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Important updates in the Community.

The Canadian lender touted its recent efforts to boost nonwhite homeownership and small businesses, as advocates spotlighted the bankā€™s mortgage lending record.


Dan Ennis Senior Editor | @Ennis77Dan

TD Bank, Toronto-Dominion Drew Angerer / Staff via Getty Images

Community advocates pushed the Office of the Comptroller of the Currency (OCC) and the Federal Reserve at a public hearing Thursday to make TD Bankā€™s proposed acquisition of First Horizon Bank contingent on a strong benefits agreement that includes more mortgage lending to borrowers of color and a steady branch presence in underserved areas.


Rachel Labush, a supervising attorney at Community Legal Services of Philadelphia, cited a 2018 report by the nonprofit group Reveal indicating TD, among large banks, was the most likely to deny a loan application from a Black or Latinx person.


ā€œUnfortunately, since that reporting, TD Bank has not improved,ā€ Labush said, according to The Globe and Mail.


Labush said her organization found that, in the past three years, TD was tied for the lowest percentage of mortgages to Black and Hispanic people among its peers and was less likely to approve a high-income Black applicant than a low-income White one.


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Leo Williams, President/CEO of Springfield Neighborhood Housing Services in Massachusetts, said he was concerned about potential branch closures ā€” particularly, a TD location in a predominantly Black and Latino community that is open two days a week.


ā€œA great deal of consideration needs to be given to potential negative impacts on Black and Latino low-income individuals in these communities,ā€ Williams said.


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TD executives at Thursdayā€™s hearing, for their part, touted some of the bankā€™s recent initiatives, such as a credit program meant to boost homeownership in communities of color, and a $105 million equity fund TD established last year to support nonwhite-owned small businesses.


ā€œWe are proud of the role we play in our communities and weā€™re excited about the opportunity to expand our impact through our combination with First Horizon,ā€ Leo Salom, TDā€™s U.S. CEO, said Thursday.


Some of that impact has yet to be settled, said Peter Skillern, executive director of Reinvestment Partners in North Carolina, according to American Banker.


Skillern said TD has been largely absent from discussions about housing and community development, but First Horizon has been actively engaged.


ā€œWhose bank culture will prevail?ā€ Skillern asked. ā€œWhat will the bank culture do as far as valuation of diversity? What is the diversity commitment at the local level, not just in the aggregate?ā€


Tykeisa Nesbitt, speaking on behalf of Americans for Financial Reform, had a stronger directive for the OCC and the Fed.



ā€œThe banking regulators, along with the Department of Justice, urgently need to rethink bank merger guidelines to ensure members are serving the needs of their communities,ā€ Nesbitt said. ā€œUntil then, bank mergers, including this one, should be blocked.ā€


Sen. Elizabeth Warren, D-MA, has been a vocal opponent of TDā€™s proposed tie-up with First Horizon. She wrote the OCC in June, asking the regulator to block the $13.4 billion deal over allegations that TD incentivized employees to enroll customers in new accounts and services such as overdraft protection without their consent, according to a Capitol Forum report from May.


Salom on Thursday noted that the bank is upgrading its overdraft policy ā€” introducing low-balance alerts and a 24-hour grace period meant to let overdrawing users replenish their account to avoid a fee. The bank this year also will begin letting customers overdraw their accounts by up to $50 without charging a fee. Further, TD is eliminating a fee it charges when customers with overdraft protection transfer money from their savings account.


TDā€™s overdraft policy has landed it in hot water with regulators in years past. The bank paid a $25 million fine to the Consumer Financial Protection Bureau (CFPB) and $97 million in restitution to customers in a 2020 settlement over what the regulator deemed ā€œdeceptiveā€ overdraft enrollment practices.



Not every community advocate came out against the pending acquisition.


ā€œWe are in support of this merger because we hope that it can bring additional resources to our community, but also communities across the country that can benefit from a larger bank that has essentially more resources,ā€ William Stoudt, executive director of Rebuilding Together New Orleans, told regulators Thursday.


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First Horizon is not the only deal TD has in the works. The Canadian lender said this month it would buy Wall Street brokerage Cowen for $1.3 billion ā€” a transaction set to close in the first quarter of 2023.


The First Horizon deal, too, has a first-quarter deadline. The banks may terminate or choose to extend the acquisitionā€™s timeline if it isnā€™t complete by Feb. 27.


Regulators are accepting comments on the proposed combination through Tuesday.


Thursdayā€™s event came amid an uptick in public hearings on large bank mergers, in line with a 2021 executive order from President Joe Biden. The Fed and OCC held a hearing in March concerning U.S. Bankā€™s proposed $8 billion acquisition of MUFG Union Bank. The regulators convened another hearing last month on Bank of Montrealā€™s proposed $16.3 billion acquisition of BNP Paribasā€™ Bank of the West.



Keep up with the story. Subscribe to the Banking Dive free daily newsletter


First Horizon is not the only deal TD has in the works. The Canadian lender said this month it would buy Wall Street brokerage Cowen for $1.3 billion ā€” a transaction set to close in the first quarter of 2023.


The First Horizon deal, too, has a first-quarter deadline. The banks may terminate or choose to extend the acquisitionā€™s timeline if it isnā€™t complete by Feb. 27.


Regulators are accepting comments on the proposed combination through Tuesday.


Thursdayā€™s event came amid an uptick in public hearings on large bank mergers, in line with a 2021 executive order from President Joe Biden. The Fed and OCC held a hearing in March concerning U.S. Bankā€™s proposed $8 billion acquisition of MUFG Union Bank. The regulators convened another hearing last month on Bank of Montrealā€™s proposed $16.3 billion acquisition of BNP Paribasā€™ Bank of the West.




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Western Mass Advocate goes State-wide


The Coalition for an Equitable Economy (CEE) is excited to announce the hiring of Tracye Whitfield as their new Executive Director. In this new role, Tracye will lead the Coalitionā€™s efforts to ensure equitable access to capital and resources for BIPOC small business owners across Massachusetts. Tracye will continue the Coalitionā€™s efforts in coordinating access to programs across the small business ecosystem and advocating for equitable investments and policies that support the growth and sustainability of these businesses. "I am thrilled to be joining CEE at this important moment in the coalitionā€™s history," said Whitfield. "There is a lot of energy and momentum around efforts to create a more equitable economy, and I look forward to working with CEE members and partners to make real progress on this critical issue." Prior to joining CEE, Whitfield was appointed as the Diversity, Equity, and Inclusion Officer by Mayor Reichelt for West Springfield. Her work in this role included promoting a diverse environment free from discrimination among employees as well as residents of their town - with an emphasis on racial equity when recruiting new people or hiring existing ones!



"There is a lot of energy and momentum around efforts to create a more equitable economy, and I look forward to working with CEE members and partners to make real progress on this critical issue."

In her 25-year career, Tracye has served as a finance analyst for the City of Springfield and data analyst at Springfield Technical Community College. She also worked in various positions including one with MassMutual Financial Group and youth advocacy at Martin Luther King Family Services. Ms. Whitfield served as the Director of Business Development for Training and Workforce Options (TWO), a collaboration between STCC and HCC where she assisted employers in developing customized trainings to strengthen their workforces. Furthermore, she's the owner of T&J Tax and Credit Savers, focusing on individual and small business tax preparation, credit repair, and assisting clients on their journey to home ownership.


In 2018, Tracye became an elected official in her community as a Springfield City Councilor at Large. She is now the first African American woman vice president of this position. She is extremely passionate about community involvement and engagement, public safety, workforce development and most importantly the wellbeing of individuals throughout all aspects of society. For the past seven years, she's served as Co-Chair of Mason Square C-3 Initiative. This position has allowed her to work closely with residents and local organizations and police officers to promote public safety while also improving the quality of life throughout the community!


In 2020, Tracye spearheaded the creation of Black Lives Matter Mural in front of Springfield City Hall. Ms. Whitfield says, ā€œthe mural is symbolic of the fight for racial justice, and it stands up to the powers that be that deny black people their humanityā€. In 2021, as City Councilor at Large Tracye co-sponsored the ordinance that mandates Juneteenth be honored as a paid time off holiday in the City of Springfield. The ordinance went into effect in June of 2021. She also founded the Gun Violence Elimination Alliance (G.V.E.A.) that aims to eradicate gun violence in the City of Springfield and Western Mass communities.


Tracye earned her BA with a concentration in Finance (Magna Cum Laude), as well as MS in Accounting and Taxation from American International College. Last but not least, Tracye is driven by her passion to be the best example for her family where she is mother of her two adult children and proudly wearing her best title of Grandma to Journee Peyton.


The Coalition for an Equitable Economy convenes and partners with a broad cross-sector coalition of stakeholders from across Massachusetts aligned around a shared commitment to building an equitable small business ecosystem and to the values of racial equity, collaboration, and shared leadership.


If you would like more information about this topic, please call:


CEE Executive Committee Member(s):

Boston, MA: Springfield, MA:


Glynn Lloyd Jeff Hamilton

Executive Director Vice President/CFO

(617) 828-4228 (413) 739-4737 Ext.106

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Understanding how to get your PPP loan fully or partially forgiven and completing the application properly can determine any repayment requirements after your deferment period


You were successful in receiving your loan from the SBA through the Paycheck Protection Program, now what? Do you know when your Covered Period ended?

Your PPP is a Loan and Forgiveness must be requested...

The Covered Period is either (1) the 24-week (168-day) period beginning on the PPP loan disbursement date, or (2) if the borrower received its PPP loan before June 5, 2020, the borrower may elect to use an eight-week (56-day) Covered Period. For example, if the borrower is using a 24-week Covered Period and received its PPP loan proceeds on Monday, April 20, the first day of the Covered Period is April 20 and the last day of the Covered Period is Sunday, October 4. In no event may the Covered Period extend beyond December 31, 2020.


Click here to request assistance and more information.


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