| On Columbia
Financial Loan Disparities
Bode Badly for NY
Northfield Proposal FFW
to Fed
by
Matthew Russell Lee, Patreon Book
Substack
SOUTH
BRONX/SDNY,
March 20 – Columbia Financial
proposes to expand into New
York by taking over Northfield
Bancorp.
Fair
Finance Watch, while the
Federal Reserve refuses to act
to ensure public access to
Home Mortgage Disclosure Act
data, has commented to
the Fed on the 2024 HMDA data
of both institutions:
"Dear Chairman
Powell, Secretary Misback:
This is early opposition to
the application of Columbia
Financial, Inc.to acquire
Northfield Bancorp and
Northfield Bank, Staten
Island, New York. Today the
application was filed / notice
posted on the FRB's
website.
In
New York in 2024 Columbia made
four mortgage loans to whites
while denying one - with
nothing at all to / for
African
Americans.
Northfield Bank in New York in
2024 made only 10 loans to
African Americans, while
denying fully 21 application
(it made 93 loans to whites,
denying
146).
Northfield's
denial rates by income groups
are also disparate and merit a
public hearing:
|
Income Band
|
Denial Rate
|
|
Under $50k
|
86.2%
|
|
$50–100k
|
71.9%
|
|
$100–150k
|
59.1%
|
|
$150–200k
|
52.9%
|
|
Over $200k
|
51.8%
|
In New
Jersey in 2024 Columbia made
612 loans to whites with 164
denial, but only 82 to African
Americans, with 18
denials. FFW
expressed concerns about / to
Northfield in 2020 - see, here
An evidentiary
hearing is
needed.
There are consumer complaints
against these two banks, but
the FRB has taken the position
that even the CFPB complaint
database is not "substantive."
FFW objects, and requests a
hearing."
***
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