HI SCR45

Federal Reserve and Office of Thrift Supervision ordered Bank of America in May 1994 to make $150,000,000 in FHA-247 mortgages available on Hawaiian homelands by 1998 as a condition of its acquisition of Liberty Bank.

Bank of America provided only $3,109,502 of the required $150,000,000 by the 1998 deadline, and originated just $13,092,314 total from 1994 to 2012 with no FHA-247 loans since then.

Hawaii Fair Lending Coalition estimates Bank of America owes approximately $360,600,000 in opportunity costs to 890 native Hawaiian families who should have received mortgages by 1998, plus an alleged $4,500,000 late fee.

Legislature supports Governor Ige's efforts to investigate the matter and urges Bank of America's Chief Operations and Technology Officer to return to Hawaii to meet with Na Poe Kokua and the Hawaii Fair Lending Coalition.

Resolution requests Bank of America provide the remaining mortgages on Hawaiian homelands and address the alleged $360,600,000 opportunity costs and $4,500,000 late fee owed to native Hawaiians.