Despite a decade of setbacks, the game is definitely not over for low-income borrowers.
The Senate Banking Committee will begin its markup today of a bill that would roll back the Dodd-Frank Act. Experts see it as a dangerous step. The Center for Responsible Lending, the National Community Reinvestment Coalition and the National Consumer Law Center all oppose the bill.
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.
Cordray’s departure kicks off a high-stakes scramble to secure the future of the CFPB, a powerful Washington regulator that has cheered consumers and angered businesses as well as Republicans, who have accused it of overreaching. The independent bureau is the only bank regulator not led by a Trump appointee.
Three banks in three different regions collectively promised nearly $20 billion in home mortgages, small business loans, community development financing, and charitable contributions, as part of negotiations that included hundreds of community-based organizations in each region that were completed over the past month.
The $22 billion-asset company, which has been an aggressive acquirer in recent months, said in a press release last week that it had worked with the National Community Reinvestment Coalition on the five-year plan.
IberiaBank pledges $6.72 billion over the next five years to provide loans and services for low- and moderate-income communities.
Kirsch’s and Squires’ book could best be described as a documentary-style political economy of the financial crisis and subsequent policy responses. They describe the genesis of the idea for the Consumer Financial Protection Bureau