| Valley
National - Westchester Bank Is Protested
to NYS DFS Lacewell On Lending Disparities
By Matthew
Russell Lee, Patreon Story
BBC
- Guardian
UK - Honduras
- ESPN
FEDERAL COURT / S
Bronx, August 14 –
Whether or not the U.S.
Community Reinvestment Act
will be again enforced until
the new Administration and its
regulators is an open
question. And the proposed
acquisition by disparate
lending Valley National Bank
of The Westchester Bank in New
York will be a litmus test,
for the NYS Department of
Financial Services, from which
Cuomo ally Linda Lacewell is
leaving by August 24.
On August 14,
Fair Finance Watch (with Inner
City Press on the FOIA) filed
the below with the NYS DFS:
New York State Department of Financial
Services Attn: Linda A. Lacewell, Acting
Superintendent of Financial Services And
Office of the General Counsel One State
Street, New York, New York
10004-1511 Re: Timely Initial
Comment Opposing Application of Valley
National Bank to acquire The Westchester
Bank
Dear [Outgoing] Superintendent Lacewell,
General Counsel and others at
NYSDFS: This is a
timely first comment opposing and requesting
an extension of the NYS DFS public comment
period on the Applications by Valley National
Bank to acquire The Westchester
Bank.
The applicant Valley National Bank in
2020 in New York State based on its disparate
marketing made 1080 mortgage loans to whites,
with 83 denials to whites -- while making only
51 loans to African Americans, with seven
denials. This is far out of keeping with the
demographics, and others lenders, in NYS -
this is outrageous. This is a pattern.
The applicant Valley National Bank in 2020 in
Florida based on its disparate marketing made
859 mortgage loans to whites, with 119 denials
to whites -- while making only 45 loans to
African Americans, with eight denials.
This is far out of keeping with the
demographics, and others lenders, Florida -
this is outrageous.
Beyond its lending disparities, Valley
National Bank is being sued for
mis-categorizing and underpaying those who
work for it. See, e.g., PALERMO v. VALLEY
NATIONAL BANCORP (D.N.J. 2020) - submitted for
the record, and in light of the new merger
review Executive Order.
There is no public benefit to this
proposal.
Valley National Bank should be precluded
from acquiring these
branches: Yonkers 1900
Central Park Avenue, Yonkers, NY
10710 Corporate
Headquarters 12 Water Street, White Plains,
NY Mamaroneck Store
Front Mamaroneck 305 Mamaroneck Avenue,
Mamaroneck, NY 10543
Mount Kisco storefront Mount Kisco 51 South
Moger Avenue, Mount Kisco, NY
10549 Ossining,
240 S. Highland Avenue Ossining 240 S.
Highland Avenue, Ossining,
NY Brook Storefront
Rye Brook 800 Westchester Ave, Rye Brook, NY
10573 Thornwood
storefront Thornwood 994 Broadway, Thornwood,
NY 10594 White Plains
storefront White Plains 464 Mamaroneck Avenue,
White Plains, NY 10605
We timely request public hearings. The
comment period should be extended; evidentiary
hearings should be held; and on the current
record, the application should not be
approved.
Watch this
site.
***
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