Community activists blasted the Federal Reserve Board for approving Chemical Banking Corp.'s acquisition of Chase Manhattan Bank without waiting for the results of a recently completed community reinvestment review.

"They violated due process," said the Rev. Charles Stith, executive director of the Organization for New Equality. "This stinks."

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.