HUD released an Advanced Notice of Proposed Rulemaking (ANPR) to reconsider HUD’s implementation of the Affirmatively Further Fair Housing (AFFH) rule.
Today the U.S. Department of Treasury released a roadmap for regulating financial technology, defining this administration’s policy approach towards the rapidly growing industry.
New technology using artificial intelligence is meant to take race and gender bias out of hiring, but it could backfire.
Minimum opening deposits and other fees associated with checking accounts are significantly higher in black and Latino neighborhoods.
“This new advance notice of proposed rulemaking appears to ask the kinds of questions that you might ask if you were trying to water down a rule,” says Jesse Van Tol, CEO of the National Community Reinvestment Coalition, a nonprofit that promotes fair practices in lending and housing. “Are there loopholes that should be provided? Is the rule burdensome?”
“By eliminating affordable housing goals from the conventional mortgage market, lenders can choose to loan only to the well-heeled rich and ignore everybody still working their way up the economic ladder,”- Jesse Van Tol on Fannie, Freddie reform plan.
Only a fraction of the pledges for Ferguson reached the neediest parts of town. All the corporate goodwill – and millions in investments — were not enough to overcome a long legacy of racial discrimination and economic exclusion. Residents of Canfield Green, where Brown was shot and killed, say they feel abandoned.
The recommendation to abolish affordable housing goals would be disastrous for young Americans and the working class.
HUD appears to be thinking about how to create loopholes to avoid findings of disparate impact, a standard that says discrimination, regardless of intent, is illegal.
Joseph Otting, comptroller of the currency, is leading an effort to revamp the Community Reinvestment Act, which penalizes banks that discriminate against borrowers.