HMDA is the key to preventing predatory behavior, not the cause of it, so how can an economics professor from George Washington University claim that HMDA can facilitate large-scale identity theft?
NCRC has secured a grant from the W.K. Kellogg Foundation to probe banks’ small-business lending practices. It follows a 2017 pilot study in which the group found that white shoppers posing as business owners were three times more likely to be invited for follow-up appointments than their black counterparts and twice as likely to be offered help in completing loan applications.
The W.K. Kellogg Foundation has contributed a $1.2 million grant to the National Community Reinvestment Coalition, which will support a three-year investigation of small business lending practices at banks in three US metropolitan areas.
That the legislation is coming 10 years after the worst credit crunch since the Great Depression has fueled passions around the debate.
The president’s 2019 budget proposal presents a profoundly troubling vision for our nation’s working class.
Within days of the mass shooting at Marjory Stoneman Douglas High, a group of students had organized to advocate for change.
Reveal exposes modern-day redlining is occurring in at least 61 US cities. In Philadelphia, black applicants there were almost three times as likely to be denied a conventional home purchase loan as white applicants. And this discrimination isn’t just a few banks, nearly two-thirds of mortgage lenders are still discriminating against clients of color.
An analysis of 31 million mortgage records made available under the Home Mortgage Disclosure Act found 61 metro areas across America where people of color were denied conventional home purchase loans at significantly higher rates than whites.
The Community Reinvestment Act is worth strengthening to fight discrimination.
As regulators look to update the Community Reinvestment Act, they should better integrate online and mobile banking activity as part of exam performance.