| PayPal Hid Small Community
Reinvestment Act Plan for Utah
Bank Until Fair Finance FOIA
by
Matthew Russell Lee, Patreon Book
Substack
FEDERAL
COURT,
Dec 26 – PayPal wants to open
a bank - but tried to keep
secret its Community
Reinvestment Act plan.
On
December 16 Fair Finance Watch
commented against PalPal's
proposal, to the FDIC (which
is moving to cut out the
public) and to the Utah
Department of Financial
Institution.
While the
FDIC had not responded, two
days later, the Utah agency
sent the "public" portion of
the application. But the CRA
Plan was called
"confidential." Inner City
Press immediately sought it
under FOIA / GRAMA:
On
behalf of Fair
Finance Watch
and in my
personal
capacity, this
is a request
under the Utah
Government
Records Access
and Management
Act, §63-2-101
et seq., for a
copy of PayPal
Bank's
Community
Reinvestment
Act plan. FFW
is a timely
commenter on
the
application,
but just
learned that
the part it
most wants to
see, the CRA
plan, is for
some reason
being
withheld. What
is PayPal
ashamed of?
On
December 26,
after the
GRAMA request,
the
Utah agency
sent Fair Finance
Watch PayPal's draft
CRA Plan,
and we see why
they tried to
hide it. It
proposes a very small
assessment area for
business
as large
as PayPal,
and that a
program of
$85,000 by it
should get it
an
"Outstanding"
rating. No.
PayPay's
draft CRA
plan, with
Inner City
Press' DocumentCloud not
working for
it, is for
now on Patreon
here.
We'll have
more on this.
Tellingly,
still no response
from the FDIC.
Before
that, this
comment (also
to the FDIC) -
On behalf
of Fair Finance Watch, this is
a timely comment in opposition
to the application to charter
the proposed PayPal Bank
Industrial Bank:
Consider both the complaints
about PayPal, and about the
difficulty of complaining
about or even to PayPal: "It
was extremely difficult to
close my Paypal account and
Paypal Credit account even
after I experienced fraud.
Someone was charging the
credit card connected to the
Paypal account. Even though
Paypal notified me of
fraudulent activities, I got
the run around when I
requested to close both
accounts. ... Paypal customer
service? Customer Service does
not exist except to make
things even more complicated.
So I am screwed, my friend is
screwed and Paypal is richer
by 750$…nice BTW, I am a 76 yr
old disabled veteran living on
social security…needed this $$
badly to survive…I guess
Paypal needed it more. F%#*
Paypal…
And, from the
closing-down CFPB: "My PayPal
account suffered account take
over. Unfortunately the app or
website doesnt allow to change
tel numbers, information,
removed stores cards etc. I
submitted a claim onto PayPal,
as I noticed an erroneous
telephone number, I could not
change that and/nor have heard
back from PayPal. Since I
suffered an account take cover
and I reported this to
PayPall, this should have been
remediated immediately. Hasnt
happened yet!" No public
response
https://www.consumerfinance.gov/data-research/consumer-complaints/search/detail/8234624
This is not a company that
should be given a bank or ILC
charter with no public
benefit, no real CRA
plan. Fair
Finance Watch is hereby timely
requesting public hearings,
and that we be emailed a
complete copy of the
application.
On the
current record, PayPal's
proposal could not
legitimately be approved.
***
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