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By Matthew Russell Lee, Patreon
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South Bronx, Oct 6 –  Citigroup, the global colossus, has issued a report including on what is says individuals can do when faced with discrimination.

Citibank recommends... moving. Here, at page 93: "Move: While a difficult decision, relocation may be the answer to improved jobs prospects. Sixty five percent of the Black population resides in 16 states in the U.S. However, according to a survey by McKinsey and Company, on average these states rank below national averages in metrics that can lead to an improved quality of life and wealth generation. Black workers, especially younger workers can opt to move to states that are generating the most jobs in high paying industries."

  Beyond being a "difficult decision," isn't this just accepting and perpetuating redlining?

  Instead, here's what Inner City Press / Fair Finance Watch is doing:

Brooklyn based Dime Community Bank, it is proposed, would be taken over by Long Island-based Bridge Bancorp, making few to no loans to people of color. Fair Finance Watch has filed a timely protest:

"September 28, 2020 New York State Department of Financial Services Attn: Linda A. Lacewell, Acting Superintendent of Financial Services A   Re: Timely First Comment on Applications by Bridge Bancorp, Inc. to acquire control of Dime Community Bank and all related applications

Dear Acting Superintendent Lacewell:  This is a timely first comment opposing and requesting an extension of the NYSDFS' public comment period on the Applications by Bridge Bancorp, Inc. to acquire control of Dime Community Bank and all related applications  The applicant's BNB Bank in New York State in 2019 made 108 HMDA-reported loans to whites -- and NONE to African Americans, and only two to Latinos. 

  This is unacceptable and Fair Finance Watch and Inner City Press hereby timely request public evidentiary hearings and that Bridge Bancorp's and BNB Bank's applications be denied on Community Reinvestment Act and fair lending grounds.  

  Dime Community Bank, whose record Inner City Press has previously critiqued with some impact, in 2019 in NYS made 16 HMDA reported loans to whites, five to African Americans and NONE to Latinos. This is too is unacceptable, particularly in combination. This proposed merger should be denied.   

 See also, Shelter Island Reporter of July 6, 2020: "Certain retail locations on the East End w[ould] operate under the BNB Bank name for at least one year, according to a press release. It did not specify which locations.... what started as a trickle of bank branch closings and mergers has turned into a river. Capital One was among a handful of major banks that bucked the trend as late as 2014, actually adding more branches. But three years ago it joined the brick-and-mortar vanishing act, as reflected by branch closings on the East End, including Shelter Island. According to The Economist, since the financial crisis of 2008, banks have closed more than 10,000 branches."

All impacts of this proposed merger should be disclosed - this a timely request to be emailed a copy of the application(s), which should have been placed on the Department's website for public review as many Federal agencies do.  The comment period should be extended; evidentiary hearings should be held; and on the current record, the application should not be approved." We'll have more on this.

       Watch this site.

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