WASHINGTON A community activist group has urged the Federal Reserve Board to block MetLifes purchase of $80 million-asset Grand Bank of Kingston, N.J., and to open to public view more of the insurance companys application.
In letters Thursday to the Fed and the Office of the Comptroller of the Currency, Inner City Press/Community on the Move of New York complained that MetLifes request to keep confidential much of its application, including the part that lays out how it plans to comply with the Community Reinvestment Act, was inappropriate.
MetLife representatives disputed the community groups assertion, arguing that keeping some information confidential is in no way inappropriate.
We take the issue of public disclosure very seriously, but we take seriously our right to keep business plans confidential in a highly competitive environment, said Kevin Foley, MetLifes vice president for public relations. The group also noted that recent lawsuits had accused the company of racial discrimination and deceptive business practices.