| Republic
Bank Fails with Disparate Record in PA and
NJ Given to Fulton With Narrow CRA
By Matthew
Russell Lee, Patreon
SDNY COURTHOUSE,
April 28 – There was a
bank board of directors fight
and lawsuit in Philadelphia -
but otherwise unreported was
the disparate lending records
of the institution as issue,
Republic Bank, subsidiary of
Republic Bancorp.
And now the bank
has failed - and been given to
Fulton Financial, which as
Inner City Press reported
commented trying to separately
fair lending from the
Community Reinvestment Act:
"Fulton
Financial, on
which ICP has
previously
commented,
perhaps
understandably
given its
lending record
urges 'De-couple
CRA from Fair
Lending... CRA
and Fair
Lending have
complementary
but different
social and
policy
objectives.
CRA ratings
should not be
downgraded
based on the
results of a
bank's fair
lending
performance
and exam
results.'"
Now see
to what that
view would
expand to:
In
Pennsylvania in 2020 Republic
Bank made 613 mortgage loans
to whites and only 14 to
African Americans.
In New
Jersey, insurgent George E.
Norcross III's stomping
grounds - literally - Republic
Bank in 2020 made 1662
mortgage loans to whites and
only 67 to African Americans,
the Home Mortgage Disclosure
Act data reseach by Fair
Finance Watch
finds.
Meanwhile in the
court case, reviewed by
SDNY-based Inner City
Press: "Defendant
Republic First Bancorp Inc.
(“FRBK”), it is hereby ORDERED
that:
1. The
Parties are required to
maintain the status quo ...
The Court may modify Paragraph
3 of this Order at the request
of any party for good cause
shown, following notice to all
other Parties." The order
doesn't mention George
Norcross - but the story does.
We'll have more on
this.
The case is HILL
v. COHEN (E.D. Pa. 2022),
22-cv-01924 (District Judge
Paul Steven Diamond)
***
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