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FEDERAL COURT / S Bronx, Nov 8 – 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 now for the Office of the Comptroller of the Currency, Community Bank NA's application to acquire Elmira Savings Bank will be a litmus test, see below.

And on consumer protection, this: Rent-A-Center belatedly disclosed on November 5 that its fintech Acima faces a probe from 40 state attorneys general over its business practices, which are also under eye of the Consumer Financial Protection Bureau.

On November 6, Fair Finance Watch and Inner City Press filed with the OCC

"This is a timely first comment opposing and requesting an extension of the OCC's public comment period on Community Bank NA's applications to acquire Elmira Savings Bank.     Fair Finance Watch and Inner City Press have long been concerned by disparities in CBNY's lending. Recently, similar disparities at Investors Bank, raised by Inner City Press, triggered conditions on Investors, by the FDIC. See here

 So what's up with the OCC, on CBNA's disparities? 

The applicant Community Bank National Association in 2020 in New York State based on its disparate marketing made 4329 mortgage loans to whites, with 871 denials to whites -- while making only TWENTY SEVEN loans to African Americans, with five denials.  

That is, for CBNA in NYS, 4329 loans to whites versus only 27 to African Americans.  

  In Vermont in 2020, CBNA  based on its disparate marketing made 224 mortgage loans to whites, with 75 denials to whites -- while making only ONE loans to an African American applicant, with one denial.    This application should not be approved, much less at this time."

Meanwhile, the FDIC wrote:

 "Matthew Lee, Esquire Executive Director Inner City Press/Fair Finance Watch  Dear Mr. Lee: We are writing to inform you that the FDIC approved Investors Bank’s application to acquire eight branches from Berkshire Bank. As part of the application review process, we investigated the issues you raised in your e-mail dated January 19, 2019... The Bank will develop and Board approve an Action Plan within 60 days of the  effective date of this Order to ensure that its home mortgage lending adequately  addresses the credit needs of all segments of its market areas. The Action Plan  should include, at a minimum, the following: a. The Bank will regularly monitor application and origination activity of home  mortgage loans in majority-minority census tracts and from Blacks throughout the  Bank’s assessment areas.  b. The Bank will ensure marketing and outreach efforts are inclusive of all communities,  including minority communities within all the Bank’s assessment areas. The  marketing and outreach efforts should focus on home mortgage product awareness.  Marketing activities should use materials and media that reflect the racial and ethnic  composition of the targeted communities. The Bank should also have specific  advertising and outreach goals, and the results of these efforts should be documented,  monitored, and evaluated for effectiveness.  5. Upon Board approval of this Order, the Bank will provide a copy of the signed Order to  the FDIC's New York Regional Office within 30 days.  6. Upon Board approval of such Action Plan, the Bank will provide a copy of the Plan  to the FDIC’s New York Regional Office. 7. The Bank will provide the FDIC’s New York Regional Office with quarterly  updates detailing its progress in meeting the goals listed in the Action Plan."   

 So what's up with the OCC, on CBNA's disparities? Who's Hsu, or Omarova?

Watch this site.

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