| BMO Harris
BNP Face Fed Qss After Admitting
Mislabeling Info Now Confidential Answers
By Matthew
Russell Lee, Patreon Story
BBC
- Guardian
UK - Honduras
- ESPN
FED COURT / S
Bronx, Sept 2 – Whether or not
the U.S. Community
Reinvestment Act will actually
be enforced under the
Administration and its
regulators remains an open
question. Consider: Inner City
Press immediately reported
that BMO Harris' application
to buy Bank of the West and
its more than 500 branches
from BNP would be a litmus
test.
Fair
Finance Watch noted, from Day
1, that in 2020 BMO Harris
denied many more mortgage
applications from African
Americans than it approved:
509 denied versus only 223
loans made to African
Americans, nationwide. BMO's
numbers for whites were the
reverse: 9270 loans made,
versus less then six thousand
denials. As noted, there are
also climate and secrecy
issues. Fair Finance Watch and
other raised branch closings.
On August 23-4
the Fed has asked questions.
Late on September
2, the banks submission
answers - referring repeated
to withheld "Confidential"
exhibits:
"a. Copies of
policies and procedures for
BHB’s new overdraft
program;
See Confidential
Exhibits A-1 thru A-15 for the
policies and procedures
related to BHB’s overdraft
practices.
8. Provide pro
forma asset quality
information, including total
allowance for loan losses for
BFC and BHB, as of March 31,
2022. Include a discussion of
why the proposed level of
capital and loan loss reserves
would be adequate to support
the level of nonperforming
assets following consummation
of the proposed
transaction.
See Confidential
Exhibit B.
9. Provide
actual and pro forma
risk-based capital ratios (and
supporting documentation)
calculated according to CECL
as of March 31, 2022.
See
Confidential Exhibit
C.
10. The original
filing stated that there would
be no changes to the board of
directors of Bank of Montreal;
however, the directorate of
BFC and BHB will include some
representation from BOTW’s
current board of directors.
Provide an update as to who
has been or will be asked to
join the directorate of BFC
and BHB and include a 7
brief background on the
individuals and the timeline
of when they will join
post consummation. In
addition, please confirm that
there are still no
contemplated changes to
the Bank of Montreal
directorate.
See Confidential
Exhibit D.."
This is
outrageous. The Fed itself
should made these exhibits
public. Watch this site.
The banks in an
August 3 letter belatedly
admitted: "One commenter
requested that certain
confidential exhibits to the
April 12, 2022 responses to
the Federal Reserve as well as
certain confidential exhibits
to the initial Federal Reserve
application be made public.
The parties have reviewed this
information and have concluded
that some of this information
can be public." So why did
they mislabel it, and the Fed
allow it? The comment period
must be reopened. Especially
in light of this:
The banks now
claim: "Commenters criticized
BNP Paribas S.A.’s15 and BMO’s
efforts related to climate
resiliency and lending to the
fossil fuel
industry...Similarly, BNP
Paribas and BOTW have some of
the financial services
industry’s most restrictive
financing policies concerning
the most damaging forms of
fossil fuel extraction and
have minimal exposure to the
fossil fuel exploration and
extraction sectors."
But consider:
"Following the UK government's
decision to give "final
regulatory approval" to
Shell's Jackdaw gas field in
the North Sea, a coalition of
climate organizations
sent a letter to the oil
major's biggest bankers
calling for a halt to the
project. The letter was sent
to 25 financiers of Shell,
including the top five
financiers in the period 2016
- 2021: BNP Paribas... Almost
all of the bank recipients of
the letter have commitments to
reach “Net Zero” in their
financed emissions by 2050,
including the top five – all
members of the Net Zero
Banking Alliance (NZBA). The
letter highlights the
incompatibility between these
banks’ financial relationship
with Shell and their own
climate commitments,
potentially exposing them to
significant reputational,
legal, financial and other
risks."
We'll have more
on this- watch this site.
Inner City
Press (and Fair Finance Watch,
on the HMDA) will have more to
say about this. Watch this
site.
***
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