| Amid PPP Secrecy By Mnuchin
Inner City Press Requests Data Valley National
Answer Here
By Matthew
Russell Lee, Patreon
BBC
- Guardian
UK - Honduras
- CJR -
PFT
SDNY COURT /
SOUTH BRONX, June 17 –
Amid the
COVID-19 pandemic, fair
lending and the Community
Reinvestment Act are taking a
back seat, or worse. Some
banks to which CRA applies are
excluding smaller businesses
and those in communities of
color. And some banks bragging
about the PPP loans won't
provide any information - we
are Pressing.
Inner City Press / Community
on the Move has begun
contacting both banks and
non-banks for their Paycheck
Protection Program data.
Without yet getting into the
full results, we want to make
a contrast not only to the
contempt for CRA and public
disclosure shown by Joseph
Otting, now with Black Knight
but also his OneWest crony and
Treasury Secretary Steve
Mnuchin calling PPP
information "proprietary."
The
contrast is to the answers by
a sample bank, Valley
National, to questions Inner
City Press / Community on the
Move put to its CEO and
others:
"Mr.
Lee:
I’m sending Ira Robbins’
response to your recent
inquiry below. Thank
you.
Dear Mr.
Lee: I
want to thank you for reaching
out to me. We were proud
to support the SBA’s Paycheck
Protection Program (PPP) and
support local businesses
throughout our footprint
during these challenging
times.
Over 500 Valley associates
worked around the clock to
stand up an online platform,
provide timely communication
about the program and provide
direct support to individual
businessowners and nonprofits
throughout the application
process.
Although we have not yet
compiled all the analytics
related to the questions you
asked, I am happy to provide
the results we have right
now. The metrics below
are current as of June 16,
2020:
§ 12,158 PPP loans have
been approved by the SBA and
funded by
Valley.
§ Total funding in PPP
loans is
$2,242,657,503
§ The average PPP loan
amount funded is $184,459 with
the median loan size being
$45,011
§ The distribution by
loan size of PPP loans made
are as follows: $0 -
$99K:
8,381 $100K -
$999K:
3,310 $1M -
$10M:
467 §
We made approximately 423
loans totaling $166 million to
nonprofit
organizations.
§ We processed 1,018
loans totaling approximately
$166 million to hotels and
restaurants.
§ Although we are still
aggregating this information,
preliminary results from
approximately 66% of our loans
show the following
distribution of PPP loans by
number of employees per
borrower:
o
1-10:
67% o
11-50:
25% o
51-100:
4% o
100-250:
3% o
250-500:
1%
25.8% of PPP borrowers have an
existing borrowing
relationship with the
bank. Our PPP
application process welcomed
many new customers who had no
prior banking relationship
with
Valley.
§ Data on PPP funding in
specific LMI geographies is
not currently available to us
today. [Hmm...] I hope that
these metrics will be of use
to you when compiling your
report. Sincerely,Ira
Robbins President &
CEO"
Contrast
this to the "proprietary
information" dodge - and note
for example that the highest
overdraft fee bank in America,
Ameris Bank has for now
responded to Inner City Press'
questions by stating that:
"Information about our
Paycheck Protection Program
participation can be found in
our filings with the
Securities and Exchange
Commission.
Sincerely, William D.
McKendry EVP and Chief Risk
Officer Ameris Bank. "
UNacceptable.
We'll have
more on this and others,
including fintechs. Watch this
site.
***
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