),
Federal Reserve staff requests
the following additional
information:
1.
Provide an update on Community
Bank’s Community Reinvestment
Act (“CRA”) activities and
efforts since its July 27,
2016 CRA Performance
Evaluation. In your
response, address the
activities in the bank’s
assessment areas under each of
the lending, investment, and
service tests.
2.
Regarding consumer lending
products:
a. reconcile page iv of the Bank Merger Act (“BMA”) application, which states that Merchants Bank currently offers consumer loans, with page xiv of the BMA application, which states that Merchants Bank does not currently offer consumer lending products and services; and
b.
explain how the consumer
lending products and services
offered by Community Bank,
including overdraft lines of
credits, are enhanced compared
to Merchants Bank’s
offerings."
On its
last proposal, CBSI
bad-mouthed a Community
Reinvestment Act protest even
as it had to delay its Oneida
deal. First, CBSI's "Hal
Wentworth said
that Inner City Press is not a
local group and pointed out
that letter was the only one
filed on the Oneida deal.
'This activist does not do
business with either Oneida or
Community Bank, but
nonetheless made vague
allegations regarding
Community,' Wentworth said.
'These allegations were
entirely without merit and
will be fully addressed by
Community Bank and Oneida
Savings in the application
process.'" Then the deal was
significantly delayed, with
CBSI pushing the date back.
More
spin: CFO Scott Kingsley
told
the media that FFW's protest
"is not the sole reason. We
have other things that have to
sequentially happen to get to
the technological conversion
in July. When we did not have
a definitive answer from the
Fed or other parties last
week, that put the
technological conversion at
risk, so we opted not to go
ahead.”
March 13, 2017
Mergers we are looking at (beyond Sterling - Astoria), followed by IMF on Cameroon:
March 1, Louisiana into Florida for $1 billion: IBERIABANK Corporation proposes to acquire Sabadell United Bank, N.A. from Banco de Sabadell, S.A. for $1.025 billion;
IMF
Tells Inner City Press Risks
In Cameroon in 2017 Include
"Events" in Anglophone Areas
By Matthew Russell Lee
UNITED NATIONS,
March 9– When the
International Monetary Fund's
spokesperson Gerry Rice took
questions at the IMF's
biweekly media briefing on
March 9, Inner City Press
asked about Cameroon,
specifically the crackdown in
the northwest and southwest of
the country. Inner City Press
asked, "On Cameroon, after the
mission led by Corinne
Delechat, what is the status
of talks for a program, and
since the IMF cited “civil
unrest in the neighbouring
Central African Republic,”
please state the IMF's
awareness of civil unrest and
arrests in Northwest and
Southwest Cameroon, also known
as the Anglophone areas, and
their impact." Rice read out
the question and then said,
among other things, that the
risk factors for 2017 include
a continuation of the "social
and political events" in the
"so-called Anglophone" areas
of Cameroon. Interim
video here. On
IMF site, here,
from 34:56. IMF
transcript:
"There is a
question of Cameroon, from
Matthew Lee, "After the
Mission what is the status of
talks for a program; and since
the IMF cited civil unrest in
the neighboring Central
African Republic, please state
the IMF's awareness of civil
unrest and arrests in
Northwest and Southwest
Cameroon? And also known as
the Anglophone areas, and
their impact?"
So, the background here is, I
think important the context.
So, the Fund's engagement here
in the CEMAC Region, CEMAC is
the six Central African
Economic nations that comprise
the Central African Economic
and monetary community. They
met in Yaoundé on December
23rd. The Managing Director
was there. And in that
meeting, heads of state
discussed the economic
situation, the severe shocks
that have hit that CEMAC
region in recent years,
including the sharp decline in
oil prices, and decided to act
collectively and in a
concerted manner. And the
heads of state requested the
assistance of the IMF to
design economic reforms needed
to reestablish macroeconomic
stability in each country and
in the region as a whole.
So, again, context: I can tell
you that the funders already
sent missions to Gabon,
Republic of Congo. And a
reminder to you, that we
already have programs with
Central African Republic and
Chad. Okay?
Now, we also have sent a
mission to Cameroon, which is
the question. And we did issue
a press statement, which the
question referred to, just on
Tuesday. That was the Corrine
Delechat reference.
So, the specific question, to
turn to that. We are indeed
aware of the events in the
so-called Anglophone regions
of Cameroon. The macroeconomic
impact of any event that could
affect production and/or
consumption, is typically felt
with a certain lag. So, these
events started in November
last year, and thus are likely
to have not had a significant
impact on production in 2016.
For 2017, the risks to our
growth outlook include a
combination of external and
domestic factors, including
continuation of the
sociopolitical events in the
northwest and southwest
regions of Cameroon. And as
our press release the other
day indicated, our view is
that the medium-term outlook
for the Cameroonian economy
remains positive, subject to
the implementation of
appropriate policies."
March 6, 2017
In Indiana, "Another Fort Wayne bank is being swallowed. Independent Alliance Banks Inc., the holding company of iAB Financial Bank, is being acquired by First Merchants Corp. of Muncie in a deal worth about $250 million...It’s unclear how many local jobs could be lost in the consolidation of back-office operations." We'll see.
February 27, 2017
IMF
Tells ICP No Talks with
Nigeria of Program, Day After
UN Sounded Alarm
By Matthew Russell Lee
UNITED NATIONS,
February 9– When the
International Monetary Fund's
spokesperson Gerry Rice took
questions at the IMF's
biweekly media briefing on
February 23, Inner City Press
asked about the alarm sounded
the day before by UN Secretary
General Antonio Guterres about
humanitarian crises in South
Sudan, Nigeria, Somalia and
Yemen. Rice answered Inner City
Press, specifically on South
Sudan and Nigeria.
Inner City
Press asked, "On February 22
the United Nations appealed
for $4.4 billion for
humanitarian crises in
Nigeria, South Sudan, Somalia
and Yemen. Please state what
the IMF is currently doing
with regard to these four
countries. In Nigeria, Finance
Minister Kemi Adeosun has said
the country will not apply for
an IMF program. What does this
say about Nigeria, the UN's
appeal, or the IMF?"
Rice
confirmed that there are no
negotiations with Nigeria for
a program - this while the UN
says there is a humanitarian
crisis there. He cited the
upcoming 2019 elections. Rice
said the UN is offering help
to the South Sudan authorities,
and that famine would exacerbate
suffering. From the IMF's
February 23 transcript:
February 20, 2017
Heartland Financial's Denver-based Centennial Bank is proposing to acquire Aurora's Citywide Banks ....
February 13, 2017
Fall-out: The buyer of Delaware County Bank says 58 jobs will be eliminated at the Lewis Center bank’s headquarters as the companies prepare to merge operations. Pennsylvania’s First Commonwealth Financial Corp., which last year agreed to a $106 million purchase of Delaware County Bank parent DCB Financial Corp. (OTC PINK: DCBF), is planning two rounds of job cuts at 110 Riverbend Ave., according to a required disclosure with the Ohio Department of Job and Family Services.
February 6, 2017
The branch closing are coming fast and furious. Scandal plagued Wells Fargo is set to close 400 by 2018; the Huntington closures are looming, starting with 39. FFW protested the latter and will the former - watch this site. Here are other mergers we are looking at:
February 1, Maryland: Old Line Bancshares announced a proposal to acquire DCB Bancshares and Damascus Community Bank;
January 30, 2017
After Fair Finance Watch got a CRA condition imposed on Investors Bancorp when it bought Roma, now Investors next proposal, to buy Bank of Princeton, has fallen apart.
January 23, 2017
Simmons First replies to Fair Finance Watch that it will consolidate HCIC branches, but doesn't say which ones..
January 16, 2017
Some proposed mergers we are looking at
January 9, 2017
Capital One's application to buy Cabela's grandiosely named "World's Foremost Bank," subject to comments and requests for extensions, is a strange one: Inner City Press is informed that Cabela's announced that Capital One said that they didn't think they could get OCC approval before early October 2017. We hope to have more on this.
January 2, 2017
So Bank of Hope operates 85 full-service branches in California, Washington, Texas, Illinois, New York, New Jersey, Virginia, Georgia and Alabama - it's closing nine, it says...
December 26, 2016
We timely filed this:
On behalf of Inner City Press/Fair Finance Watch (ICP), this is a timely first comment opposing and requesting an extension of the OCC's public comment period on the Application by CAPITAL ONE NA to acquire the “WORLD'S FOREMOST BANK”
This comment is timely.
In the New York City MSA in 2015, the most recent year for which HMDA data is available, for conventional home purchase loans Capital One denied the applications of whites 23% of the time, while denying African Africans fully 45% of the time, and Latinos even more, 46% of the time. This is unacceptable.
Meanwhile, Capital One is “closing branches in Laurel, Gaithersburg, Frederick and Merrifield.” See, for the record, http://www.bizjournals.com/washington/news/2016/05/04/heres-how-much-capital-one-is-spending-this-year.html
Fair Finance Watch joins in the comments on NCRC, and will submit further comments in the extended comment period. On the current record, Capital One's application(s) should be denied.
December 19, 2016
Some proposed mergers we are watching:
These are ones to watch:
Federal Reserve:
Chair: Janet L. Yellen, Term Expires February 3, 2018 (as Chair), January 31, 2024 (as Gov.)
Vice Chair: Stanley Fischer, Term Expires June 12, 2018 (as Vice Chair), January 31, 2020 (as Gov.)
Governor: Daniel K. Tarullo, Term Expires January 31, 2022
Governor: Jerome H. Powell, Term Expires January 31, 2028
Governor: Lael Brainard, Term Expires January 31, 2026
2 Governor Seats Currently Vacant
December 12, 2016
ICP
Asks IMF About
Guinea
Bissau's Bank
Bailouts, No
Deadline to
Unwind
By Matthew
Russell Lee
UNITED
NATIONS,
December 8 --
When the
International
Monetary Fund
held its
biweekly
briefing on
December 8,
Inner City
Press
submitted a
number of
questions,
including this
one about
Guinea Bissau:
"On
Guinea-Bissau,
by when does
the IMF expect
authorities to
entirely
unwind the
bailouts of
Banco da
Africa
Ocidental and
Banco da
Uniăo?"
Not at
the briefing,
but ten hours
later, an IMF
spokesperson
provided this
answer, which
we publish in
full:
"The question
of the
legality of
the bailout
contracts is
currently with
the courts in
Guinea-Bissau
and there is
no deadline by
which the
courts have to
pronounce
their verdict.
IMF staff are
monitoring
these
developments.
As such, at
this stage it
would be
speculative
for us to make
any statements
about the
estimated
timing for the
complete
unwinding of
the bailouts.
Overall, IMF
staff welcome
the
authorities’
resolute
stance in
unwinding the
bank bailouts.
Following
through on all
steps until
the bailouts
are
irreversibly
unwound will
be important
to safeguard
public
finance. To
strengthen the
banking
sector, it
will also be
necessary to
implement
remedial
actions that
are being
elaborated
through
regional
banking
supervision
and to enforce
existing
prudential
norms.’"
Inner
City Press
also asked
about Egypt:
"In Egypt, is
it the IMF's
understanding
that none of
the first
tranche will
be used to pay
off old loans?
Also, any
comment on the
arrest of Azza
Soliman, amid
the crackdown
on civil
society and
the media?"
IMF
Spokesman
Gerry Rice
lumped most of
the online
questions
together -
with the
exception of
Reuters, which
he named in
order to offer
a defense of
“Madame
Lagarde” - and
on Egypt's
recent tariff
increases said
these are NOT
part of the
IMF's program.
Rice
blamed the
tariff
increases,
rather, on the
World Trade
Organization.
He added that
the IMF's
staff report
and other
documents
should be
released very
soon, in the
next few days.
We'll have
more on that.
Rice and the
IMFdid not
answer, or
even take,
this Inner
City Press
questions:
At the UN the
Group of 77
and China has
said of the
IMF that “a
new quota
formula is
needed that
further shifts
quota shares
to developing
countries
while
protecting the
quota share of
the poorest
countries.”
Does MD
Lagarde agree?
We'll
have more on
this in the
near future.December 5, 2016
For once, looking (far) overseas: possible merger between Kazakhstan’s two largest lenders, Halyk Bank and Qazkom would control around 40 percent of the sector. Uh, antitrust? Monopoly?
November 28, 2016
Ah, slides: http://seekingalpha.com/article/4025589-independent-bank-group-ibtx-merger-carlile-m-call-slides
November 21, 2016
They're at it again: last week Trustmark Corp -- holding company for Trustmark National Bank, which has a presence in Alabama, Florida, Mississippi, Tennessee and Texas — announced a proposal to acquiere RB Bancorporation and Reliance Bank....
November 14, 2016
Mergers we are looking at:
November 7, 2016
This week, looking "non-bank" - China Oceanwide Holdings offering $3.8 billion to buy U.S. insurer Genworth Financial, which would require approvals including from "fegulators in Delaware, New York, North Carolina and Virginia, as well as in Australia, Canada, China, Mexico and officials at mortgage-finance companies Fannie Mae and Freddie Mac must sign off on the transaction for it to be completed. In addition, the transaction must be reviewed by the Committee on Foreign Investment in the U.S." -- we'd be there...
October 31, 2016
ICP
Asks IMF of
Hadi's Bid to
Move Yemen
Central Bank,
Spox Calls It
Complex
By Matthew
Russell Lee
UNITED
NATIONS,
October 27 --
When the
International
Monetary Fund
held its
biweekly
briefing on
October 27,
Inner City
Press asked
three
questions
including:
"On Yemen,
what is the
IMF's view and
monitoring of
President
Hadi's action
to move the
Central Bank
to Aden,
including
impact on the
humanitarian
situation?"
IMF
spokesperson
Gerry Rice
read out the
question and
then said
moving the
bank is
complicated,
that the bank
has done a
good job. Beyond the Vine video of
complete
answer here.
He did NOT say
that Hadi may
be on his way
out, even
under UN envoy
Ismail Ould
Cheikh Ahmed's
most recent
proposal. So
by what right
would Hadi
further help
starve
Yemenis? We'll
have more on
this.
October 24, 2016
Looking at: "First Bancshares of Hattiesburg said Friday that it would acquire Iberville Bank of Plaquemines, Louisiana, and Gulf Coast Community Bank of Pensacola, Florida. The moves will give the parent company of The First bank 48 offices and $1.6 billion in assets in Mississippi, Louisiana, Alabama and Florida."
October 17, 2016
Some mergers we are looking at:
October 10, 2016
After
ICP Challenges
Its Suffolk
Bid, People's
United 2015
Data Even
Worse
By
Matthew R. Lee
NEW
YORK, October
5 -- The lack
of seriousness
in US bank
regulation
grows from the
relatively
smaller to the
largest banks
like Goldman
Sachs - down
to People's
United Bank
now trying to
buy Suffolk
County
National Bank
while barely
lending to
people of
color in New
York.
Inner City
Press / Fair
Finance Watch
on August 13
challenged
this
application
and People's
United, as it
did Bancorp
South in 2014,
which led to
redlining
charges by the
Department of
Justice and
Consumer
Financial
Protection
Bureau.
This
is even more
true upon
review of the
just-released
2015 Home
Mortgage
Disclosure Act
data. Inner
City Press has
now commented
to the Federal
Reserve:
"in 2015 in the New York City MSA, People's United made 110 home purchase loans to whites and only ONE to an African American and only four to Latinos... In 2015, for refinance loans in the New York City MSA, People's United made 103 loans to whites, only five to African Americans and only two to Hispanics.
People's
United record
is scarcely
better on Long
Island, where
it snapped up
Bank of
Smithtown and
Citizen's Bank
as it now
proposes to do
to Suffolk
County
National Bank.
In 2015 for
home purchase
loans on Long
Island
People's
United made 49
home purchase
loans to
whites, only
four to
African
Americans and
only four to
Latinos. For
refinance
loans it mad
70 loans to
whties, only
one to an
African
American and
only four to
Latinos.
Again, this is
systematic
redlining;
this proposed
acquisition
could not
legitimately
be approved
and People's
United should
be referred
for
prosecution
for redlining
by the
Department of
Justice and
CFPB."
October 3, 2016
The September 29 hearing in the House made clear Wells Fargo's CEO should step down. As one example, first he said he couldn't remember if he's read the LA Times (Reckard) story in 2013 - then he said the board considered it. He's the chairman of the board....
September 26, 2016
Another proposal we're looking at: TIAA-Everbank...
September 19, 2016
September 12, 2016
A proposed merger we're watching: " United Bankshares has signed an agreement to acquire its rival Tysons Corner, Virginia-based Cardinal Financial in a deal worth $912 million... Cardinal offers banking services through its subsidiary bank, Cardinal Bank, which has a network of 30 branches throughout Virginia, Maryland and Washington, D.C."
September 5, 2016
ICP
Asks IMF of
Yemen Central
Bank, Zim
&
Mozambique,
IMF Staff
Moves In
By Matthew
Russell Lee
UNITED
NATIONS,
September 1 --
When the
International
Monetary Fund
held its
biweekly
briefing on
September 1,
Inner City
Press asked
five questions
including:
"On Yemen, IMF
Mission Chief
Albert Jaeger
has urged the
Central Bank
and the
government to
cooperate.
What is the
IMF's view of
President
Hadi's
proposal to
move the
Central Bank
to Aden, and
his complaints
against the
Central Bank
and its
Governor?" IMF
video here,
from Min
41:54.
IMF
Spokesperson
Gerry Rice
read out the
question --
without the
name of Albert
Jaeger or
Inner City
Press -- and
offered praise
of the Central
Bank governor,
citing the
Bank's public
letter. (Click
here for UN
envoy's
in-person
answer to
Inner City
Press on
August 31.)
Inner City
Press asked,
about
Mozambique:
"On
Mozambique,
outgoing IMF
Representative
Alex Segura
has been
quoted that
IMF insists on
international
audit of
Mozambique’s
public debt.
Please
confirm, and
describe the
goals of this
month's IMF
mission to
Mozambique."
Rice said
there will be
a mission in
Maputo on
September 22.
Inner City
Press also
asked, "On
Zimbabwe, what
is the status
of the
government's
moves to clear
its arrears to
the IMF?"
Rice said
there is NO
financial
program under
discussion and
can't be until
arrears are
cleared.
UNanswered
were these
two:
In Serbia,
Energy
Minister
Aleksandar
Antic said the
3.8 percent
electricity
price increase
to comply with
conditions set
by the IMF in
return for a
$1.34 billion
loan was the
“smallest
possible
increase, half
the amount the
IMF asked
for.” Is that
the case?
In South
Sudan, the
government has
adopted a
budget for the
2016/17 fiscal
year which
nearly tripled
spending at
$520 million;
Finance
Minister
Stephen Dau
said “it
contains
reform
measures that
were advised
by the IMF in
their
consultation
when they came
here last
May.” Is that
the case?
Please
describe the
IMF's work
with South
Sudan, as the
UN
Security
Council
prepares to
visit there."
At the
September 1
briefing, IMF
Spokesperson
Gerry Rice
said the IMF
board expects
to take up
Ukraine in the
second half of
September. He
confirmed that
an IMF staff
member was
just named the
governor of
the Central
Bank of
Mozambique --
shades of the
film "Our
Brand Is
Crisis" --
while saying
he'd look into
whether the
ex-IMF staffer
in Greece
worked for the
Fund in 2010
or after.
August 29, 2016
Chickens coming home to roost: "Astoria Financial Corporation (NYSE: AF) (“Astoria” or the “Company”), the holding company for Astoria Bank, today announced that its Board of Directors, at the August 24, 2016 Board Meeting, established December 21, 2016 as the date for the 2016 Annual Meeting of Shareholders (the “2016 Annual Meeting”), and set October 28, 2016 as the voting record date.
The 2016 Annual Meeting had been delayed due to the pending merger of Astoria with New York Community Bancorp, Inc. (the “Merger”). However, since the regulatory approvals required to complete the Merger have not yet been received, Astoria has decided to schedule its 2016 Annual Meeting to be held on December 21, 2016 in order to comply with New York Stock Exchange corporate governance requirements. If the closing of the Merger occurs prior to December 21, 2016, the 2016 Annual Meeting will not be held.
Because the date of the 2016 Annual Meeting has been changed by more than 30 days from the anniversary of the Company’s 2015 Annual Meeting of Shareholders, the Company has set a new deadline for the receipt of any shareholder proposals submitted pursuant to Rule 14a-8 under the Securities Exchange Act of 1934, as amended (“Rule 14a-8”), for inclusion in the Company’s proxy statement and proxy card relating to the 2016 Annual Meeting. Any such shareholder proposal must be submitted in writing and received by the Secretary of Astoria at One Astoria Bank Plaza, Lake Success, New York 11042 no later than 5:00pm on September 9, 2016."
August 22, 2016
For BancorpSouth, which Inner City Press has challenged for some time, the other shoe has dropped. It announced: "As a result of the retroactive downgrade of the bank’s CRA rating, the company and the bank likely will be unable to obtain the necessary Federal Reserve or FDIC regulatory approvals to complete the two pending mergers with Ouachita Bancshares Corp. and Central Community Corporation and their respective affiliated banks until such time as the bank’s CRA rating is improved to “satisfactory.” The company presently understands that the FDIC expects to begin its next CRA evaluation of the bank later this year and to complete that evaluation during the first quarter of 2017; however, the company cannot make any assurances as to the timing or outcome of its next CRA evaluation."
August 15, 2016
Hidden impacts: from NC it is reported, "Three High Point Bank locations are slated to close this fall as its acquisition by Bank of North Carolina is finalized. Branches at 3015 East River Way in High Point, 515 Pineview Drive in Kernersville and 536 S. Stratford Road in Winston-Salem will close Nov. 4." We'll see.
August 8, 2016
So Texas-based Strategic Growth Bancorp proposes to merge with Kansas-based Sunflower Financial Inc., and create "a super-community bank" that would have more than 60 offices in New Mexico, Colorado, Kansas, Missouri and Texas...
August 1, 2016
On
Zimbabwe, ICP
Asks IMF of
Arrears, If
Any Program,
UN of UNrest,
#ThisFlag
By Matthew
Russell Lee
WASHINGTON,
July 28 --
When the
International
Monetary Fund
held its
biweekly
briefing on
July 28, Inner
City Press
asked
questions
including on
Zimbabwe, to
Deputy
Spokesperson
William
Murray, as
transcribed by
the IMF:
"This is from
Matthew Lee.
It’s a
question on
Zimbabwe.
Matthew Lee
from Inner
City Press.
'On Zimbabwe
with the U.K.
saying it
would veto any
IMF program,
what is the
status of the
IMF’s program
and
discussions
with
Zimbabwe?'
Thanks,
Matthew, for
that question.
I think some
of this will
sound familiar
to many of
you, but let
me comment.
"There is no
financing
program under
discussion
with Zimbabwe
at this point;
however, the
authorities
have announced
a plan to
clear their
arrears with
the IMF and
other
international
financial
institutions
as part of
their
re-engagement
with the
international
community.
Once the
arrears are
cleared and
the IMF
Executive
Board approves
the
normalization
of relations
with Zimbabwe,
the
authorities
request for a
financing
program could
then be
considered.
Beyond that, I
don’t really
have any
guidance in
terms of
timing or when
a program
would be
possible or
likely."
At the UN on
July 27, Inner
City Press
asked
Secretary
General Ban
Ki-moon's
spokesman
Farhan Haq, Vine here, UN
transcript
here:
Inner City
Press: there
is quite a bit
of turmoil in
Zimbabwe and
many people
have written
open letters,
and I don't
know if they
have written
direct letters
to the UN, I
wanted to
know, DPA
[Department of
Political
Affairs] or
any portion of
the UN, have
they… are they
aware of this
increasing…
well, This
Flag, unrest
and does the
UN see any
role for
itself through
DPA or its
country team
in trying to
maintain peace
and security
and democracy
in the
country?
Deputy
Spokesman:
We are aware
of the recent
reports in
Zimbabwe.
We are
monitoring the
situation.
This is not
something in
which the UN
has been
directly
involved.July 25, 2016
So Yadkin tries to sell itself to F.N.B. even before swallowing - and closing a dozen of - the NewBridge branches. What sense would this make?
July 18, 2016
ICP
Asks IMF of
Jordan &
Lebanon, Reply
Here, S Sudan
& Yemen
Not Yet
By Matthew
Russell Lee
WASHINGTON,
July 14 --
When the
International
Monetary Fund
held its
biweekly
briefing on
July 14, Inner
City Press
asked four
questions
including this
one:
Inner City
Press: On
Lebanon,
Jordan and
other formally
“middle
income”
countries with
refugee
issues, the
World Bank has
reportedly
shown
flexibility.
Is the IMF
still banning
them from
concessionary
financing?
Spokesperson
Gerry Rice
read out the
question and
said the IMF
has shown
flexibility in
Jordan to
provide fiscal
space on the
refugee issue
and
encouraging
donors to
provide
concessionary
financing.
Inner City
Press has
asked the UN's
Sigrid Kaag
about Lebanon,
as previously
reported. Two
other
questions
Inner City
Press has
asked the IMF:
On South
Sudan, amid
the fighting
on July 9
President
Salva Kiir
said his gov
is working
with IMF to
resolve the
economic
crisis. Please
describe that
work, and
state whether
IMF is
evacuating or
trying to
evacuate its
staff from
Juba;
In Yemen,
there has been
a significant
decline in
foreign
currency
reserves,
causing a
significant
devaluation in
the Yemeni
Rial. What if
anything is
the IMF doing
on this?July 11, 2016
Some merger proposal we are watching:
July 4, 2016
So Chemical is gunning for U.S. Bank funds to buy Talmer, while trying to withheld the specifics. They sent to Inner City Press / Fair Finance Watch: "A copy of the financing proposal from US Bank dated June 22, 2016, which has been accepted by Chemical Financial Corporation, is attached in Volume 2 of this Supplemental Response as Confidential Exhibit E. "
June 27, 2016
On Talmer, the Fed has asked Chemical to "[p]rovide a copy of the loan commitment for up to $60 million which will be used to assist Chemical in financing a portion of the transaction purchase price. Any debt used to finance the acquisition should have a term commensurate with the long term nature of the investment."
June 20, 2016
ICP
Asked IMF of
Sri Lanka
Airlines
Resolution,
Iraq &
Mozambique
By Matthew
Russell Lee
WASHINGTON,
June 16 --
When the
International
Monetary Fund
held its
biweekly
briefing on
June 16, Inner
City Press
asked five
questions
including this
one on Sri
Lanka:
Inner City
Press: On Sri
Lanka, what is
the IMF's view
of the
reported
adoption of a
capital gains
tax, and what
did Mission
chief Todd
Schneider mean
by expeditious
resolution of
Srilankan
Airlines'
financial
issues: how
soon, and
resolved how?
After the
briefing, an
IMF
Spokesperson
replied to
Inner City
Press: "We see
the
introduction
of a capital
gains tax as a
positive
development
and in line
with
recommendations
to broaden the
tax base and
raise tax
revenue from
its current
low level.
"Regarding
the issue of
Sri Lankan
Airlines, the
three-year
Extended Fund
Facility (EFF)
program
recently
agreed with
the government
and approved
by the
Executive
Board of the
IMF contains a
structural
benchmark for
the Cabinet to
approve a
resolution
strategy for
Sri Lankan
Airlines by
September
2016."
Actually
answered
during the
June 16
briefing:
Inner City
Press: "In
Belarus,
finance
ministry
deputy Maxim
Ermolovich
this week said
that "All the
preliminary
conditions
that were
discussed by
the government
have been
implemented.
We expect an
appropriate
response from
the IMF and
the start of a
new program.”
Does the IMF
agree? What is
the timing?"
IMF
spokesperson
Gerry Rice
read out the
question -
without naming
minister
Ermolovich -
and said that
the IMF is
visiting the
country from
June 21-30
then will have
more to say.
Inner City
Press also
asked, on
Mozambique:
"In
Mozambique, as
the IMF
mission began
yesterday, the
metical fell
10% and a
coalition of
26 civil
society groups
say that
$1.86B of
loans were
corrupt and
should not be
paid; experts
cite anger
among donor
nations after
the government
ran up more
than $2
billion in
private debt
deals behind
their back.
What is the
IMF's thinking
on the $1.86B
in loans, and
the currency
decline?"
Rice answered
this one in
the DC
briefing room,
emphasizing
that all
undisclosed
loans,
whatever their
purpose,
should be
transparently
and publicly
disclosed.
ICP Iraq: In
Iraq, Abadi
financial
adviser Mudher
Salih said the
IMF has been
informed of
the approval
of required
measures. Is
this the case,
including the
settling by
the end of the
year all
arrears owed
to foreign oil
companies
operating in
Iraq?
Later in the
morning, on
Iraq, this was
received:
"The Iraqi
authorities
and IMF staff
are in close
contact about
the prior
actions for
the Stand-By
Arrangement,
two of which
(circulation
of revised
fiscal program
to Parliament,
circulation of
revised
spending plan
to line
ministries)
still need to
be met.
Payment of all
arrears to
international
companies by
end-2016 is
part of the
program."
This question,
along with
Inner City
Press requests
for updates on
Yemen and
Burundi, is
still pending:
ICP: On
Colombia, in
the IMF's
expansion this
week to a
Flexible
Credit Line of
$11.5 billion,
what
consideration
was given to
the
government's
near-peace
with the FARC,
and talks with
the ELN? What
are and would
be the
economic
impact of
these?
Watch
this site.June 13, 2016
Some more we're looking at:
June 6, 2016
ICP
Asked IMF of
Protests in
Suriname, IMF
Today Supports
Tariff Rise
By Matthew
Russell Lee
WASHINGTON,
June 2 -- When
the
International
Monetary Fund
held its
biweekly
briefing back
on May 19,
Inner City
Press asked
about protests
against the
IMF in
Suriname:
"On Suriname,
there have
been protests
of the rise in
electricity
prices. What
is the status
of the
discussed
two-year
US$478 million
stand-by
arrangement?
What is the
IMF's response
to the
protesters
linking the
price rises
hurting the
poor to
policies
demanded by
the IMF?"
Spokesperson
Gerry Rice
said that the
Fund does
support the
Surinamese
authorities'
moves to
eliminate to
subsidies, to
"open space."
See the IMF's
transcript,
below. On June
2, Inner City
Press has
asked:
"In Suriname,
opposition
leader
Chandrikapersad
Santokhi has
publicly
complained
that the IMF
did not have
discussions or
contacts with
the opposition
prior to the
recent loan.
Is that true?
How widely did
the IMF
consult in the
country?"
This has
not been
answered...
May 30, 2016
This we like to see: "Thousands of employees of five associate banks of the State Bank of India staged protests across the State on Friday against the proposed merger ..."
May 23, 2016
ICP
Asks IMF of
Protests in
Suriname, IMF
Supports Cut
of Subsidies
By Matthew
Russell Lee
WASHINGTON,
May 19 -- When
the
International
Monetary Fund
held its
biweekly
briefing on
May 19, Inner
City Press
asked about
protests
against the
IMF in
Suriname:
"On Suriname,
there have
been protests
of the rise in
electricity
prices. What
is the status
of the
discussed
two-year
US$478 million
stand-by
arrangement?
What is the
IMF's response
to the
protesters
linking the
price rises
hurting the
poor to
policies
demanded by
the IMF?"
Spokesperson
Gerry Rice
said that the
Fund does
support the
Surinamese
authorities'
moves to
eliminate to
subsidies, to
open space.
From the IMF's
transcript:
Gerry
Rice: Let me
take a few
things
online.. There
is a question
on Suriname
there have
been protests
about the IMF
backed
electricity
price
increases.
What is your
reaction, what
is the status
of the
program? And
what I can say
on Suriname is
the
authorities
have requested
our assistance
to support
their
comprehensive
program to
stabilize
Suriname's
economy and
set the stage
for its
recovery.
On the
electricity
issue on the
tariffs indeed
the Fund
supports the
governments
plan to
gradually
eliminate
electricity
subsidies
because that
will make
space for
better
targeted
social
spanning and
in addition
improve the
fiscal
situation. We
expect the
Board to
consider the
request from
the Surinamese
authorities in
the coming
weeks.
There is a
question on
Malawi. What
is the status
of the IMF's
programs
particularly
in light of
the previously
discovered
irregularities
referred to as
cash gate. So
on Malawi an
IMF team
visited
Lilongwe in
March. This is
in the context
of the seventh
and eighth
reviews under
an ECF, an
Extended
Credit
Facility and
on program
performance
Malawi has
demonstrated a
concerted
effort to get
the program
back on track.
Including on
domestic
financing and
domestic
assets on the
structural
side reforms
in the
financial
sector were
carried out as
planned and
improvements
in public
financial
management in
particular
bank
reconciliations
are gaining
momentum but
this needs to
be sustained.
There was a
press release
that was
issued at the
end of the
mission that
has a bit more
detail on that
for Matthew.
In addition I
can say at the
start of this
week the IMF's
Board approved
an extension
of Malawi's
arrangement
under that ECF
until June 30,
2016 to
provide
additional
time for
authorities to
implement
structural
measures under
the program.
There is a
statement on
this on our
website.
We'll have
more on this.
Inner City
Press also
asked for
updates on
Burundi, Sri
Lanka or
Yemen, and
these two
questions:
On Saudi
Arabia, I
didn't see it
in what was
released this
morning: what
does the IMF
think the
impact of the
Saudi-led
Coalition's
conflict in
Yemen on the
Saudi economy?
On Gambia,
please say if
the country
has requested
an $11 million
or any other
program, and
summarize the
relations /
discussions
between the
Fund and the
country.May 16, 2016
Something we're looking into, and will more closely: Franklin Financial Network, this $2.3 billion (assets) bank holding company is putting back the timeline for its proposed acquisition of $145 million Civic Bank & Trust...
May 9, 2016
Mergers we are looking at:
May 2, 2016
On Sri
Lanka, IMF
Reaches $1.5B
Program, ICP
Asked in Feb,
Accountability
By Matthew
Russell Lee
UNITED
NATIONS, April
28 -- Back on
March 17 when
the
International
Monetary Fund
held is
biweekly
briefing,
Inner City
Press arrived
in person with
questions on
Zimbabwe,
Jamaica and, as for
months, Sri
Lanka.
But it
was not a
normal
briefing: it
started with a
paper about
the
International
Monetary
System,
leaving the
ten
journalists
present to
fight for time
to ask their
questions.
Inner City
Press got in
two questions,
see below, but
not the one
about Sri
Lanka.
On the
morning of
April 28 Inner
City Press
asked ESCAP
researchers
about the IMF
and Sri Lanka,
video
here, last
question.
Now on
April 28 with
a 9 pm embargo
time the IMF
has put this
out:
IMF Reaches
Staff Level
Agreement with
Sri Lanka on
Three-Year
$1.5 Billion
EFF
Following
discussions
held between
IMF staff and
the Sri Lankan
authorities
during the
2016 Spring
Meetings in
Washington,
staff-level
agreement was
reached on a
three-year
progra to be
supported by
the IMF’s
Extended Fund
Facility
(EFF).
Note:
accountability
is NOT on the
program - and
the white vans
are back.
We'll have
more on this.
April 25, 2016
Keycorp's Mooney: "Nothing we know at this point suggests that our applications aren’t proceeding as planned." So, making predictions about the process?
April 18, 2016
The Goldman Sachs settlement is a joke - except it's not funny. Next time they apply...
April 11, 2016
Some we're looking at:
April 4, 2016
The Federal Reserve's "Semiannual Report on Banking Applications Activity" says the volume of approved M&A proposals increased in the second half of 2015 to 143, compared with 133 approved in the second half of 2014. For all of 2015, 279 M&As were approved, up from 248 in 2014. There were 190 approved in 2013 and 226 in 2012. FWIW, the number of withdrawn applications has been declining steadily. There were 21 withdrawals in 2015, compared to 43 in 2012. We'll have more on this.
March 28, 2016
Norht of the border, there's anger at bank branch closures, too: "Some seniors living in Rosemčre, Que., are upset that their neighbourhood RBC branch located in the heart of their town will be closing to merge with a branch situated 3.5 kilometers away.
"It's a great convenience for everybody in the town to have a central bank, and there are a lot of seniors who will not be able to access the new branch," said Rosemčre resident Kathleen Kidd, who has been going to the branch for years.
The branch that is closing is the Royal Bank's Jardins Rosemere Branch, located at 395 Grande-Côte Road. The bank said there are not enough customers to keep it open.
It will be merging with the Labelle & Hwy 640 branch located at 370 Labelle Blvd.
"That branch suits them. This branch suits the residents of Rosemčre," Kidd said of RBC's decision."
March 21, 2016
ICP
Asks IMF of
Zimbabwe -
Loans Not Sure
- &
Vultures Dart
& Singer
By Matthew
Russell Lee
WASHINGTON,
March 17 --
When the
International
Monetary Fund
held is
biweekly
briefing on
March 17,
Inner City
Press arrived
with questions
on Zimbabwe,
Sri Lanka and
Jamaica.
But it
was not a
normal
briefing: it
started with a
paper about
the
International
Monetary
System,
leaving the
ten
journalists --
all male --
present to
fight for time
to ask their
questions.
An
excellent --
the best -
Greek
journalist
asked about
Greece;
Ukainian TV
asked about a
quote from
Victoria
Nuland then
fought for
question time
with TASS. A
Brazilian
journalists
asked if there
will be a
program.
Inner
City Press
jumped in with
the Zimbabwe
question,
since the head
of the Central
Bank has been
saying the
country will
get a loan up
to $984
million in the
third quarter.
Not so
fast, IMF
Deputy
Spokesperson
William Murray
said. He had a
long if-asked,
which we'll
insert here
later. The
upshot is that
Zimbabwe still
owes too much
money, and
despite
support from
(some) other
states as an
IMF meeting in
Lima, the rules
are the rules.
At least for
Zimbabwe.
Inner
City Press
also asked
Murray to
acknowledge
that the
windfall
profits made
off Argentina
by vultures
Singer and
Dart wont'
inevitably
incentivize more
predatory
behavior.
Murray said he
wasn't going
there. But the
market will
be: watch this
site.
asked
questions and
got responses
on Tunisia,
Jamaica and
Zimbabwe.
March 14, 2016
March 7, 2016
We note the conciliation agreement in Kansas City: http://portal.hud.gov/hudportal/documents/huddoc?id=16-1FEDEXECONCIL0224.PDF There will be more...
February 29, 2016
A case we are watching: "Deutsche Bank AG must face a U.S. lawsuit seeking to hold it liable for causing $3.1 billion of investor losses by failing to properly monitor 10 trusts backed by toxic residential mortgages, a federal judge ruled on Wednesday. U.S. District Judge Alison Nathan in Manhattan said Belgium's Royal Park Investments SA/NV may pursue claims that the trustee Deutsche Bank National Trust Co ignored "widespread" deficiencies in how the underlying loans were underwritten and serviced, and failed to require that bad loans be repurchased."
February 22, 2016
Bank merger blues:
"While F.N.B. Corporation says its merger with the Harrisburg-based Metro Bancorp has gone smoothly, their new customers are saying the opposite"
We'll have more on this.
.February 15, 2016
IMF
Tells ICP
Negotiating
Mission to Sri
Lanka Late
March, Burundi,
Romania Qs
By Matthew
Russell Lee
UNITED
NATIONS,
February 11 --
When the
International
Monetary Fund
held is
biweekly
briefing on
February 11,
Inner City
Press asked,
"On Sri Lanka,
please comment
on and provide
context for
the reported
request from
the government
for a new IMF
program."
IMF
Spokesperson
Gerry Rice,
after noting
how Inner City
Press submits
its questions
(electronically),
replied that
Sri Lankan
authorities
have expressed
an interest in
a program to
deal with
balance of
payments. He
said there
would be a negotiating
mission in
late March or
early April.
The
embargoed
briefing began
with a
read-out of
the press
release that
there is no
competition to
Christine
Lagarde for a
second term --
similar to the
way at the UN,
there was no
competition to
Ban Ki-moon
for a second
term. Is this
any way to run
a
multilateral,
quasi
universal
international
organization?
Inner
City Press
also asked
about Romania
(“Romania on
Monday made
the last
interest
payment on the
13 billion
euro it took
from IMF in
2009” and
Dragos
Tudorache,
head of the
Chancellery of
the Prime
Minister, has
said "We don’t
plan to
conclude a new
deal with the
IMF” - please
provide an IMF
comment /
response)
and this, on
Burundi:
"On Burundi,
at the UN
Peacebuilding
meeting at the
UN yesterday
(Feb 10), the
IMF said any
new program
would depend
on relations
with the
international
community.
Please explain
this, how
relations with
the
international
community
impact an IMF
program."
February
8, 2016
We like this: Is there a global environmental justice movement? https://www.tni.org/en/publication/is-there-a-global-environmental-justice-movement We say... yes.
February 8, 2016Chemical - Talmer might *think* they'll escape scrutiny because they announced at the same time Huntington - FirstMerit did...
February 1, 2016The proposed mergers in Ohio and Michigan, we are looking at...
January 25, 2016
Mergers looking at:
January
18, 2016
IMF
Answers ICP on
Burundi, Had
Said
Peacekeeping
Income in
Budget, Off
Track
By Matthew
Russell Lee
UNITED
NATIONS,
January 14 --
When the
International
Monetary Fund
held is
biweekly
briefing on
January 14,
Inner City
Press
submitted a
number of
questions,
leading with
Burundi and
whether the
Nkurunziza
government's
"income" from
sending troops
to Somalia and
Central
African
Republic
should be
disclosed in
the budget.
IMF
spokesperson
Gerry Rice
read out Inner
City Press'
question then
referred to
the IMF's
March 2015
sixth review,
saying the
government had
committed to
include the
income from
peacekeeping
operations in
the budget.
Rice then said
due to
deterioration
in the
security
situation, the
seventh and
eight reviews
are not
possible and
the program is
"off track."
On
January 14 the
IMF's Rice
also noted the
US Congress
having
approved quota
reform
(answering
that he was
not aware of
any new
oversight this
might
trigger), and
said that
Managing
Director
Lagarde will
hold Greece
meetings in
Davos. Rice
declined to
answer ICP's
question on
Nigeria,
saying much
has been said
on the topic;
a Trinidad and
Tobago
question
remained
outstanding as
the embargo
time expired,
but Inner City
press was
later on
January 14
told on
Trinidad and
Tobago, the
IMF's
engagement
with the
country is one
of economic
policy advice
or what we
call
surveillance.
There is no
program nor
any talk of
that, Inner
City Press was
told.
January
11, 2016
Kentucky-based Republic is trying to
withhold basic information; Inner City
Press / Fair Finance Watch has requested
it under FOIA. And now the Fed has asked
Republic about CRA as well...
January 4, 2016
It is
said, on Seeking Alpha, "New York
Community Bancorp and Astoria Financial
are merging, and it's not a great match.
NYCB hurts its business with this deal,
and it is now large enough to be
designated a SIFI.
Behind the scenes activism could be a
reason for the transaction.
On October 28th of this year, New York
Community Bancorp (NYSE:NYCB) announced
an agreement to merge with Astoria
Financial (NYSE:AF) in a cash and stock
deal. The merger was unanimously
approved by management teams at both
companies under the premise of creating
operational synergies and adding
meaningful value to shareholders.
However, based on impending consequences
of the deal, as well as fundamental
differences between the two companies,
there is reason to believe that this
deal was not made with shareholder
interests in mind. "
And
that's not the half of it. Watch this
site.
December
28, 2015
So the
Federal Reserve has extended its comment
period on Key Corp's anticompetitive
proposal to acquire First Niagara. But
that is not enough...
December
21, 2015
On
ISIS Finance,
Talk of Oil
and Turkey,
Paris Pre-Paid
Cards, No
Bitcoin
By Matthew
Russell Lee
UNITED
NATIONS,
December 17 --
The day before
Syria talks
resume at the
New York
Palace Hotel
in Manhattan,
finance
ministers
spoke in the
UN Security
Council about
cutting off
financing for
ISIS. French
finance
minister
Michel Sapin
spoke darkly
of the use of
pre-paid cards
for the
November 13
Paris attacks;
Russia's
Ambassador
Churkin named
two Turkish
companies as
involved in
ISIS oil sale.
Inner
City Press
asked Syria's
Ambassador
Bashar
Ja'afari, who
came to take
questions at
the Council
stakeout,
about ISIS'
oil. He named
Turkey, then
want on to
name Qatar and
Saudi Arabia,
slamming its
“Sunni
coalition”
recently
announced.
When US
Treasury
Secretary
Jacob Lew,
along with
Sapin and the
UK's George
Osborne held a
short press
conference in
the UN
briefing room,
Inner City
Press hoped to
asked Sapin
about pre-paid
cards, and Lew
and Osborne
about Bitcoin.
But the
question, just
four, were
limited to
Reuters, the
Wall Street
Journal, the
New York and
Financial
Times. So it
goes.
December
14, 2015
IMF
Answers ICP on
Malawi
Retrenchment,
Global Fund
Steps In
By Matthew
Russell Lee
UNITED
NATIONS,
December 7 --
When the
International
Monetary Fund
held is
biweekly
briefing on
December 3,
Inner City
Press
submitted a
number of
questions,
including
about Malawi
but also on
Burundi and
how much the
IMF projects
the economy
will contract,
given the
crisis
triggered by
Pierre
Nkurunziza's
third term,
see below.
Inner City
Press asked,
"On Malawi, it
is reported
that the
IMF''s 'recent
decision to
withhold its
latest loan
money to the
Malawian
gov''t could
have dire
implications
for health
care. Malawi
has put on
hold the
hiring of 51
medical
graduates and
a host of
health
professionals.'
What is the
IMF''s
response?"
On
December 7, an
IMF
Spokesperson
returned with
this:
"Currently,
the high rate
of inflation
is eroding
living
standards of
the most
vulnerable
segments of
the Malawian
population,
and is also
dampening
private sector
confidence,
reducing
investment
demand, and
curtailing the
economic
growth needed
to reduce
poverty. IMF
staff policy
advice
therefore
recommends a
certain amount
of fiscal
retrenchment,
combined with
tight monetary
policy over
the short
term, as these
are necessary
to the
disinflation
process.
During this
period, IMF
staff
recommend that
Government
carefully
prioritizes
expenditure so
as to protect
both
vulnerable
groups and
social
spending. In
this respect,
IMF staff are
pleased to
note that
Government is
proceeding
with the
hiring of the
graduating
medical
students and
other health
care workers,
and has
arranged for
the Global
Fund to pay
the associated
costs up to
the end of the
2016/17 fiscal
year."
During the
December 3
briefing, IMF
spokesperson
Gerry Rice
read out Inner
City Press's
Burundi
question (and
its question
on Zambia,
below), then
said the
following as
to Burundi, audio
here
December
7, 2015
Federal
Reserve Asks BNC for CRA Info,
Withheld Like Goldman Sachs?
By Matthew
R. Lee
NEW YORK,
December 3 -- The lack of seriousness
in US bank regulation expends from the
relatively smaller of mid-sized to the
largest banks, with Goldman Sachs the
most recent example.
A
mid-sized bank Inner City Press / Fair
Finance Watch is scrutinizing, based
on its records, is BNC
Bancorp, currently seeking to
acquire Southcoast Financial in
South Carolina and, prospectively,
High Point Bank & Trust.
There's a problem with this
acquisitiveness: BNC is subject to to
Compliance Order with the FDIC, which
is rare, based on its fair lending
record. Fair Finance Watch has raised
to the Federal Reserve:
In the Charleston MSA in 2014 for conventional home purchase loans, BNC made 173 such loans to whites and only SIX to African Americans, and none to Latinos. For refinance loans, it made 68 loans to whites and only ONE to an African American, while denying the applications of African Americans 3.94 times more frequently than those of whites.
Southcoast in the Charleston MSA in 2014 for conventional home purchase loans made 136 such loans to whites and NONE to African Americans. For refinance loans, Southcase made 35 loans to whites and only TWO to African Americans. To combine these two banks would make them worse.
In
the Greenville MSA in 2013 for home
purchase loans, BNC made 117 such
loans to whites and only SIX to
African Americans, and only seven to
Latinos. For refinance loans, it
made 31 loans to whites and only one
to an African Americans and none to
Latinos.
BNC
admits, as it must, that it is
below-market in lending to African
Americans, but paradoxically tries to
use that the fact that it is subject
to a compliance order as its defense
to the Fed.
To
Fair Finance Watch, too. FFW asked to
see, in writing, what are BNC's CRA
plans going forward. BNC replied that
it is "unable to share this with you.
It is an internal document that is
only shared with our Board of
Directors and the FDIC (under the
Order)." FFW has requested a
copy of the High Point application.
Now
the Federal Reserve has asked BNC for,
among other things, for information
about its Community Reinvestment Act
compliance, and consumer compliance
more generally. Inner City Press is
putting the Fed's December 2
Additional Information letter
online, here.
Federal Reserve's Letter to BNC Bancorp for compliance and other info after FFW CRA protest by Matthew Russell Lee
BNC is supposed to send a copy of its response, with this information it already declined to provide, to ICP / FFW. But will it try to withhold it? That seems to be the trend at and encouraged by the Federal Reserve.
November
30, 2015
In upstate New York, as Key and First Niagara propose to combine, there are ads by Evans Bank, which settled charges that it redlined Buffalo East Side, that it is better. Race to the bottom...
November
23, 2015
And
what's next? BNC wants to buy High Point
Bank. We'll see.
November
16, 2015
Look who
wants to grow: Bank of the Ozarks on
November 13 announced a proposal to
acquire C1 Financial, Inc. and C1 Bank
and its 32 branches in Florida including
in Miami, Orlando and Cape Coral-Ft.
Myers for $402.5 million; on November 5
it has announced a planned $800 million
purchase of Community and Southern Bank
in Georgia. We'll see.
IMF
Answers ICP on
Iraq and
Mozambique,
Not on UN
Antigua
Corruption
Case
By Matthew
Russell Lee
UNITED
NATIONS,
November 12 --
When the
International
Monetary Fund
held its
bi-weekly
embargoed
press briefing
on November
12, Inner City
Press asked
about and got
answers about
Iraq and
Mozambique,
but not about
human rights
or the
widening UN
system John
Ashe
corruption
scandal.
On Iraq,
IMF
spokesperson
Gerry Rice
read out Inner
City Press'
question then
listed some
of the issues;
energy
subsidies and
reforms (or
sell off) of
state owned
enterprises
are, of
course, the
main sticking
point. Rice
said the IMF
Board will
consider it
early in 2016.
On Mozambique,
Rice
summarized the
staff-level
preliminary
agreement on
an 18-month
program that
could be
supported by
an IMF Standby
Credit
Facility and
said it will
be considered
by the IMF
Board in
mid-December.
These new
November 12
Inner City
Press question
have yet to be
answered:
ICP: On
Somalia, a
recent UN
Security
Council
resolution
“encourages
implementation
of
IMF-recommended
reforms to
enable the
initiation of
a Staff
Monitored
Program.”
Please
describe the
IMF
recommended
reforms, in
particular
steps needed
to
enable the
initiation of
a Staff
Monitored
Program.”
ICP: On Egypt,
what is the
IMF's estimate
of or thinking
on the
suspension of
flights after
the downing of
Metrojet
Flight 9268?
At the
November 12
briefing, Rice
was asked if
Managing
Director
Lagarde will
discuss Greece
and refugees
at the
upcoming G20
in Turkey, and
about the
imminent
"lending into
arrears" a/k/a
Ukraine policy
change. We'll
have more on
this.
November
9, 2015
NYCB
gobbling up Astoria? We think not.
Key Bank -
First Niagara Would Trigger Branch
Closing, Lending Disparities, FFW Says
By Matthew
R. Lee
NEW YORK,
November 3 -- The lack of seriousness
in US bank regulation continues, even
as new mergers portending significant
branch closing impacts are announced.
Inner
City Press / Fair Finance Watch, which
has previously expressed its concerns
about both KeyCorp and First Niagara,
sees no public benefit in the proposed
merger of the two for $4.1 billion,
announced on October 30.
First Niagara already closed more than a dozen branches after it acquired them from HSBC (here were some of Fair Finance Watch' concerns when it grabbed New Alliance). KeyCorp would closed yet more branches (here's some of Fair Finance Watch's analysis of KeyCorp's lending).
In
2014, the most recent year for which
Home Mortgage Disclosure Act data is
available, Key Bank National
Association in the Buffalo
Metropolitan Statistical Area made 258
home purchase loans to whites but only
seven to African Americans, while
denying the applications of African
Americans 2.56 times more frequently
than those of whites. For refinance
loans, Key's denial rate disparity for
African Americans was 2.28.
In the New York City MSA, Key
Bank National Association made 21 home
purchase loans to whites and only ONE
to an African American applicant. Key
made 43 refinance loans to whites and
NONE to African Americans. These
disparities are not acceptable.
In
other upstate / Western New York work,
after Fair Finance Watch advocacy,
Community Bank System Inc is expanding
its Community Reinvestment Act
assessment area, here.
As
to Goldman Sachs, Inner City Press /
Fair Finance Watch filed a supplement
comment on October 30 including
Goldman's new and troubling settlement
with the NYS Department of Financial
Services regarding a former Federal
Reserve employee impermissibly using
Fed information for them. Public
hearings and an extension of the
comment period are needed.
As
detailed below, the Federal Reserve's
General Counsel Scott Alvarez
solicitiously agreed to weekend phone
calls with Goldman's outside council
Rodgin "Rodge" Cohen at Sullivan &
Cromwell, and the Fed submitted its
"Additional Information" request to
Goldman in July, a full month before
any application was submitted or the
deal publicly announced.
Thus
there was no way for the public to be
involved in the Fed's review, which is
required by the Bank Merger Act (and
the Administrative Procedures Act).
The Fed began trying to essentially
pre-approve some applications with a 2012
letter to banks, here - but it
said no major issues could be
addressed this way, and the
interchanged would be subject to FOIA.
In
this case, though, where Inner City
Press submitted its FOIA request as
soon as it became aware of Goldman's
GE proposal and application, none of
the information would have been
available until after the comment
period was set to close on September.
It has been extended to October 30,
due to requests from ICP and other
NCRC members, but the Fed is still
withholding portions of its
communication with Goldman in the face
of the FOIA Appeal Inner City Press
immediately filed. (ICP has also
submitted a timely additional comment
on these issues.)
Inner City Press has previously litigated
FOIA requests with the Fed and won,
at least in part, for example in
obtaining subprime lending
information the Fed wanted to
withhold, here. But this
should not be necessary in order for
the public to have this basic
information, during the comment
period. Will members of Congress and
other chime in? Watch this site.
This
process began by overbroad withholding
of basic parts of Goldman's
application, click
here to view, which Goldman
in an October 14 submission to the
Fed, here, says has been cured
(it has not been).
November
2, 2015
IMF
Answers ICP on
Austerity in
Jamaica, Not
on Antigua
Corruption
Case
By Matthew
Russell Lee
UNITED
NATIONS,
October 29 --
Amid
complaints
about the
impact of
International
Monetary Fund
programs,
Inner City
Press on
October 29
asked IMF
spokesperson
Gerry Rice “in
Jamaica, the
National
Democratic
Movement has
blamed the IMF
for the
country's
'health-care
system
becoming a
national
disgrace.'
What is the
IMF's
response?”
Rice
during the
IMF's
embargoed
briefing read
out this
question,
audio here,
and said he
does not
agree, that
Jamaica's
2015-16 budget
includes an
increase for
the Ministry
of Health. Audio
of full answer
here.
The IMF
left
unanswered,
for now, Inner
City Press'
question about
Antigua
and Barbuda,
below; there
will be more
about Dominica.
The IMF,
it seems,
should be more
responsive:
the Gleaner
for example
opines that
“in 2014,
Jamaica paid
$138 million
more to the
IMF than it
received from
it. We are
constantly
being told
Jamaica passed
the IMF test.
Look at the
punitive
primary
surplus
imposed on
Jamaica. At
7.5%, it is
way above what
is being asked
of any other
country in the
IMF program.
It is 4% for
Cyprus, 3% for
Ireland, 3%
for Greece, 3%
for Portugal
and a puny 1%
for Ukraine.
One has to
wonder why
Jamaica is
being treated
this way.”
Here
are two other
questions
Inner City
Press
submitted on
October 29,
still without
answer:
On Antigua
& Barbuda,
in light of
recent
comments by
IMF Mission
Chief Arnold
McIntyre, what
is the IMF's
view of and
comment on the
information in
the US FBI's
charge sheet
and indictment
of Antigua's
former
ambassador
(and former UN
PGA) John
Ashe,
particularly
with regard to
corruption in
the country?
In light of
the UN Special
Rapporteur's
report on
human rights
(non)
compliance by
the World
Bank,
presented this
week at the
UN, please
summarize how
the IMF
considers the
human rights
impacts on its
decisions.
We'll
have more on
this.
October
26, 2015
Countdown:
It's BNC Bancorp aspiring for Southcoast
Financial Corporation, until Nov 13,
watch this site.
October
19, 2015
We are also looking at, in North Carolina: Yadkin Financial Corporation and NewBridge Bancorp announced a proposed merger which would "strengthen Yadkin as the largest community bank headquartered in North Carolina."
October
12, 2015
Predator
on the move? Republic Bancorp, parent
company of Republic Bank & Trust
Company announced a proposal to acquire
Cornerstone Bancorp in St. Petersburg,
Florida....
October
5, 2015
RBC Met Fed
Before City National Disclosed, ICP
FOIA Shows, UNreal
By Matthew
R. Lee
NEW YORK,
October 3 -- The largest US bank
merger proposed so far in 2015, that
of Royal Bank of Canada and
affluent-focused Los Angeles-based
City National Bank, has
since April been the subject of
a Community Reinvestment Act challenge
by Fair Finance Watch.
Back on April 11, Inner City Press submitted a Freedom of Information Act (FOIA) request to the Federal Reserve for it communication with and about RBC and City National. Only on September 30, more than five MONTHS later, did the Fed response. In the spirit of transparency, we are putting the FOIA response online here.
It
shows among many other things that RBC
was meeting with the Federal Reserve
well before the public announcement of
its City National proposal; it has
many redactions which we will be
appealing, for example “When you have
a chance, please put a note in our
files indicating that we asked Charles
Fleet about [REDACTED] (b)(5) .
Thanks.”
The
LA Times has reported
on the "letter from the Fed [which]
asks the banks to respond to questions
raised in written comments by [FFW].
Spokesmen for the banks declined to
comment.... Fair Finance Watch, a New
York advocacy group for minorities,
questioned a deal between the banks in
a June 11 comment letter to the Fed."
September
28, 2015
Goldman
Sachs - GE Comment Period Extended by
NYS, Fed Silent
By Matthew
R. Lee
NEW YORK,
September 25 -- The lack of
seriousness in US bank regulation
grows from the relatively smaller to
the largest banks, with Goldman Sachs
the most recent example. Goldman is
trying to speed through Federal
Reserve approval to buy $16 billion in
insured deposits from GE Capital, and
the Fed so far seems bent on helping.
It began by withholding basic parts of
Goldman's application, click
here to view.
Inner City Press has a pending Freedom
of Information Act request; Fair
Finance Watch and others, including
NCRC, have asked the Fed to extend its
comment period, with no response.
Inner City Press made a similar
request to the New York State
Department of Financial Services and
on September 25, some information was
released -- not enough -- and the NYS
comment period was extended for 30
days.
NYSDFS
Senior Attorney George Bogdan wrote:
"Dear Mr.
Matthew Lee: Your FOIL request has
been granted in part. My response
letter and 2 Goldman Sachs documents
are attached to this e mail. Also note
that the comment period for the
Goldman Sachs application has been
extended by 30 days. An official
notice for the extension will be
posted online in the DFS Weekly
Bulletin for the week ending September
25, 2015."
While Inner City Press prepares a FOIL
appeal, why hasn't the Federal Reserve
even ruled on its FOIA request, and
extended the comment period like its
state counterpart? We'll have more on
this.
On
September 22, 2015, the Federal
Reserve belatedly released the 2014
Home Mortgage Disclosure Act data. A
quick review of the lending of Goldman
Sachs Bank USA in the New York City
Metropolitan Statistical Area shows
the Goldman Sachs focus which should
require publish hearings in this case.
Fair
Finance Watch, hours after the data
was released, has commented to the
Federal Reserve at the highest level
that "in the New York City MSA in
2014, for conventional home purchase
loans (Table 4-2), Goldman Sachs Bank
USA made 45 such loans to whites, only
two to African Americans and only one
to a Latino. For refinance loans
(Table 4-3), Goldman Sachs Bank USA
made 16 loans to whites and NONE to
African American or Latinos. This is
inconsistent with the demographics of
the New York City MSA and with other
lenders' records; it further militate
for the timely requested public
hearings."
Goldman Sachs has purported to respond
to the comments of Inner City Press /
Fair Finance Watch by releasing a
small amount of the withheld
information, and arguing that what the
wider Goldman Sachs does cannot or
will no be considered by the Federal
Reserve on this Bank Merger Act
application by Goldman Sachs Bank.
We've put Goldman
Sachs' response online, here. It
says:
“FFW states
that the audio released by examiner
Ms. Carmen Segara requires an
extension of the comment period and a
public hearing... GS Bank believes the
issue is outside the scope of the
statutory factors for Board
consideration under the Bank Merger
Act... Goldman Sachs Bank USA ('GS
Bank') hereby submits its response to
the three comment letters, submitted
on September 2, September 3 and
September 9, 2015 (the 'Comment
Letters'), by the Inner City Press's
Fair Finance Watch ('FFW')....
"FFW makes accusations of 'predatory practices' in the 'mortgage field' and 'municipal finance,' and states that there are a number of compliance settlements that must be reviewed in connection with the Application. FFW references several articles related to lawsuits, settlements and other events, all but one of which involve Goldman Sachs but not GS Bank. GS Bank respectfully submits that such comments are not substantiated by specific arguments or facts. GS Bank notes that none of the articles relate to GS Bank itself, and believes these issues are outside the scope of the statutory factors for Board consideration under the Bank Merger Act.”
Goldman Sachs is arguing that the acts
of a parent company cannot be
considered when its bank applies to
buy ($16 billion) in insured deposits,
an absurd argument. FFW has submitted
another comment to the Fed, including
that
"ICP has
received by mail from Goldman Sachs'
counsel a purported response which
claims that issues ranging from
conflict of interest and
under-regulation by the FRB (evidenced
for example by the audio leaked by
whistleblower Carmen Segarra) is not
cognizable under the Bank Merger Act -
an absurd argument. The FRB would be
the decision maker, therefore such
issues must be addressed.
"Goldman Sachs cavalierly states
that since it withdrew some of its
indefensible requests for confidential
treatment of its application, that
issues is resolved. It is not - too
much is still being withheld.
Significantly, Goldman Sachs has
offered no explanation of the specious
requests for confidential treatment it
made, denying commenters access to
information during the comment period.
As others now argue, the comment
period would be extended and hearing
held."
September 21, 2015
On
Tunisia, ICP
Asks IMF of
Reforms:
Banking Law,
Energy
Subsidies
By Matthew
Russell Lee
UNITED
NATIONS,
September 17
-- On Tunisia,
Inner City
Press at the
International
Monetary
Fund's
embargoed
briefing on
September 17
asked the IMF:
"In Tunisia,
Managing
Director
Lagarde was
quoted that
'It is
necessary to
really work
and to
consider that
these economic
reforms are a
priority,
decisive.' Can
you say if
these reforms
include ending
or limited
subsidies and
tax increases
on, for
example,
gasoline? What
process and
timeline does
the IMF
envision for
Tunisia?"
After
the embargoed
briefing
ended, this
was provided
by IMF:
“These reforms
include a
sound banking
system, a more
efficient
government and
civil service,
a fair and
efficient tax
system,
investment-oriented
public
spending, a
business
environment
more conducive
to investor
risk taking,
and a modern
social safety
net are key to
maintaining
growth and
creating jobs
in Tunisia. On
energy subsidy
reforms, the
decline in
international
oil prices led
to a 1.6
percent of GDP
decline in
energy
subsidies in
2015. What is
important next
is to make
sure that the
decline in
energy
subsidies
remains
sustainable
through the
implementation
of a new
automatic fuel
price formula,
which is
expected by
the end of
this year.
"The IMF
envisions that
key reforms in
the banking
sector—completion
of the public
bank
recapitalization
process, and
adoption of
key laws such
as the banking
and bankruptcy
laws—as well
as adoption of
a tax package
aimed at
promoting
greater
equity,
efficiency and
simplification—
are
implemented by
the end of
2015, which is
when the
current
arrangement is
set to
expire.”
Relatedly,
amid the
refugee
crisis, Inner
City Press
also asked the
IMF's
spokesperson
Gerry Rice on
September 17
what does the
IMF see as its
role in the
current
refugee
crisis, both
some countries
of arrival,
and in the
countries
people are
leaving?
Rice replied,
in the
televised
briefing:
I want to take
a question
from our
colleague
[Inner City
Press] because
he’s asking
about another
issue that’s
very much on
our minds I
think these
days which is
-- he’s asking
what does the
IMF see as its
role in the
current
refugee
crisis, both
countries of
arrival and
countries
where people
are leaving.
Well the first
thing I’d say
is obviously
this is a
massive
humanitarian
crisis. The
concern first
and foremost
is for the
people
effected and
the IMF shares
that concern.
The magnitude
of the crisis
is indeed
extraordinary.
As you know
European
political
leaders are
working
together on
the response
and we believe
managing the
crisis will
indeed require
collective
concerted
action. On the
implications
which he was
asking about,
on the
economic cost,
on the fiscal
dimensions,
obviously the
crisis is
still
evolving, so
it’s too early
for us to
estimate
specific
fiscal impact.
It’s going to
be case by
case in terms
of countries,
however past
international
experience
with surges in
immigration
suggest the
speed with
which
immigrants are
integrated
into the labor
force is a
crucial
factor.
On the
European
dimension of
this crisis
there are many
factors at
play and it’s
difficult to
make again an
economic
assessment at
this moment
but we are
working on it
and we will be
coming back to
you in due
course on
this. I just
want to
finally
mention that
Europe is not
the only
region
affected by
this issue.
Many countries
in the Middle
East and North
Africa, for
example,
perhaps most
notably Jordan
and Lebanon
have been
hosting large
numbers of
refugees from
conflict areas
including Iraq
and Syria and
they have been
shouldering
heavy burdens
in
accommodating
the refugees
basic needs
for multiple
years now.
The IMF has
been involved
in this issue
in terms of
dialogue, in
terms of
urging the
international
community and
most
specifically
in our
programs where
needed and
where
appropriate.
We have been
trying to
create -- help
countries
create the
fiscal space
which is
something that
we can help
them with
specifically.
Create the
fiscal space
to accommodate
some of these
large refugee
issues. This
was the case
for example in
Jordan
recently.
. We'll
have more on
this.September
14, 2015
ICP nomination for bad local bank: Sterling National, withheld information, provides it selectively. We'll have more on this.
September 7, 2015Now Community Bank System has been asked, by the Federal Reserve:
“On May 23, 2015, Inner City Press/Fair Finance Watch ('ICP') submitted a comment (Comment Letter) in protest of CBSI's proposed transaction, and in the Comment Letter, ICP alleged that: 'When the planned merger of Oneida Savings ·Bank and Community Bank, N.A., occurs in July, about 60 employees could be out of a job.' Our records do not reflect a response from CB SI to ICP's allegation. If you wish to provide a response, please do so within 7 business days.”
IMF
Tells ICP of
Lagarde on
SDGs, Q of
Financial
Inclusion,
Indonesia
By Matthew
Russell Lee
UNITED
NATIONS,
September 3 --
When the
International
Monetary Fund
resumed its
biweekly
embargoed
media
briefings on
September 3,
Inner City
Press
submitted four
questions.
Inner City
Press asked:
"Who from the
IMF is coming
to the UN
General
Assembly (and
SDGs, etc)
week in late
September, and
what is their
program? What
meeting will
they
participate
in? What do
they hope to
accomplish?"
IMF Deputy
Spokesperson
William Murray
answered, as
fast
transcribed by
InnerCityPro:
“Matthew, and
others, the
Managing
Director is
scheduled to
attend the
UNGA
particularly
the SDGs
segment in
late
September.
There was a
previous
meeting in
Addis Ababa we
participated
in at a high
level that
dealt with the
SDGs... The
IMF's
Executive
Board recently
endorsed a 50%
increase in
access to all
the funds
concessional
lending
facilities and
to maintain a
0% rate for
low income
countries that
struggle with
disasters and
conflict. The
Executive
Board of the
Fund has
endorsed IMF's
engagement in
sustainable
inclusive
growth, on
which we'll be
elaborating in
the weeks and
months to
come.”
One
focus should
be financial
inclusion, on
which we'll
have more
during UNGA
week.
In the
meanwhile,
Murray also
said Managing
Director
Christine
Lagarde is
about to
arrive in
Ukraine for
"opportunistic"
meetings with
the
authorities,
and an IMF
mission team
will go there
on September
22.
On
September 3,
Inner City
Press also
submitted
questions
about Nepal
and Grenada,
as well as
this:
"In Indonesia
the Vice
Speaker of the
House of
Representatives
Taufik
Kurniawan
recently said,
'We do not ask
for IMF
support in
crisis;' at
the UN in NY
on Sept 2, the
Vice
Chairman of
the House of
Representatives
of Indonesia
H. Fadli Zon
told Inner
City Press
much the same
thing. What is
the IMF's
response to
these
criticisms or
resistance to
the IMF, from
elected
representatives
of the country
where the IMF
now plans its
2018 Annual
Meetings?"
We hope
to receive
answers.
August
31,
2015
There's a prediction that BNC “will continue with additional expansion into Georgia and Florida.” We'll see about that.
August 24, 2015In Texas, looking: “Pioneer Bank and First Community Bank”...
August 17, 2015And now in South Carolina, there's Southcoast, headquartered in Mt. Pleasant, with 10 branches in Mt. Pleasant, Charleston, Moncks Corner, Johns Island, Summerville, Goose Creek and North Charleston...
August 10, 2015Here are
some recently
announced proposed
deals we are looking
at:
August 6, Texas: Prosperity Bancshares announced a proposed merger agreement with Tradition Bancshares;
August 3,
2015
IMF Board
Funds Ukraine & Jordan,
Short-changes Nepal, No Answers
By Matthew Russell Lee
UNITED NATIONS, July 31 -- When the
International Monetary Fund Executive
Board met before going on break on
July 31, it doled out funds to Ukraine
and Jordan, and a smaller amount to
post-earthquake Nepal.
Back
on July 29, Inner City Press submitted
questions for Managing Director
Lagarde, including:
"Given that
Nepal after its massive earthquakes
was deemed ineligible for the IMF's
IMF's Catastrophe Containment and
Relief Trust, do you think there is a
need to reconsider or modify the
criteria of the CCRT?
"Yesterday the UN Ad Hoc Committee on
Sovereign Debt Restructuring adopted
nine principles to create a global
bankruptcy process for countries. What
does the IMF think should be done in
this regard, and what is the IMF /
Managing Director doing?"
Neither question was answered, or even
taken; there is no IMF briefing until
September. The program for Nepal announced
on July 31 was not under the
CCRT, but rather the Rapid Credit
Facility:
"The
Executive Board of the International
Monetary Fund (IMF) today approved a
disbursement of SDR 35.6 million
(US$49.7 million) for Nepal under the
Rapid Credit Facility. This financial
support will help the country address
the urgent balance of payments and
fiscal needs associated with the
rehabilitation and reconstruction
efforts in the aftermath of the
powerful earthquake that occurred on
April 25 causing widespread damage and
devastation."
But
apparently this damage and devastation
was not widespread enough for the IMF.
Shouldn't it explain why it will not
seek to amend its CCRT program? And
speak about sovereign debt and
bankruptcy? We'll stay on this.
July 27,
2015
IMF Board
to Meet on Ukraine July 31, No Answers
on Africa, Madagascar, FfD
By Matthew Russell Lee
UNITED NATIONS, July 23 -- When the
International Monetary Fund held a
belated media briefing on July 23,
before taking its summer break, nearly
all the questions were about Greece;
at least two Africa questions (from
Inner City Press) were not answered,
including:
On
Madagascar, the IMF's Patrick Imam has
said “certain preconditions for the...
Extended Credit Facility (ECF) are not
yet fully met.” What are those
conditions, and what are the IMF's
next steps on Madagascar?
What is the
IMF's view of the Financing for
Development agreement reached in Addis
Ababa this month, in particular the
non-inclusion of a mechanism to deal
with inconsistent global corporate
taxation?
While leaving these and a Press
request for an update on Nepal
unanswered, the IMF went around and
around on Greece and then Ukraine. On
the latter, there is a July 31 board
meeting tentatively set - before the
Board's summer recess.
On
Greece, spokesperson Gerry Rice could
not or would not confirm a Troika
visit to Athens. He praise Delia
Velculescu, being shifted by the IMF
to Greece from Cyprus. In the
capacity, she answered Inner City
Press' questions a
year ago, here.
Apparently
answers depend on what (country)
you're asking about. A country like
Nepal might merit answers for a few
briefings, but then no updates (or
follow through). We'll have more on
this.
Since the Nepal earthquake, Inner City
Press has been asking the
International Monetary Fund if it
would move to relieve the country's
debt burden. Inner City Press
resubmitted the question for the IMF's
embargoed June 25 briefing, and during
it, IMF spokesperson Gerry Rice read
out the question and answered it. Transcript
here; video
here from 47:50.
Inner City Press' question: "On Nepal,
in the run up to the June 25
International Conference of Nepal’s
Reconstruction, and with the World
Bank announcing $500 million, is the
IMF intending to do anything beyond
the $50 million (one year) and $124
million (overall) in its response in
the last briefing? Through the IMF's
Catastrophe Containment and Relief
Trust?"
Rice
said the IMF is represented at the
conference in Katmandu -- contrary to
some reports, UN Secretary General Ban
Ki-moon is NOT there -- and could be
the request for the $50 M / $124 M to
the Board in July. He emphasized this
would be zero interest under the RCF
but said Nepal is NOT eligible for the
CCRT, GDP damage is not enough.
July 20,
2015
RBC - City
National Gun Jumping Covered by LAT,
After FFW Raised It, CBSI Contrasted
By Matthew
R. Lee
NEW YORK,
July 18 -- The largest bank merger
recently proposed, that of Royal Bank
of Canada and affluent-focused Los
Angeles-based City National Bank, has since April
been the subject of a Community
Reinvestment Act challenge by Fair
Finance Watch.
Now
the LA Times has reported
on the "letter from the Fed [which]
asks the banks to respond to questions
raised in written comments by [FFW].
Spokesmen for the banks declined to
comment.... Fair Finance Watch, a New
York advocacy group for minorities,
questioned a deal between the banks in
a June 11 comment letter to the Fed."
Inner City Press first put that Fed
letter online, here; then
Canada's National / Financial Post
reported without credit it had
"obtained" it.
By
contrast, in another pending proposal,
CBSI
- Oneida, the Syracuse
Post-Standard disclosed
that "Inner City Press forwarded the
letter to news outlets. Some of the
Fed's questions focus on whether
Community could improperly control
matters at Oneida in advance of the
acquisition. Community is working
on Fed's questions, said Hal
Wentworth, Community's senior vice
president for retail banking."
One
common theme is that non-control (and
therefore antitrust) laws are being
violated. One difference is that CBSI
does comment to the media -- if only
to blame
the messenger -- while larger
RBC and CNB do not. Arrogance?
On CBSI's blaming the messenger, FFW has commented to the Fed that it will "will comment again when CBSI has provided a copy of its response to the FRS' questions of July 13. Beyond the CRA and impermissible “control” questions raised therein, we wish at this time to raise the issues that, in a public response to ICP's comments, CBSI's SVP for retail banking said the following, in a prepared statement no less:
'In a statement today, Hal Wentworth, Community's senior vice president for retail banking, said that Inner City Press is not a local group and pointed out that letter was the only one filed on the Oneida deal. "This activist does not do business with either Oneida or Community Bank."'
If it would
be inappropriate for CBSI to comment
on or disclose information about its
customers, in this context the same
applies to the above-quoted, which,
separately, is reminiscent of human
rights abusing countries emphasizing
where the rights groups who study and
report on them are based."
July 13,
2015
Here are some proposed mergers, large and mostly small, that we are looking at:
July 6, 2015
Here is a
merger ICP Fair
Finance Watch has
commented on, now
projected closing
pushed back:
June 29,
2015
So rather than trying to explain to the Federal Reserve why it violated the law and began to collaborate with City National it hasn't been approved to acquire, Royal Bank of Canada on June 24 told the Fed it had managed to get another comment withdrawn. Well, not that of Inner City Press / Fair Finance Watch. Lawless....
IMF Tells
ICP Nepal Not Eligible for CCRT, Says
Flexible with Jordan
By Matthew Russell Lee
UNITED NATIONS, June 25 -- Since the
Nepal earthquake, Inner City Press has
been asking the International Monetary
Fund if it would move to relieve the
country's debt burden. Inner City
Press resubmitted the question for the
IMF's embargoed June 25 briefing, and
during it, IMF spokesperson Gerry Rice
read out the question and answered it.
Transcript
here; video
here from 47:50.
Inner City Press' question: "On Nepal,
in the run up to the June 25
International Conference of Nepal’s
Reconstruction, and with the World
Bank announcing $500 million, is the
IMF intending to do anything beyond
the $50 million (one year) and $124
million (overall) in its response in
the last briefing? Through the IMF's
Catastrophe Containment and Relief
Trust?"
Rice said the IMF is represented at the conference in Katmandu -- contrary to some reports, UN Secretary General Ban Ki-moon is NOT there -- and could be the request for the $50 M / $124 M to