The Inner
        City Reporter's Federal Reserve Beat

  

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November 20, 2017

  When the Fed approved South State - Park Sterling it recited that Fair Finance Watch as "A commenter objected to the proposal on the basis of alleged disparities in
South State Bank’s lending to African Americans and Hispanics, as compared to whites, in the Columbia, South Carolina Metropolitan Statistical Area (“Columbia MSA”), the
Charlotte, North Carolina MSA (“Charlotte MSA”), and the Atlanta, Georgia MSA (“Atlanta MSA”), as reflected in data reported under the Home Mortgage Disclosure Act
(“HMDA”) for 2015." Here's what FFW provided to the Fed: "  In the Atlanta, Georgia MSA in 2015 for home purchase loans, South State denied the applications of African Americans and Latinos 4.23 times more frequently than the applications of whites. Its lending did not reflect the market or other lenders: 54 home purchase loans to whites, only two to Latinos, and only ONE to an African American applicant. This is disparate. In the Colombia SC MSA in 2015 for home purchase loans, South State denied the applications of African Americans 2.79 times more frequently than the applications of whites, and denied the applications of Latinos' 3.75 times more frequently than whites. Its lending did not reflect the market or other lenders: 179 home purchase loans to whites, only ten to African Americans and only one to a Latino applicant. This is disparate. In the Charlotte NC MSA for home purchase loans in 2015, South State denied the applications of African Americans 2.22 times more frequently than the applications of whites, and denied the applications of Latinos' 6.58 times more frequently than whites. Its lending did not reflect the market or other lenders: 382 home purchase loans to whites, only thirteen to African Americans and only four to Latino applicants. This is disparate, and a pattern militating for evidentiary hearings and the denial of this application." But today's Fed cares less and less about such disparities...

November 13, 2017

 Jay Powell. Capitol Hill. November 28. Be there.

November 6, 2017

  Would Jay Powell stay in charge of (denying) FOIA appeals, as Chairman of the Fed?

BancorpSouth, after settling redlining charges, has escaped Federal Reserve regulation, announcing on Oct 31 it has approvals from the "Federal Deposit Insurance Corporation and the Mississippi Department of Banking and Consumer Finance... to improve efficiency through the elimination of redundant corporate infrastructure and duplicative regulatory oversight."

October 30, 2017

Shameful: Mid America Bank and Trust Company has a Needs to Improve CRA rating but was allowed to pay $5 million and get acquired by Reliable Community Bancshares. Impunity.

October 23, 2017

  On Associated - Bank Mutual, the Fed e-mailed Inner City Press part of the application but not, it seems, the rest of the file including the multiple protests. Maybe we're missing something... Meanwhile, Bank Mutual Corp. reported third quarter net income of $3.8 million, or 8 cents per share, down from $4.5 million, or 10 cents per share, in the third quarter of 2016.

October 16, 2017

Inner City Press / Fair Finance Watch filed: "This is a timely first comment opposing and requesting an extension of the FRB's public comment period on the Applications by Associated Banc-Corp to merge with Bank Mutual Corporation, Milwaukee, Wisconsin and acquire Bank Mutual. The Fed has received many substantive comments on this application and should hold public hearings, including on the prospective impacts of the 36 branches that Associated would close or consolidate. See, http://www.jsonline.com/story/money/2017/09/01/branch-network-pared-36-locations-associated-bank-takes-over-bank-mutual/624805001/

Fair Finance Watch has reviewed applicant Associated's home purchase lending in the just-out 2016 HMDA data in the Milwaukee MSA and finds serious disparities militating for evidentiary hearings and the denial of this application. For conventional home purchase loans, Associated denied the applications of African Americans 4.16 times more frequently than those of whites; it made 807 such loans to whites and only 41 to African Americans. Even cumulating Table 4-1 loans with Table 4-2, Associated's denial rate disparity in 2016 was 3.71; it made 861 loans to whites and only 48 to African Americans. This is outrageous. On the current record, these applications should not be approved."

October 9, 2017

It is an outrage that former Fed governor Duke cashes out to the Wells Fargo board, while Wells is "regulated" by the Fed...

October 2, 2017

  While there are many toxic proposed bank mergers across the USA, the proposed in-market Wisconsin combination of Associated and Bank Mutual which would close branches is our focus this week - more than 300 comments filed, with the Federal Reserve comment period open until October 11 -- fire away!

September 25, 2017

South State Corporation, to the Federal Reserve, is making excuses for its record in the Atlanta MSA, and trying to withhold obviously public information. We'll have more on this.

September 18, 2017

Sen. Amy Klobuchar (D-Minn.) Sept. 14 introduced two bills intended to “modernize” antitrust enforcement, including a proposal to require big merging companies to prove their tie-ups won’t harm competition... One of Klobuchar’s proposals would shift the burden of proof for companies involved in “mega-mergers,” a term that the bill doesn’t define. Merging companies would have to prove to regulators that their deal doesn’t harm competition. Currently, it works the opposite way. Regulators are required to prove that a proposed merger is likely to harm competition to stop it.... The measure also would add the term “monopsony” to the Clayton Antitrust Act so that single buyers controlling a market would be illegal. The bill would create an “Office of the Competition Advocate” to help consumers with complaints, encourage antitrust investigations, and analyze and publish reports on merger activity.

September 11, 2017

UNreal that he was portrayed as a strong regulator... "Stanley