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American Banker: Five questions for CFPB nominee to replace Mulvaney

American Banker, March 12, 2018: Five questions for CFPB nominee to replace Mulvaney

President Trump could nominate a permanent director to lead the Consumer Financial Protection Bureau any day now. The eventual pick will likely encounter heavy scrutiny from senators and, if confirmed, would take the helm of an agency still defined by turmoil nearly seven years after its creation.

Here are some questions that John Taylor, president and CEO of the National Community Reinvestment Coalition, has for the next CFPB nominee:

“Does a nominee believe the agency needs to create bright lines and parameters around payday lending?”

“Do they believe in reining in the worst practices to protect consumers?”

“In instances where the agency uncovers fair-lending violations, will the CFPB work to prohibit that through fines of other efforts?”

 

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Redlining and Neighborhood Health

Before the pandemic devastated minority communities, banks and government officials starved them of capital.

Lower-income and minority neighborhoods that were intentionally cut off from lending and investment decades ago today suffer not only from reduced wealth and greater poverty, but from lower life expectancy and higher prevalence of chronic diseases that are risk factors for poor outcomes from COVID-19, a new study shows.

The new study, from the National Community Reinvestment Coalition (NCRC) with researchers from the University of Wisconsin–Milwaukee Joseph J. Zilber School of Public Health and the University of Richmond’s Digital Scholarship Lab, compared 1930’s maps of government-sanctioned lending discrimination zones with current census and public health data.

Table of Content

  • Executive Summary
  • Introduction
  • Redlining, the HOLC Maps and Segregation
  • Segregation, Public Health and COVID-19
  • Methods
  • Results
  • Discussion
  • Conclusion and Policy Recommendations
  • Citations
  • Appendix

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