| Synovus Lending Disparities
and CFPB Fine Bode Badly For
Pinnacle Which Says Too Early
by
Matthew Russell Lee, Patreon Book
Substack
SOUTH
BRONX/SDNY,
Aug 4 – Synovus Bank, with a
track record of disparate
lending and consumer
complaints, now proposes to
cash out and merge with
Nashville-based
Pinnacle.
Pinnacle has said it's too
early to say much: "Joe Bass,
a spokesman for Pinnacle,
noted that, when the merger
closes, the combined bank
would have $116 billion in
assets, compared to $55
billion for Pinnacle
today. “It’s way too
soon to answer specific
questions about specific
programs." So when will it not
be too early?
Fair
Finance Watch, as the Federal
Reserve memorialized, has
noted "disparities in denial
rates and home mortgage
originations to African
Americans and/or Hispanics, as
compared to whites, in certain
markets. The commenter also
noted a complaint filed with
the CFPB against Synovus Bank
relating to collecting on a
debt allegedly not
owed."
Since then, Synovus showed up
in the criminal "We Build the
Wall" prosecution in the U.S.
District Court for the
Southern District of New York,
covered by Inner City Press,
and in NSF investigations.
Fair Finance Watch has
reviewed the just-released
2024 Home Mortgage Disclosure
Act data of Synovus and finds
that while it made 3.18 loans
to whites for each denial to
whites, it made only 1.7 loans
to African Americans for each
denial to African Americans.
We will have more on these
troubling disparities,
including under the Community
Reinvestment Act. Watch this
site.
***
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