On Our Radar

CNN, March 18, 2022, US House passes CROWN Act that would ban race-based hair discrimination The US House on Friday passed legislation that would ban race-based hair discrimination in employment and against those participating in federally assisted programs, housing programs, and public accommodations. The Democratic-led House voted 235-189 to pass the CROWN Act, which stands for “Creating a Respectful […]

Fox Business, March 16, 2022, Here’s how banking will evolve amid the ‘death’ of overdraft fees, according to J.D. Power Many top U.S. banks have begun eliminating their overdraft fees on checking and savings accounts, a move that data analytics company J.D. Power says will shift the banking industry toward a more customer-centric strategy. “Recent moves

Sightline Institute, March 16, 2022, Homelessness is a Housing Problem A new book by University of Washington professor Gregg Colburn and Seattle-based data scientist and policy analyst Clayton Page Aldern examines these places’ disparate trends and the many causes that have been ascribed to homelessness. One by one, and with compelling data, Colburn and Aldern

Politico, March 18, 2022, The main driver of inflation isn’t what you think it is Skyrocketing housing costs may create even bigger problems for the administration going forward than oil and food price spikes, which are the result of sudden and unforeseen — but probably temporary — events. That’s because there’s no clear end in

Los Angeles Times, March 18, 2022, Op-Ed: How can the White House fix environmental injustice if it won’t take race into account? In mid-February, when the White House unveiled the beta version of its Climate and Economic Justice Screening Tool, it was met by sharp criticism from environmental justice advocates: A mapping tool designed to identify disadvantaged communities

Bloomberg, March 17, 2022, Wells Fargo Pressed by Senators on Race Disparity in Refinancing Senate Banking Committee Chairman Sherrod Brown and other Democratic senators called on Thursday for regulators to investigate Wells Fargo & Co.’s treatment of Black homeowners seeking to refinance mortgages during the pandemic. In a separate letter to Chief Executive Officer Charlie Scharf, senators Elizabeth Warren and Ron

The New York Times, March 16, 2022, Fed raises rates and projects six more increases in 2022 The Federal Reserve lifted its key interest rate by a quarter of a percentage point on Wednesday as policymakers took their first decisive step toward trying to tame rapid inflation by cooling the economy. The Fed had kept rates near

American Banker, March 16, 2022, TAB Bank dragged into seedy world of puppy mill loans by fintech partner Transportation Alliance Bank (TAB Bank) in Ogden, Utah, has a partnership with a fintech called EasyPay Finance that seems to forward the bank’s aim of financial inclusion — it lends to people with low FICO scores who

Bloomberg, March 16, 2022, Fed to Hike and Steepen Its Rate Policy Path: Decision-Day Guide The Federal Reserve is poised to raise interest rates Wednesday for the first time since 2018, with investors focused on how aggressive central bankers plan to be in tackling the hottest inflation in four decades. The Federal Open Market Committee

PR Newswire, March 3, 2022, Bank of America Becomes First Financial Institution Certified by J.D. Power for Customer Satisfaction with Financial Health Support Bank of America is the first financial institution to be certified by J.D. Power for  financial health support, according to the J.D. Power Financial Health Support Certification Program. Bank of America is

The Wall Street Journal, March 15, 2022, Sarah Bloom Raskin Withdraws as Biden’s Pick for Top Fed Banking Regulator Sarah Bloom Raskin, President Biden’s nominee to become the government’s most powerful banking regulator, withdrew from consideration on Tuesday, the White House said, amid opposition to her nomination from Republicans and a key Democrat. The withdrawal

The New York Times, March 14, 2022, Manchin won’t support Raskin for the Fed, imperiling her nomination Mr. Manchin, a West Virginian who has close ties to the fossil fuel industry and has rejected much of President Biden’s climate agenda, cited her statements on climate and energy policy, and pointedly noted that the board “is

American Banker, March 10, 2022, Subprime lender OppFi sues to continue making loans in California Consumer advocates and state policymakers have called the arrangement a “rent-a-bank” scheme in which OppFi is using FinWise Bank’s charter to evade California’s 36% rate cap. But in a lawsuit filed this week, Chicago-based OppFi argued that it is not

Bloomberg, March 10, 2022, Wells Fargo rejected half its Black applicants in mortgage refinancing boom Nationwide, only 47% of Black homeowners who completed a refinance application with Wells Fargo in 2020 were approved, compared with 72% of White homeowners, according to a Bloomberg News analysis of federal mortgage data. While Black applicants had lower approval rates

CNBC, March 10, 2022, Major League Soccer reaches a deal to support Black banks, aiming to help close the racial wealth gap Major League Soccer has taken out a $25 million loan from a syndicate of eight Black banks, which will these financial institutions increase lending power with the goal of helping reduce the racial