| Former FDIC
Boss and Bank Shill McWilliams Cashes Out
to Cravath in DC, Bad Banks Line Up
By Matthew
Russell Lee, Patreon Maxwell
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BBC-Guardian
UK - Honduras
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NY
Mag
SOUTH BRONX /
SDNY, June 8 – How much
of a swamp is Washington DC,
when it comes to banks
dominating their putative
regulators? Newest exhibit is
this: "Jelena McWilliams, the
former chair of the Federal
Deposit Insurance Corp. is
joining Cravath, Swaine &
Moore as a partner, anchoring
the firm’s new Washington,
D.C., office, the law firm
announced Monday. Also joining
the D.C. office as partners
are two former Securities and
Exchange Commission (SEC)
staffers: Elad Roisman, a
former commissioner and acting
chairman of the regulator, and
Jennifer Leete, a former
associate director in the
SEC’s Division of Enforcement,
the law firm said. The move
marks McWilliams’ return to
the private sector after
spending 3½ years at the helm
of the FDIC. A holdover from
the Trump administration,
McWilliams stepped down from
the regulator in February
following a dust-up with
two FDIC board members."
So who now will
Cravath represent, before the
regulatory agencies? We'll
have more on this.
New York and
Massachusetts are portrayed as
diverse and progressive
places. But their banks, not
so much.
Consider
for example today's proposed
merger between Brookline Bank
in Massachusetts and PCSB Bank
in New York, with branches in
Mount Vernon, Eastchester and
elsewhere.
Bronx-based Inner
City Press has long exposed
redlining. Along with Fair
Finance Watch it finds that in
2020, the most recent year for
which Home Mortgage Disclosure
Act data is publicly
available, PCSB Bank in New
York State made 79 loans to
whites - and only seven to
African America. The dollar
volume difference is even
worse, a twenty to one
disparity.
So what is the
lending record in
Massachusetts of Brookline
Bank, the proposed acquirer of
PCSB?
Well, Brookline
Bank in 2020 made 456 loans to
whites and only FOUR to
African Americans. Meanwhile
it denied fully 11
applications from African
Americans, and only 93 from
whites.
This is a
proposed merger that should
and will be challenged under
the Community Reinvestment Act
to the regulators. In fact, if
the regulators mean what they
claim, this application should
not even be filed. Watch this
site.
***
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