| Brookline
Bank Bid To Bring Its Disparities To NY By
Buying PCSB Bank Is a Litmus Test
By Matthew
Russell Lee, Patreon Maxwell
Book
BBC-Guardian
UK - Honduras
- ESPN
NY
Mag
SOUTH BRONX /
SDNY, May 25 – New York
and Massachusetts are
portrayed as diverse and
progressive places. But their
banks, not so much.
Consider
for example today's proposed
merger between Brookline Bank
in Massachusetts and PCSB Bank
in New York, with branches in
Mount Vernon, Eastchester and
elsewhere.
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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