| Brookline
Bank Bid To Bring Disparities To NY By
Buying PCSB Bank Rubber Stamped by Fed
By Matthew
Russell Lee, Patreon Maxwell
Book
BBC-Guardian
UK - Honduras
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NY
Mag
SOUTH BRONX, Dec
15 – New York and
Massachusetts are portrayed as
diverse and progressive
places. But their banks, not
so much.
Consider
for example the proposed and
today FRB approved merger
between Brookline Bank in
Massachusetts and PCSB Bank in
New York, with branches in
Mount Vernon, Eastchester and
elsewhere.
The Federal
Reserve, while withholding
beyond the comment period even
the public portion of the
application involving Lakeland
Bank, with settled lending
discrimination charges
recently with DOJ, on December
15 rubber stamped Brookline's
application, with this line: "The commenter
objected to the proposal,
alleging that in 2021,
Brookline Bank made fewer home
loans to African American
individuals as compared to
white individuals." They don't
name the commenter - Inner
City Press / FFW.
Bronx-based Inner
City Press has long exposed
redlining. Along with Fair
Finance Watch it finds that in
2020, the most recent year for
which Home Mortgage Disclosure
Act data is publicly
available, PCSB Bank in New
York State made 79 loans to
whites - and only seven to
African America. The dollar
volume difference is even
worse, a twenty to one
disparity.
So what is the
lending record in
Massachusetts of Brookline
Bank, the proposed acquirer of
PCSB?
Well, Brookline
Bank in 2020 made 456 loans to
whites and only FOUR to
African Americans. Meanwhile
it denied fully 11
applications from African
Americans, and only 93 from
whites.
This is a
proposed merger that should
and will be challenged under
the Community Reinvestment Act
to the regulators. In fact, if
the regulators mean what they
claim, this application should
not even be filed. Watch this
site.
***
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