| Toronto Dominion Brags Bid
to Buy 1st Horizon On Track Despite No
Approval, Gun Jumping
By Matthew
Russell Lee, Patreon Maxwell
Book
BBC
- Guardian
UK - Honduras
- ESPN
SDNY / SOUTH
BRONX, Nov 7 – Seemingly
oblivious to US regulators
stated desire to tighten up
their merger review rules,
specifically on fair lending,
Toronto Dominion on February
28 announced a $13.4 billion
proposal to buy First Horizon.
Fair
Finance Watch has been
concerned by TD Bank's lending
disparities for some time.
Nationwide in 2020, TD Bank
denied almost as many
applications from African
Americans (833) as it made in
mortgage loans to African
Americans (853). It was far
more generous with white
borrowers: 23,469 loans made,
with only 9009 denials.
Fair
Finance Watch immediately
online noted that in New York
State in 2020, TD Bank was
even worse. It denied more
mortgage applications from
African Americans (255) that
it made loans to African
Americans in NYC (198). Again,
TD Bank was far more generous
with white borrowers in NYS:
3,558 loans made, with only
1714 denials.
Fair
Finance Watch said: but just
as the Federal Reserve
begrudgingly is holding a
public hearing on US Bancorp -
MUFG / Union Bank, on March 8,
there is even more reason to
hold multiple hearings on a
large and disparate Canadian
bank buying Horizon.
Now even more so,
as the arrogance of Toronto
Dominion is on full display:
it has bragged that the deal
is "on track" and it is
already integrating with First
Horizon - without required
regulatory approvals: "TD Bank
Group said in a statement
Wednesday [Nov 2], 'Teams at
both TD and First Horizon are
working together to ensure a
seamless integration
experience for our customers
as we prepare to introduce
First Horizon customers to TD
Bank. We will provide more
details on that when full
regulatory approval is
received.'"
Shouldn't
that be IF approval is
received? And how is it legal
to be working together without
merger approvals? Watch this
site.
Earlier arrogance
(and testimony) here.
Inner City Press
will be inquiring under the
Freedom of Information Act.
Watch this site.
***
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