In a letter to members of the Philadelphia Federal Reserve and the Office of the Comptroller of Currency (OCC), groups including the American Economic Liberties Project and Center for Responsible Lending detailed concerns about increasing bank concentration, and TD’s reliance on overdraft fees—factors they say disproportionately harm minority communities. (The Logic)
Skip to content
In a letter to members of the Philadelphia Federal Reserve and the Office of the Comptroller of Currency (OCC), groups including the American Economic Liberties Project and Center for Responsible Lending detailed concerns about increasing bank concentration, and TD’s reliance on overdraft fees—factors they say disproportionately harm minority communities. (The Logic)
Talking point: TD has faced mounting criticism over its proposed US$13.4-billion merger with the Memphis-based bank. Senator Elizabeth Warren urged the bank regulator in June to block the deal until TD is “held responsible for its abusive practices.” At a public hearing last Thursday, community advocates pushed the OCC and Federal Reserve to make the deal contingent on TD agreeing to offer more mortgage lending to people of colour and ensure branch access is available in underserved areas. The bank has said it expects the merger to go ahead as planned, closing in early 2023.
Loading...
Thanks for sharing!
You have shared 5 articles this month and reached the maximum amount of shares available.
CloseThis account has reached its share limit.
If you would like to purchase a sharing license please contact The Logic support at [email protected].
CloseGift the full article!
You have gifted 0 article(s) this month and have 5 remaining.
Recipients will be able to read the full text of the article after submitting their email address. They will not have access to other articles or subscriber benefits.
Most Popular This Week
In-depth, agenda-setting reporting
Great journalism delivered straight to your inbox.
News
India wants to buy less Canadian uranium. Canada’s nuclear lab is helping
Briefing
Aritzia shares pop after earnings rise 204%
First Nation in Alberta goes to court over fast-tracked oil pipeline
Chinese EV maker Geely Auto Group to launch in Canadian market in 2027
Best business newsletter in Canada
Get up to speed in minutes with insights and analysis on the most important stories of the day, every weekday.
Exclusive events
See the bigger picture with reporters and industry experts in subscriber-exclusive events.
Membership in The Logic Council
Membership provides access to our popular Slack channel, participation in subscriber surveys and invitations to exclusive events with our journalists and special guests.
