African Reserves Loans

As Toronto Dominion bid to buy first horizon hit by Pols, disparities raised by Fair Finance Watch

As Toronto Dominion bid to buy first horizon hit by Pols, disparities raised by Fair Finance Watch

By Matthew Russell Lee, Patreon Maxwell’s Book
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SDNY/SOUTH BRONX, June 15 – Seemingly unaware of U.S. regulators’ stated desire to tighten their merger review rules, particularly on fair lending, Toronto Dominion on February 28 announced a $13.4 billion proposal to buy First Horizon.

Fair Finance Watch has been concerned about TD Bank lending disparities for some time. Nationally in 2020, TD Bank declined almost as many applications from African Americans (833) as it did mortgages to African Americans (853). He was much more generous with white borrowers: 23,469 loans granted, with only 9,009 refusals.

Fair Finance Watch immediately noted online that in New York State in 2020, TD Bank was even worse. It turned down more mortgage applications from African Americans (255) than it granted loans to African Americans in New York (198). Again, TD Bank was much more generous with white borrowers in New York State: 3,558 loans granted, with only 1,714 declined.

On June 14, Senator Elizabeth Warren and Representatives Katie Porter and Jesus Chuy Garcia wrote in opposition to TD’s proposed merger, citing “the behavior of TD Bank, instigated by a ‘points system’ that rewarded employees for placing profits on a fair service for consumers and included creating customer enrollment in new accounts and services such as overdraft protection without their permission.” (The report they cite is, without ironically, behind a paywall.)

The letter is only intended for Michael Hsu of the OCC, not the Federal Reserve, which is responsible for the merger of the largest bank holding company. Look at this site.

Fair Finance Watch said: But just as the Federal Reserve reluctantly holds a public hearing on US Bancorp – MUFG/Union Bank on March 8, there is even more reason to hold multiple hearings on a large and disparate Canadian bank buying Horizon.

Now: “The Federal Reserve Board (Board) and the Office of the Comptroller of the Currency (OCC) today announced a joint public meeting on the proposed Toronto-Dominion Bank, Toronto, Ontario, Canada, to Acquire First Horizon Corporation, Memphis, Tennessee. The purpose of the public meeting is to gather information from a wide range of stakeholders as agencies evaluate proposed applications. By law, agencies are required to evaluate: the convenience and needs of the communities to be served by the combined organization; the performance of depository institutions insured under the Community Reinvestment Act; competition in relevant markets; the effects of the proposal on the stability of the U.S. banking or financial system; the financial and management resources and future prospects of the companies and banks involved in the proposal and the effectiveness of the companies and ba nques in the fight against money laundering activities. on August 18, 2022 at 9:00 a.m. EDT. Members of the public wishing to present oral comments must register by 12:00 p.m. EDT on July 28, 2022 via the online registration webpage, which will be updated with registration details by June 8, 2022. as well as registration information for viewing the public meeting, are available as an attachment from the agencies. Also today, to give interested parties more time to comment, the agencies announced that they are extending the public comment period for OCC and Council nominations associated with the proposal. Comments on applications will now be accepted until August 23, 2022.”

Inner City Press will investigate under the Freedom of Information Act. Look at this site.


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