| Credit Union
Associations Demand Stay of CFPB 1071 Rule
As They Also Move to Merge
By Matthew
Russell Lee, Patreon Maxwell
Book
SOUTH BRONX,
August 14 – The Texas
Bankers Association and ABA
managed to finagle a Federal
court ruling allowing its and
the ABA's members'
non-compliance with the
Consumer Financial Protection
Bureau's small business data
collection rules, pending
Supreme Court decision on
CFPB's structure and funding.
Order here.
On August 3, the
ABA wrote to demand the CFPB
extend the stay to its
non-members, here.
On August 11 the
two credit union associations
wrote it to get a stay - while
they themselves try to merger.
The letter
was signed by NAFCU Vice
President of Regulatory
Affairs Ann Petros and CUNA
Deputy Chief Advocacy Officer
and Managing Counsel Alexander
Monterrubio.
There will be fightback.
Meanwhile,
Pennsylvania, California,
Delaware and Virginia are
portrayed as diverse and even
progressive places. But their
banks, not so much.
Consider
for example the proposed
merger on the rebound between
New York-based Link Bank and
Partners Bancorp, which
recently broke off its
proposed deal with OceanFirst.
Inner City Press
and Fair Finance Watch have
long exposed redlining - and
in this vein, on May 6 they
filed a Community Reinvestment
Act challenge with the Federal
Reserve, below.
On July 25, amid
winks from the US bank
regulators about approving
such mergers, PacWest is
rushing to combine with Banc
of California. Will the
regulators throw out the
window their claims of renewed
vigor, to encourage yet more
mergers? Watch this site.
This is a
timely first comment on the
Applications of LINKBANCORP,
Inc. Camphill, Pennsylvania;
to acquire Partners Bancorp,
Salisbury, Maryland, and
thereby indirectly acquire The
Bank of Delmarva, Seaford,
Delaware, and Virginia
Partners Bank, Fredericksburg,
VA "and more."
Since Partners
Bancorp's attempt to sell
itself to Ocean Bancorp died
amid reports of regulator
concern - CRA failures covered
up - documents in that regard
should be provided (and made
part of the record on this
application), too.
Fair Finance
Watch has been reviewing
LinkBank including its 2021
HMDA data not taken into
account in any CRA exam and
finds it troubling.
In
Pennsylvania in 2021, Link
Bank made 49 HMDA-reported
loans to whites - and only TWO
to African Americans, worse
that its peers. When one
expands the review to include
loans beyond Pennsylvania,
Link Bank's loans in 2021 to
whites increase to 53, but to
African Americans remains the
same insufficient
TWO.
If the regulators
at the Fed and FDIC mean what
they claim, this application
should be denied. Watch this
site.
***
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