| Atlantic
Union CRA
Protested on
American
National
Replies 2.4
Disparities Is
Fine
by
Matthew Russell Lee, Patreon Book
Substack
SOUTH BRONX NY,
Nov 4 – Two of 2023's
largest US proposed bank
mergers were announced this
summer: Atlantic Union
applying to buy Atlantic
National in Virginia, and Banc
of California to buy
PacWest.
Fair Finance Watch had been
monitoring the banks, and on
September 25 commented to the
Federal Reserve on and against
Atlantic Union - American
National, below.
On October 6,
mailed October 11, Atlantic
Union's counsel claims that
it's fine that Atlantic Union,
in Virginia in 2022, made 2819
mortgage loans to whites, and
only 197 to African Americans.
Meanwhile it denied 159
applications from African
Americans, and only 944 from
whites.
Atlantic
Union has told the Federal
Reserve that's fine.
That is to
say, beyond the 2.4 denial
rate disparate, American Union
made fully 14 mortgage loans
to whites for every loan to an
African American.
Statewide in Virginia for the
aggregate, the ratio was five
to one.
This is
outrageous; again, American
Union should be referred by
the FRB to the Department of
Justice.
FFW
and Inner City Press have been
deeply concerned about the
rush by the Federal Reserve to
rubber-stamp mergers by
redliners, money launderers
and predatory lenders. This
has been killing the Community
Reinvestment Act and we timely
request public hearings.
We'll have more on this.
***
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