As BMO Harris seeks Bank of the West for July 14, Fair Finance Watch raises case Russia, MN
FEDERAL COURT/S Bronx, June 20 — Whether the US Community Reinvestment Act will actually be enforced until the new administration and its regulators remains an open question. In December, Inner City Press reported that BMO Harris’ bid to buy Bank of the West and its more than 500 branches from BNP would be a litmus test.
Fair Finance Watch noted from day one that in 2020, BMO Harris turned down far more mortgage applications from African Americans than it approved: 509 turned down compared to just 223 loans granted to African Americans. African Americans, nationwide. BMO’s figures for whites were the reverse: 9,270 loans granted, compared to less than 6,000 refusals.
On May 17, the Federal Reserve and the OCC announced that they will hold at least one public meeting: “The Federal Reserve Board and the Office of the Comptroller of the Currency (OCC) today announced a meeting joint public hearing on the proposal of Bank of Montreal, Montreal, Canada, and BMO Harris Bank National Association, Chicago, Illinois, to acquire BancWest Holding Inc. and Bank of the West, both of San Francisco, California. public meeting is to gather information from a wide range of stakeholders By law, agencies are required to assess: the convenience and needs of the communities to be served by the combined organization; the performance of depository institutions insured under the Community Reinvestment Act; competition in relevant markets; effects of the proposal on the stability of the U.S. banking or financial system; financial and managerial resources es and future prospects of the firms and banks i involved in the proposal; and the effectiveness of companies and banks in combating money laundering activities. The public meeting will be held virtually on July 14, 2022 at 11:00 a.m. EDT. Members of the public wishing to submit oral comments must register by 12:00 p.m. EDT on June 23, 2022, via the online registration webpage.”
Inner City Press/Fair Finance Watch visited the page on June 20, Juneteenth (Observed), to sign up — and found the Fed knew its point in 200 characters. Is it sufficient? Fair Finance Watch wrote: “Concerns: BMO Harris HMDA disparities (nationally in 2020 only 223 mortgages to African Americans, compared to 9,270 to whites), its destruction of evidence in an MN bankruptcy case; BNP’s activities in Russia.” We’ll have more on that – watch this site.
Inner City Press (and Fair Finance Watch, on the HMDA) will have more to say on this. Look at this site.
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