Community benefits agreements (CBAs) are a way for banks to spell out, in writing, how they will satisfy CRA requirements when they merge. The agreements are between banks and community groups.
High-cost loans are often used as a proxy for subprime or even predatory mortgages. More accurate data on the loan price would go a long way to confirming if these loans are in fact dangerous, or if the higher interest rate reflects other legitimate factors.
The result of the 2010 Dodd Frank Act, the 2015 CFPB rule and the 2018 Congressional update was the expansion of ethnicity fields in HMDA datat from one possible choice to five for both the applicant and co-applicant.
There is growing recognition that wealth is a central indicator of the economic well-being and stability of households and that such low levels of wealth among blacks and Hispanics are a significant indicator of continuing deep racial economic inequality.
Today, a coalition of housing, consumer protection and community development organizations called on the three federal bank regulatory agencies that govern the Community Reinvestment Act (CRA) to issue uniform CRA regulations in an anticipated Notice of Proposed Rulemaking (NPR).
“While NCRC supports ending the conservatorship of Fannie Mae and Freddie Mac, the fundamental restructuring of the nation’s housing finance system envisioned across several federal agencies and programs represents a significant turnaround in the nation’s commitment to facilitating homeownership for low- and moderate-income (LMI) families,” said NCRC CEO Jesse Van Tol.
“We know that when it comes to things like denial disparities, from the point of actually applying for a loan, there are disparities by race and gender, but this is really pre-application, what’s the experience of minority-owned businesses in even inquiring about a bank loan,” says Jesse Van Tol, CEO of the National Community Reinvestment Coalition (NCRC), the national network of bank watchdog and community development groups that commissioned the new research.
Better-qualified black and Hispanic testers who shopped for small business loans at Los Angeles area bank branches were treated worse than less qualified white testers, a new study found. The study, from the National Community Reinvestment Coalition (NCRC), also found steep declines in government-backed lending to black business owners between 2008 and 2016.
Just hours before the start of the Labor Day long weekend, the Consumer Financial Protection Bureau (CFPB) released 2018 Home Mortgage Disclosure Act (HMDA) data. It is the most complete record of mortgage lending in the United States. The data showed non-banks extended their dominance of home lending and that banks essentially dropped out of the government-backed FHA program that helps low- and moderate-income (LMI) borrowers.
As a result of the Trump Administration’s rollback of affordable healthcare and harsh cuts to affordable housing opportunities, many Americans are struggling with access to quality healthcare and stable housing. The combined toll of both of these issues, as well as pervasive and persistent discrimination, consistently put LGBTQ groups among the most affected. For decades, […]