The Democratic Senator said officials are rolling back anti-discrimination protections for people of color in the face of modern-day redlining.
Decades of banking bias have left many unfairly cut out of home ownership, local and national reports show, but one national organization is partnering with a Chattanooga grassroots nonprofit organization to combat the inequity one bank at a time.
The personal payment platform Zelle is flourishing. But so are fraudsters, who are exploiting weaknesses in the banks’ security.
Chase’s arrival in the D.C. area is significant in part because it has been accused of lending discrimination here.
At this point it’s hard to imagine what more Wells Fargo can do (or how much more it can spend) to make amends.
The Department of Treasury released its long anticipated memorandum recommending changes and updates to the Community Reinvestment Act (CRA) in early April. Spring is a season of renewal and CRA is a law that indeed needs refreshing and updating. Passed in 1977, it imposes an affirmative obligation on banks to serve the needs of local communities. The statute directs federal bank agencies to examine and rate banks on their lending and service in low- and moderate-income communities.
Many of Treasury’s recommendations for modernizing the Community Reinvestment Act would help financial institutions, not low-income communities.