| CRA Problems with
ConnectOne Merger With First of
Long Island Hit by Fair Finance
Watch
by
Matthew Russell Lee, Patreon Book
Substack
SOUTH
BRONX,
Nov 18 –As ConnectOne Bank and
First National Bank of Long
Island congratulate themselves
on a merger proposal, the
preliminary review by Fair
Finance Watch finds problems.
ConnectOne, taking deposits in
New York, New Jersey and
Florida, in 2023 made only one
mortgage loan to an African
American
applicant.
Meanwhile
First National Bank of Long
Island, after a weak and
disparate lending performance
in 2023, now lists on its
website that mortgages are
only offered through Rocket
Mortgage. How do and would
these two banks - which should
be kept separate and not be
allowed the merge, under the
Community Reinvestment Act,
serve communities. It appears
that they don't.
Inner City
Press has now FOIA-ed and
challenged the required
applications for regulatory
approval, on November 18 to
the FDIC. Watch this site
***
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