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.”
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it will withdrawn its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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