| Fed Gives Stock
Yards Bancorp Waiver As On
Reserve Bank Board While Claims
No Records
by
Matthew Russell Lee, Patreon Book
Substack
FEDERAL
COURT,
March 20 – How
automatic do banks now think
merger approvals are? Stock
Yards Bancorp announced a
proposal to buy Field &
Main bank and its holding
company - but has yet to apply
to the Federal Reserve.
This while
Stocks Yards' CEO is on a
board of directors of the
Federal Reserve Bank of St
Louis.
On February 13
Fair Finance Watch filed
challenges to the deal with
the FDIC - and with the
Federal Reserve, opposing any
waiver.
On March 20 -
more than a month later - the
Fed Secretary wrote that he
was giving a waiver, and to
request any records under
FOIA. But the Fed has already
told Inner City Press it HAS
not records about the very
time of board interlock -
between bank and Reserve Bank
- which is cites here. Inner
City Press has asked for
expedited treatment.
In 2024 in
Kentucky, from which Stock
Yards is ostensibly regulated,
Stock Yards made only 60 loans
to African Americans while
denying 46 applications
from African Americans. By
contrast in Kentucky in 2024
Stock Yards made 1,424 loans
to whites while denying only
515. This
comparison is striking. This
application must be
denied. In
2024 in Ohio Stock Yards made
only 13 loans to African
Americans while denying three
applications from African
Americans. By contrast in Ohio
in 2024 Stock Yards made 53
loans to whites while denying
only six. In
2024 in Indiana Stock Yards
made only 27 loans to African
Americans while denying seven
applications from African
Americans. By contrast in
Indiana in 2024 Stock Yards
made 209 loans to whites while
denying only
59. This
comparison is striking. This
proposal must be denied
***
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