After
FFW Protest Stopped NYCB Bid,
Astoria Wants To Be Bought By
Disparate Sterling
By Matthew R. Lee
NEW YORK, March 7
– After Astoria Bank's protested
proposal to be acquired by New
York Community Bank fell apart
in late 2016, now it has found
a new, equally controversial
suitor: Sterling Bancorp. Fair
Finance Watch showed in 2015
that Sterling's lending record
was so disparate that the
Office of the Comptroller of
the Currency imposed a
Community Reinvestment Act
condition on Sterling. Now
Inner City Press' review of
the most recent Home Mortgage
Disclosure Act data from that
in the New York City
Metropolitan Statistical Area
Sterling denied the home
purchase loan applications of
African Americans more than
3.5 times more frequently that
those of whites, worse that
the rest of the industry. It
denied Latinos 2.15 times more
frequently than whites, also
worse than other lenders.
We'll have more on this.
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.
There's
also 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.”
Capital One came back with
snark, as has Simmons National
-- but then announced
including to NCRC that
it will withdrawn its
application. Onward.
***
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