| Merger Application by First
National Bank of Omaha to Buy Blue Ridge
Opposed by FFW
by
Matthew Russell Lee, Patreon Book
Substack
FEDERAL
COURT,
June 19 – How automatic do
banks now think merger
approvals are? How automatic
does the OCC make them? There
is a new test case, before the
OCC, to which Fair Finance
Watch has filed:
a timely comment
opposing the Application by First National
Bank of Omaha to acquire Blue Ridge Bank and
Trust, which appears on the OCC's website with
a comment period running though July 10. This
comment is timely.
The applicant First National Bank
of Ohama in 2023 in Illinois made 562 mortgage
loans to whites and only TEN to African
Americans. In 2024 it got worse: 591 loans to
whites (more than in 2023) and only FIFVE to
African America (less, 50% less, than in
2023). Public hearing are needed.
First National Bank of Ohama in 2023 in
Colorado made 827 mortgage loans to whites and
only SIX to African Americans. Loans to
African Americans fell to THREE in
2024.
These practices should not be allowed to
expand.
The OCC should inquire and disclose if
any branches would be closed if it were to
approval this proposal. See
also, for the record on the application: "The
Consumer Financial Protection Bureau (CFPB)
has ordered First National Bank of Omaha to
provide $27.75 million in relief to roughly
257,000 consumers harmed by illegal practices
with credit card add-on products. The bank
used deceptive marketing to lure consumers
into debt cancellation add-on products and it
charged consumers for credit monitoring
services they did not receive. First National
Bank of Omaha will also pay a $4.5 million
civil money penalty to the CFPB."
This acquisition proposal should be
denied. Inner City Press is requesting
an extension of the public comment period,
public / virtual evidentiary hearings and
that, on the current record, the applications
not be approved. We intend to comment further
once the 2025 data belatedly becomes available
and searchable on the CFPB's website.
FFW and Inner City Press
have been deeply concerned about the rush by
the OCC's to rubber-stamp mergers by
redliners, money launderers and predatory
lenders.
No
response yet on Column NA fintech scam
petition.
There will be more coming.
***
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