| Oakwood Bank
Subject to CRA Condition Hit By Protest to
MapleMark Bank Merger Proposal
By Matthew
Russell Lee, Patreon Story
BBC
- Guardian
UK - Honduras
- ESPN
FEDERAL COURT / S
Bronx, March 21 – Whether or
not the U.S. Community
Reinvestment Act will be again
enforced until the new
Administration and its
regulators remains an open
question.
Now
as a CRA challenge, Fair
Finance Watch with Inner City
Press on the FOIA has filed
comments with the Federal
Deposit Insurance Company to a
proposed merger involving a
bank subject to a rare CRA
condition: Oakwood Bank in
Dallas, and MapleMark Bank:
"March 21,
2022 Dear Regional
Director Elmquist, Ass't
Regional Director Finnegan and
others at the
FDIC: This is a
request for all information in
the possession of the FDIC
about, and a timely comment
on, the Applications of
Oakwood Bank to merge with
MapleBank Bank, both of
Dallas, Texas.
The FDIC publicly
imposed a CRA / fair lending
condition on Oakwood for its
underperformance in Dallas,
see, e.g., FDIC required
Oakwood Bank to "develop plans
to equitably lend to low- and
moderate-income borrowers in
predominately minority parts
of Southern Dallas... [and]
action plans to improve small
business lending in census
tracts in majority-minority,
and low- to moderate-income
areas. Those action plans have
to be adopted by the banks'
board of directors and
submitted to the FDIC, which
is also requiring regular
updates on the banks'
progress."
There is a
long history here. See, e.g.,
American Banker, "Oakwood's
CRA Problems
Continue."
Inner City
Press has submitted a FOIA
request to the FDIC for All
records reflecting and
regarding the fair lending /
Community Reinvestment Act
condition publicly imposed by
the FDIC on Oakwood Bank in
Dallas, Texas, including all
non exempt portions of reports
purporting to show
performance
This is a matter
of public interest, as it
MapleMark's engagement with
fintech(s), see, e.g.,
MapleMark Bank is utilizing
German fintech in a
partnership Jun 9, 2021
— A Dallas-based bank funded
by local family offices is
partnering with a German
fintech There is
no HMDA data for either
institution, also troubling.
Inner City Press is requesting
an extension of the public
comment period, public /
virtual evidentiary hearings
and that, on the current
record, the applications not
be
approved
FFW and Inner City Press have
been deeply concerned about
the rush by the FDIC's to
rubber-stamp mergers by
redliners, money launderers
and predatory lenders. This
has been killing the Community
Reinvestment Act and we timely
request public hearings.
Very Truly
Yours,
Matthew Lee, Esq.
Executive Director Inner
City Press/Fair Finance Watch
Inner City
Press (and Fair Finance Watch,
on the HMDA) will have more to
say about this. Watch this
site.
***
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