POLITICO, October 5, 2021, Banks Fight a Key Part of Biden’s Agenda by Framing It as Bad for Minorities
Banks argue that a recent policy proposal requiring them to disclose activity from accounts above a certain threshold would harm people of color, who are mistrustful of bank’s due to their historical discrimination against them in providing loans. This is supported by a 2018 study from the National Community Reinvestment Coalition which found that the legacy of redlining, the practice whereby banks would deny services to certain neighborhoods, still persists today.
