HI SR32

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

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

The 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 but did not, plus an alleged $4,500,000 late fee.

The Senate supports Governor Ige's efforts to urge Bank of America's Chief Operations and Technology Officer Catherine P. Bessant to return to Hawaii to meet with Na Poe Kokua and the Hawaii Fair Lending Coalition regarding the unfulfilled commitment.

The resolution requests Bank of America address the alleged $360,600,000 in opportunity costs and $4,500,000 late fee, with certified copies to be transmitted to the Federal Reserve Board, Congress, Governor, county councils, and Bank of America leadership.