| OceanFirst Proposal for
Flushing Comes After Redlining
Deal so Fair Finance Watch to
Oppose
by
Matthew Russell Lee, Patreon Book
Substack
FEDERAL
COURT,
Dec 30 – How automatic
do bank now think merger
approvals are? On December 29,
OceanFirst, which settled
charges of redlining earlier
this decade, announced it will
apply to buy Flushing Bank in
New York.
Fair
Finance Watch will oppose it.
Despite the lax hand of
OceanFirst's regulator the
Office of the Comptroller of
the Currency, OceanFirst's
record should preclude this
proposed deal.
In 2024
OceanFirst made 1399 loans to
whites - and only 94 to
African Americans. In
Connecticut, for example, it
made loans only to whites,
none to African
Americans.
In
Pennsylvania its ratio of
loans to whites to loans to
African Americans was 4.5 to
1. In New York, it was 7 to 1.
This proposal
will be opposed as will the
OCC's moves to exclude the
public, and withhold documents
under FOIA from Inner City
Press and others until comment
periods close. Watch this
site.
***
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