Newark Mayor Ras Baraka and representatives of New Jersey Citizen Action will hold a press conference Tuesday morning to announce a request that the Federal Reserve Bank of New York condition its approval of the merger on Newfoundland-based Lakeland’s signing a separate pledge with regulators known as a CRA agreement.
In a statement, Baraka called on the Fed to incorporate terms of the settlement and new demands into a CRA agreement with Lakeland, which“I join with NJ Citizen Action in asking the Federal Reserve to only approve the merger of Provident and Lakeland if there is a CRA agreement that includes the $13 million Consent Order between the Department of Justice and Lakeland regarding its illegal redlining,” Baraka said.
Asked to comment, Lakeland issued a statement Monday expressing its commitment to fulfilling the terms of the settlement but was silent on the call for an agreement.
Political bs - the fed and provident aren’t stupid - btw - if people don’t pay their mortgages in a particular area then it may not be legal to redline but perfectly logical/ but we live to perpetuate victim culture - every other ethnic group has pulled themselves up from this x1