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BMO Harris BNP faces Fed Qss after admitting misinformation on labeling now confidential responses

BMO Harris BNP faces Fed Qss after admitting misinformation on labeling now confidential responses

By Matthew Russell Lee, Patreon Story
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FED COURT/S Bronx, Sept. 2 — Whether the U.S. Community Reinvestment Act will actually be enforced under the administration and its regulators remains an open question. Consider: Inner City Press immediately reported that BMO Harris’ bid to buy Bank of the West and its more than 500 branches from BNP would be a litmus test.

Fair Finance Watch noted from day one that in 2020, BMO Harris turned down far more mortgage applications from African Americans than it approved: 509 turned down compared to just 223 loans granted to African Americans. African Americans, nationwide. BMO’s figures for whites were the reverse: 9,270 loans granted, compared to less than 6,000 refusals. As noted, there are also climate and secrecy issues. Fair Finance Watch and other branch closures raised.

On August 23 and 4, the Fed asked questions.

Late on September 2, the bank’s submission responds – repeatedly referring to the “confidential” exhibits withheld:

“a. Copies of BHB’s New Overdraft Program Policies and Procedures;

See Confidential Exhibits A-1 through A-15 for policies and procedures relating to BHB’s overdraft practices.

8. Provide pro forma asset quality information, including the total loan loss allowance for BFC and BHB, as of March 31, 2022. Include a discussion of why the proposed level of loan loss allowances and capital would be sufficient to support the level of non-performing loans. assets after completion of the proposed transaction.

See Confidential Exhibit B.

9. Provide actual and pro forma risk-based capital ratios (and supporting documentation) calculated according to CECL as of March 31, 2022.

See confidential exhibit C.

10. The original filing indicated that there would be no changes to the Board of Directors of the Bank of Montreal; however, the leadership of BFC and BHB will include some representation from the current BOTW Board of Directors. Provide an update on who has been or will be invited to join the leadership of BFC and BHB and include a brief history of the individuals and the timeline of when they will join consumption after consumption. Also, please confirm that there are still no planned changes to the management of the Bank of Montreal.

See confidential document D..”

It’s scandalous. The Fed itself should make these coins public. Look at this site.

The banks, in an Aug. 3 letter, belatedly admitted: “One intervenor has requested that certain confidential exhibits to the April 12, 2022 responses to the Federal Reserve as well as certain confidential exhibits to the initial Federal Reserve request be made public. The parties have reviewed this information and have concluded that some of this information may be public.” So why did they mislabel it and the Fed allow it? The comment period should be reopened. Especially in light of this:

The banks now claim: “Commentators have criticized BNP Paribas SA15 and BMO’s climate resilience and fossil fuel industry lending efforts…Similarly, BNP Paribas and BOTW have some of the same funding policies the most restrictive in the financial services sector regarding the most damaging forms of fossil fuel extraction and have minimal exposure to the fossil fuel exploration and extraction sectors.”

But consider: “Following the UK government’s decision to give ‘final regulatory approval’ to Shell’s Jackdaw gas field in the North Sea, a coalition of climate organizations has sent a letter to the oil major’s top bankers calling The letter was sent to 25 Shell funders, including the first five funders over the period 2016 – 2021: BNP Paribas… Almost all the banks to which the letter was addressed have undertaken to reach the “Net Zero” of their financed emissions by 2050, including the first five – all members of the Net Zero Banking Alliance (NZBA).The letter highlights the incompatibility between the financial relationship of these banks with Shell and their own commitments climate change, potentially exposing them to significant reputational, legal, financial and other risks.”

We’ll have more on that – watch this site.

Inner City Press (and Fair Finance Watch, on the HMDA) will have more to say on this. Look at this site.


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