TD Bank Devotes $10B To Residential Lending In Underserved Communities

TD Bank has devoted about $20 billion to programs that serve diverse and minority communities, with a large chunk going to support residential lending. Half of the designated funds are classified for residential lending for low- and moderate-income and/or minority borrowers, according to a press release.  This includes both first-time homebuyer and home equity loans, and particularly targets the Boston, Baltimore, D.C., New York, Miami, and Philadelphia markets.  “At TD Bank, we know our success is tied directly to the people and the communities we serve. When they flourish, we succeed,” said Leo Salom, President and CEO. “One of our primary objectives as a purpose-driven bank is to help power economic opportunities that help low- and moderate-income, diverse, and underserved…

“It Would Defy Logic”: Advocates Push Back Against TD-First Horizon Merger

Consumer advocates and Democratic leaders are asking U.S. regulatory bodies to block TD Bank’s takeover of First Horizon Bank. The Center for Responsible Lending (CRL) and Americans for Financial Reform Education Fund sent a letter to the Federal Reserve and Office of the Comptroller of the Currency asking them to reject a proposed merger between TD Bank and First Horizon Bank. Their letter highlights reasons why regulators should stop the merger, pointing out misconduct by TD Bank and an “exacerbation of the ‘too-big-to-fail’ problem.” Other advocacy groups signed the letter in support. Toronto-Dominion Bank, a Canadian company, announced a plan earlier this year to acquire Memphis, TN-based First Horizon for $13.4 billion in cash. The Bank Merger Act requires the…