Oakwood Bank subject to CRA condition hit by protest over proposed MapleMark Bank merger

By Matthew Russell Lee, Patreon story
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FEDERAL COURT/S Bronx, March 21 — Whether the US Community Reinvestment Act will be enforced again until the new administration and its regulators remains an open question.

Now, as an ARC challenge, Fair Finance Watch with Inner City Press on FOIA has filed comments with the Federal Deposit Insurance Company on a proposed merger involving a bank subject to a rare ARC condition: Oakwood Bank in Dallas and MapleMark Bank:

“March 21, 2022 Dear Regional Manager Elmquist, Deputy Regional Manager Finnegan and others at the FDIC: This is a request for all information in the possession of the FDIC regarding, and timely comment on, Oakwood Bank’s merger applications with MapleBank Bank, both of Dallas, Texas.

The FDIC publicly imposed a CRA/fair lending condition on Oakwood for its underperformance in Dallas, see, for example, the FDIC required Oakwood Bank to “develop plans to lend fairly to low-income borrowers and moderate in the majority minority areas of South Dallas. [and]
action plans to improve small business lending in census tracts of majority minority and low-to-moderate income regions. These action plans must be adopted by the banks’ board of directors and submitted to the FDIC, which also requires regular updates on the banks’ progress.

There is a long story here. See, for example, American Banker, “Oakwood’s CRA Problems Continue”.

Inner City Press has submitted a FOIA request to the FDIC for all records reflecting and relating to the Fair Lending/Community Reinvestment Act condition publicly imposed by the FDIC on Oakwood Bank in Dallas, Texas, including all non-exempt parties from reports claiming show performance

This is a matter of public interest, as it relates to MapleMark’s engagement with fintech(s), see, for example, MapleMark Bank uses German fintech in a partnership June 9, 2021 – A Dallas-based bank funded by local family offices is partnering with a German Fintech There is no HMDA data for either institution, which is also troubling. Inner City Press Requests Extension of Public Comment Period, Public/Virtual Hearings, and That, As It Stands, Applications Not Approved FFW and Inner City Press have been deeply concerned by the FDIC’s rush to approve mergers by redliners, money launderers and predatory lenders. It killed the Community Reinvestment Act and we are calling for public hearings in a timely manner. Yours sincerely, Matthew Lee, Esq. Executive Director Inner City Press/Fair Finance Watch

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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