| M&T Says
It Will Cut 661 Jobs in Bridgeport As Fed
Lumbers To Rubber Stamp, FOIA Delayed
By Matthew
Russell Lee, Patreon Story
BBC
- Guardian
UK - Honduras
- ESPN
FEDERAL COURT / S
Bronx, August 2 – 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 the proposed
merger of two redlining banks,
M&T and People's United,
will be a litmus test, see
below.
Fair
Finance Watch timely protested
the proposed merger, and Inner
City Press filed a FOIA
request. The Fed wrote that it
had granted expedited
processing for the FOIA
request - but now months later
has yet to give a single
document, while having closed
the comment period. It is a
scam.
Meanwhile
after the comment period
closed, M&T made a WARN
Act filing it would cut 661
jobs in Bridgeport. Now,
belatedly, Bridgeport Mayor
Joseph P. Ganim has said,
"This announcement of layoffs
is appalling as there was no
indication of layoffs of this
magnitude when city officials
met with M&T Bank," this
in a letter to state Attorney
General William
Tong.
Connecticut state Sen. Marilyn
Moore, who represents
Bridgeport, has requested
legislative hearings about the
planned job cuts.
But the Fed
lurches on, despite all the
talk in DC and the Antitrust
Executive Order to more
closely scrutinize mergers.
What's next?
Now another one:
Old National's proposal to buy
First Midwest. If the Federal
Reserve, or at least Governor
(soon to be Fed chair?) Lael
Brainard, had a problem with
PNC - BBVA, why now Old
National - First Midwest?
For now we
note that in Indiana in 2019
Old National based on its
disparate marketing made 3312
mortgage loans to whites, with
1060 denials to whites --
while making only SIXTY TWO
loans to African Americans,
with more than that in
denials: 65. This is
outrageous.
There's Valley
National - Westchester Bank
too.
Inner City
Press (and Fair Finance Watch,
on the HMDA) will have more to
say about this. Watch this
site.
***
Your
support means a lot. As little as $5 a month
helps keep us going and grants you access to
exclusive bonus material on our Patreon
page. Click
here to become a patron.
Feedback:
Box 20047, Dag
Hammarskjold Station NY NY 10017
Other, earlier Inner City Press are
listed here,
and some are available in the ProQuest
service, and now on Lexis-Nexis.
Copyright 2006-2021 Inner City
Press, Inc. To request reprint or other
permission, e-contact Editorial [at]
innercitypress.com
|
,
