Friday, May 27 2022
As Truist Buys Fintech Without CRA Review FDIC Unaware of Merger Review

By Matthew Russell Lee, Patreon Maxwell’s Book
BBC-gbritish tutorHonduras- ESPN
NY Magazine

SOUTH BRONX/SDNY, May 3 — Amid renewed serious discussions in Washington about reviewing mergers, including under the Community Reinvestment Act, questions arise.

The question today is why fintech acquisitions by banks are not subject to CRA, or apparently any pre-consumer review. Witness: “Truist has acquired Long Game, a fintech startup that has raised millions in venture capital, executives told TechCrunch exclusively.”

So such an acquisition can take place without public notice, just an “exclusivity” to a commercial publication? “

Neither company disclosed what Truist paid for Long Game, nor the company’s revenue, saying only that it was “growing year over year”. Led by co-founder and CEO Lindsay Holden, Long Game has raised funds from investors including Vestigo Ventures, Franklin Templeton, Thrive Capital, and Collaborative Fund.” Congress should fill that gap.

Because when there is a review, there can be an impact. Fair Finance Watch with Inner City Press on FOIA Challenge of First Internet Bank’s Bid to Buy First Century. Their records were so bad they got delayed, and now the deal is dead, Inner City Press story here. (The industry press makes it a story of slow regulators, rather than, as it was, a bad ARC record).

Also on the mergers, the FDIC Information Request, which Fair Finance Watch commented on weeks ago, is still on the FDIC website with no updates — or uploads of submitted comments — since the 13 april. It is therefore impossible to know what the industry is saying. . We will have more on this.


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