| US Bancorp
MUFG Bid Critiqued in Sept by Fair Finance
Watch Now Faces Public Hearing
By Matthew
Russell Lee, Patreon Story
BBC
- Guardian
UK - Honduras
- ESPN
FEDERAL COURT /
Bronx, Feb 7 – Whether or not
the U.S. Community
Reinvestment Act will be again
enforced under this
Administration and its
regulators is an open
question. And as Inner City
Press published
in September 2021, the
proposed acquisition by U.S.
Bancorp of Japan's MUFG's U.S.
business (along with Stock
Yards - Commonwealth and CBTX
- Allegiance) will be among
the litmus tests.
Fair Finance
Watch back in September
analyzed: U.S. Bank in 2020 in
New York State made only 26
mortgage loans to African
Americans, while denying more,
fully 66 applications from
African Americans. By
contrast, it made 842 loans to
whites while denying less,
only 567 applications from
whites.
U.S.
Bank in 2020
in Florida
made only 196
mortgage loans
to African
Americans,
while denying
more, fully
259
applications
from African
Americans. By
contrast, it
made 4140
loans to
whites while
denying fewer,
only 2107
applications
from whites.
U.S.
Bank in 2020
in Michigan
made only 34
mortgage loans
to African
Americans,
while denying
more, fully 48
applications
from African
Americans. By
contrast, it
made 1208
loans to
whites while
denying fewer,
only 436
applications
from whites.
MUFG's
Union Bank in
Oregon
in 2020 made
only ONE
mortgage loan
to and African
Americans,
while denying
more, two
applications
from African
Americans. By
contrast, it
made 196 loans
to whites
while denying
fewer, only 55
applications
from whites.
Then there are
MUFG's
admitted-to
violations.
Now
in February
2022 the
Federal
Reserve has
belated announced
"The Federal
Reserve Board
and the Office
of the
Comptroller of
the Currency
(OCC) today
announced a
joint public
meeting on the
proposal by
U.S. Bancorp,
Minneapolis,
Minnesota, to
acquire MUFG
Union Bank,
National
Association,
San Francisco,
California.
The proposal
includes the
merger of
Union Bank
into U.S. Bank
National
Association,
Cincinnati,
Ohio...
The public
meeting will
be held
virtually on
March 8, 2022,
at 11:00 a.m.
EST. Members
of the public
seeking to
present oral
comments must
register by
12:00 p.m. EST
on March 1,
2022, through
the online
registration webpage."
Watch this
site.
The
proposal was and is part of a
trend: HSBC dumps its US
business to Citizens and
others, BBVA selling to PNC.
Nothing was done, though the
latter case drew antitrust
scrutiny and a dissent at the
Federal Reserve. This one,
with the consolidation trend
now clear and the
Administration's Antitrust
memo out should draw more
scrutiny.
On the
current record, the
application should not be
approved.
***
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