Business Services Industry
Lawmakers Challenge Fed's Approval of Jacksonville-Based Barnett Acquisitions. (Originated from Florida Times-Union, Jacksonville)
Knight Ridder/Tribune Business News, October, 1994 by Basch, Mark
Oct. 25--Two House Banking Committee members yesterday criticized the Federal Reserve Board for approving acquisitions by Barnett Banks Inc. despite the Justice Department's charges of lending discrimination by Barnett.
In a letter to Fed Chairman Alan Greenspan, the congressmen D House Banking Committee Chairman Henry Gonzalez, D-Texas, and Joseph P. Kennedy II,
D-Mass., chairman of the subcommittee on consumer credit and insurance D demanded an explanation of why the Fed approved Jacksonville-based Barnett's applications to buy Loan America Financial Corp. and Glendale Federal Bank.
"These approvals were evidently issued despite the Board's prior knowledge that the Justice Department intended to sue Barnett and several of its subsidiaries for...
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