| Toronto Dominion Bragged 1st
Horizon Deal Was On Track Now Collapses Amid
Protest
By Matthew
Russell Lee, Patreon Maxwell
Book
BBC
- Guardian
UK - Honduras
- ESPN
SDNY / SOUTH
BRONX, May 4 – Seemingly
oblivious to US regulators
stated desire to tighten up
their merger review rules,
specifically on fair lending,
Toronto Dominion on February
28 announced a $13.4 billion
proposal to buy First Horizon.
Fair
Finance Watch has been
concerned by TD Bank's lending
disparities for some time.
Nationwide in 2020, TD Bank
denied almost as many
applications from African
Americans (833) as it made in
mortgage loans to African
Americans (853). It was far
more generous with white
borrowers: 23,469 loans made,
with only 9009 denials.
Fair
Finance Watch immediately
online noted that in New York
State in 2020, TD Bank was
even worse. It denied more
mortgage applications from
African Americans (255) that
it made loans to African
Americans in NYC (198). Again,
TD Bank was far more generous
with white borrowers in NYS:
3,558 loans made, with only
1714 denials.
And now on May 4,
2023, TD Bank and First
Horizon Bank announced the
termination of their merger
agreement, citing uncertainty
about the timetable to obtain
regulatory approvals
Fair
Finance Watch noted when TD
bragged that the deal is "on
track" and it is already
integrating with First Horizon
- without required regulatory
approvals: "TD Bank Group said
in a statement Wednesday [Nov
2], 'Teams at both TD and
First Horizon are working
together to ensure a seamless
integration experience for our
customers as we prepare to
introduce First Horizon
customers to TD Bank. We will
provide more details on that
when full regulatory approval
is received.'"
Shouldn't
that have been IF approval is
received? And how was it legal
to be working together without
merger approvals? Watch this
site.
Earlier arrogance
(and testimony) here.
Inner City Press
will be inquiring under the
Freedom of Information Act.
Watch this site.
***
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