A native of Queens, Donald Trump was the son and heir to Fred Trump, a scrappy and ruthless developer of housing for New York’s white working and middle class. An outer-borough nativist and one-time Klan supporter, the senior Trump profited mightily from the federal government’s massive intervention in the real estate industry, which began in the Great Depression. His fortune was premised on strict racial segregation, a process whose legacies still shape the geography of urban and suburban America.
November 22, 2017 Docket No. CFPB-2017-0025 Monica Jackson Office of the Executive Secretary Consumer Financial Protection Bureau 1700 G. St. NW Washington, DC 20552 Dear Ms. Jackson: The undersigned organizations appreciate that the Consumer Financial Protection Bureau (CFPB) carefully applied the balancing test in determining which of the new Home Mortgage Disclosure Act (HMDA) […]
Los Angeles Times, Nov. 27, 2017: Completely unnecessary spat over CFPB leaves consumers out in the cold For his part, Trump tweeted over the weekend that the CFPB “has been a total disaster” that has left financial firms “devastated and unable to properly serve the public.” That, of course, is total nonsense. The CFPB has […]
Earlier this year, in a large metropolitan area of the eastern United States, two men walked into the same bank branch on the same day, each at different times of the day.
They each came in with nearly identical business backgrounds and strong credit histories, and they each asked about a small business loan of $60,000-$70,000 to expand their business and to possibly hire a part-time employee. There were some key differences, like each man’s name and their company names — and their race.
Jesse Van Tol, Chief Operating Officer of the National Community Reinvestment Coalition spoke today alongside Rep. Jamie Raskin (D-MD) and consumer rights leaders at a press conference and demonstration outside the Consumer Financial Protection Bureau’s headquarters.
Has Mr Trump kept his promise to revive American manufacturing, mining and the like? A more probable explanation is that he came to office just as America began to run out of willing workers to fill all of its job vacancies. As unemployment has fallen, from over 6% in mid-2014 to 4.1% today, wage growth has gradually picked up.
The CFPB has emerged as that rare beast — a fast-moving agency that actually chalks up wins for average Americans. Industry’s answer has been a multimillion dollar, multi-front battle to discredit and defang the bureau, a war declared even before the enemy officially existed. Attacking the CFPB has become a growth industry in Washington. Hyperbolic, relentless, often scorchingly personal — it’s a campaign that more often than not resembles a street fight. Now the agency is vulnerable and soon to be in the hands of a Trump appointee.
Overall, black entrepreneurs seeking small business loans faced more scrutiny compared to their equal or less creditworthy white counterparts.
Senate Banking Chairman Mike Crapo (R-Idaho) released the text of bipartisan “Economic Growth” legislation, which rolls back valuable fair lending requirements and protections from the dangerous banking practices that led to the 2008 financial crisis.
“This legislation will grow economic inequality rather than our economy, as its name suggests” said John Taylor, President and CEO of the National Community Reinvestment Coalition. “In the midst of several financial scandals, politicians on both sides of the aisle have again proven that their allegiances to Wall Street far surpass their promises to Main Street.”
“I am especially concerned by the new limitations placed on the housing sector in this tax reform, which will make it more difficult to expand our supply of affordable housing in the midst of a housing crisis. If the Senate cannot stop this terrible legislation, then they need to find another job,” said John Taylor, NCRC’s President and CEO.