WASHINGTON DC – December 16, 2024 – While the streets are choked with desperation and Main Street bleeds, the Federal Deposit Insurance Corporation (FDIC), the Federal Reserve Board, and the Office of the Comptroller of the Currency (OCC) are playing shell games with crucial lending data. These agencies, operating under the banner of the Federal Financial Institutions Examination Council (FFIEC), quietly dumped information on small business, small farm, and community development lending for 2023, a move that reeks of bureaucratic obfuscation.
The release, a requirement under the Community Reinvestment Act (CRA), isn’t about shining a light on who gets access to capital and who doesn’t. It’s about ticking a box. The agencies claim they’re fulfilling their obligation to disclose, but the way this data is presented – buried in reports and accessible only through labyrinthine links – suggests a deliberate attempt to keep it out of the hands of those who need it most: struggling entrepreneurs, farmers, and the communities they serve.
What’s being hidden? The details of lending practices within metropolitan and non-metropolitan areas across the United States and its territories. The FFIEC prepared aggregate disclosure statements, but the devil, as always, is in the details. Without granular data, it’s impossible to accurately assess whether banks are truly fulfilling their CRA obligations – investing in the areas that need it most, or simply engaging in performative philanthropy.
This isn’t about a lack of information; it’s about a lack of accessible information. The agencies offer a single link here to the statements, but navigating the data requires specialized knowledge and a significant time investment. For community groups fighting for equitable access to capital, this is a blatant barrier to entry. They are forced to rely on summaries and interpretations provided by the very institutions they are meant to hold accountable.
The agencies offer contact points for inquiries: Laura Benedict at the Federal Reserve Board (202-452-2955), LaJuan Williams-Young at the FDIC (703-470-0201), and Monica McCoy at the OCC (202-649-6870). But will these contacts provide real answers, or just more bureaucratic stonewalling? The timing is suspect, released just before the holidays, hoping this crucial data dump goes unnoticed.
Grimy Times will continue to dig into this data and expose any patterns of redlining, discriminatory lending practices, and the systemic failures that keep marginalized communities locked out of the economic mainstream. The public deserves to know where the money is flowing, and who is being left behind. This release isn’t transparency; it’s a calculated move to control the narrative, and we won’t let them get away with it.
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Key Facts
- Agency: FDIC
- Category: Fraud & Financial Crimes
- Source: Official Source â†â€â€ÂÂÂ
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