| SouthState Lending
Disparities Triggered CRA
Challenge Now Reply Only As To
Independent
by
Matthew R. Lee,
Patreon Substack
SOUTH
BRONX / SDNY, Aug 9
–
When First Republic Bank
failed / was given to JP
Morgan Chase, a small list of
other regional banks came into
focus as in danger, banks
whose lending Inner City Press
and Fair Finance Watch had
been scrutinizing, even more
so that the 2023 data is out.
This week
Inner City Press filed with
the Fed, a timely first
comment on, the Applications
of SouthState Corporation to
merge with Independent Bank
Group, Inc., and Independent
Bank.
SouthState
in South Carolina in 2023 -
data not yet included in any
CRA exam - made 5013 mortgage
loans to whites, and only 228
loans to African Americans.
Meanwhile it denied only 670
applications from whites, and
fully 195 from African
Americans. SouthState should
be referred to
DOJ.
SouthState
in North Carolina in 2023 -
data not yet included in any
CRA exam - made 1334 mortgage
loans to whites, and only
FIFTY SEVEN loans to African
Americans. Meanwhile it denied
only 173 applications from
whites, and fully 20 from
African Americans.
SouthState in Florida in 2023
- data not yet included in any
CRA exam - made 2755 mortgage
loans to whites, and only 165
loans to African Americans.
Meanwhile it denied only 958
applications from whites, and
fully 69 from African
Americans.
SouthState
in Georgia in 2023 - data not
yet included in any CRA exam -
made 1176 mortgage loans to
whites, and only 318 loans to
African Americans. Meanwhile
it denied only 304
applications from whites, and
fully 88 from African
Americans.
SouthState
in Alabama in 2023 - data not
yet included in any CRA exam -
made 945 mortgage loans to
whites, and only FIFTY ONE
loans to African Americans.
Meanwhile it denied only 87
applications from whites, and
fully 17 from African
Americans. SouthState should
be referred to
DOJ.
Nationwide
in 2023, SouthState made 7798
mortgage loans to whites, and
only 947 loans to African
Americans. Meanwhile it denied
only 2491 applications from
whites, and fully 558 from
African Americans.
Why would
regulators even consider
approving its expansion?
Even more so now:
on August 9, SouthStreet
submitted to the Fed a
response - that deals only
with Independent Bank.
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
***
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