| M&T
Brags It Will Cut 661 Jobs As NY & CT
Rubber Stamp, Fed FOIA Delay &
Duplicity
By Matthew
Russell Lee, Patreon Story
BBC
- Guardian
UK - Honduras
- ESPN
FEDERAL COURT / S
Bronx, Oct 25 – Whether or not
the U.S. Community
Reinvestment Act will be again
enforced under this
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 Fed comment period
closed, M&T made a WARN
Act filing it would cut 661
jobs in Bridgeport. Then
Bridgeport Mayor Joseph P.
Ganim 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 now in
October, Connecticut and New
York regulators have doled out
their approvals. What's new
under CRA? So far, not much.
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?
Especially now that Old
National has been formally
sued for redlining? Where is
Merrick Garland on this one?
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.
Inner City
Press (and Fair Finance Watch,
on the HMDA) will have more to
say about this. Watch this
site.
***
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