| Disparate Hudson Valley
Credit Union Wants to Gobble Up a
Bank Removing it from CRA
by
Matthew Russell Lee, Patreon Book
Substack
SDNY
COURTHOUSE,
Jan 12 – The trend of credit
unions buying banks is growing
- and credit unions are not
subject to the Community
Reinvestment Act. Nor do some
of them respect the fair
lending laws.
Take, this
week, the proposed acquisition
in New York of Catskill Hudson
Bancorp by Hudson Valley
Credit Union.
Home
Mortgage Disclosure Act data
for 2022, reviewed by Inner
City Press / Fair Finance
Watch, show that Hudson Valley
Credit Union made 141 loans to
African Americans while
denying more applications,
164, from African Americans.
By contrast it made fully 2583
loans to white, which less
than half than number of
denials: 1128.
HVCU should be
referred to the Justice
Department for prosecution.
But it will not be under the
Community Reinvestment Act.
This loophole must be closed.
***
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