| Schwab
Moved Bank and
CRA Duty to
Desert SW
After TD
Ameritrade
Buy, Now
Challenge
by
Matthew Russell Lee, Patreon Book
Substack
SOUTH BRONX, Sept
8 – There are largely non-bank
company which buy or charter a
bank to serve them, but barely
if at all comply with the
Community Reinvestment Act.
On September 8,
2023, Fair Finance Watch
called out Charles Schwab's
two banks, to the Federal
Reserve:
On behalf of Fair
Finance Watch, this is a
timely comment on the CRA
performance and plans of
Charles Schwab, including as
impacted by the TD Ameritrade
acquisition.
That
acquisition raised a number of
issues adverse for consumers,
but there was not FRB comment
period.
However, this is a timely
comment on the CRA PE of the
two Charles Schwab banks,
Charles Schwab Bank, SSB and
Charles Schwab Premier Bank,
SSB, which have in connection
with the acquisition moved
their headquarters to Texas,
with an amorphous additional
service area of "the desert
Southwest."
Significantly,
looking at the top 100 banks
regulated by the Federal
Reserve, Charles Schwab has
the lowest ratio of CRA
lending and investments as a %
of total
assets. It
cannot pass its CRA exam, and
its CRA plan cannot continue
to be accepted or approved, on
this basis.
The FRB should
convene a public hearing, and
should reach out to groups
through Schwab's (actual)
service area.
Watch this site.
***
Your
support means a lot. As little as $5 a month
helps keep us going and grants you access to
exclusive bonus material on our Patreon
page. Click
here to become a patron.
Feedback:
Editorial [at] innercitypress.com
Press Room 480, front cubicle
500 Pearl Street, NY NY 10007 USA
Mail: Box 20047, Dag
Hammarskjold Station NY NY 10017
Reporter's mobile (and weekends):
718-716-3540
Other, earlier Inner City Press are
listed here,
and some are available in the ProQuest
service, and now on Lexis-Nexis.
Copyright 2006-2023 Inner City
Press, Inc. To request reprint or other
permission, e-contact Editorial [at]
innercitypress.com
|
,
