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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.
Chase’s arrival in the D.C. area is significant in part because it has been accused of lending discrimination here.
JPMorgan Chase will open 70 new branches in the District.
Wells Fargo could face a $1 billion fine from the CFPB, the largest in history, but is that enough? Join Stacy Cowley, Kerri Miller, and NCRC’s John Taylor. Also discussed, Mick Mulvaney’s CFPB, breaking up the big banks, and El Chapo’s drug cartel.
Fair-lending enforcement would not happen in earnest until years after the Fair Housing Act, not until the Community Reinvestment Act of 1977 required financial institutions go on record about what they considered their market area. The law intentionally created a conundrum for any institution that was redlining: How could it accept deposits from customers to whom it was unwilling to lend?
Bank regulators have not even proposed a plan yet for overhauling the Community Reinvestment Act, but stakeholders likely to weigh in on the plan are already establishing battle lines.
The report “addressed what we have for a long time talked about with assessment areas. We think that is a step in the right direction,” said John Taylor, President and CEO of NCRC. But Taylor wanted to make sure that regulators do not lose sight of the importance of branch locations if they expand the assessments to other areas.
Trump administration kicks off reassessment of 1977 law that has ‘not kept pace’ with changes in banking
Though blacks and whites represent similar shares of the population in the Philadelphia metro area, Reveal found white borrowers received 10 times as many conventional home loans as black ones.
New report from NCRC shows the legacy of redlining.
Researchers at NCRC compared HOLC maps, the most comprehensive documentation of discriminatory lending practices, with modern-day census data to determine how much neighborhood demographics have changed in 80 years.
Check out NCRC’s Jesse Van Tol on NPR discussing CRA reform.
Those who don’t have a generous pre-approval letter from a lender in their pocket might find themselves out of luck when they go house hunting. That’s why some of the biggest players in housing finance are making new efforts to open up housing options for low- and middle-income buyers.
Chase’s only DC office isn’t technically a branch, which allows it to dodge CRA regulations.