On Our Radar

US Department of Housing and Urban Development, March 23, 2022, Biden-Harris Administration Unveils Action Plan of Wide-Ranging Set of Reforms to Advance Equity in Appraisals The U.S. Department of Housing and Urban Development (HUD) today announced the delivery of the Interagency Task Force on Property Appraisal and Valuation Equity (PAVE) Action Plan to President Biden. The PAVE […]

The New York Times, March 22, 2022, Bitcoin Miners Want to Recast Themselves as Eco-Friendly Facing criticism from politicians and environmentalists, the cryptocurrency mining industry has embarked on a rebranding effort to challenge the prevailing view that its electricity-guzzling computers are harmful to the climate. All five of the largest publicly traded crypto mining companies

Bloomberg, March 18, 2022, Wells Fargo Sued by Black Borrower for Refinance ‘Redlining’ Wells Fargo & Co. was sued for discriminating against Black homeowners by relying on a modernized version of “redlining” that allegedly denied them lower interest rates through refinancing and forced them to pay more for loans. The lawsuit, filed Friday in federal

The New York Times, March 18, 2022, Where State Farm Sees ‘a Lot of Fraud,’ Black Customers See Discrimination Dozens of employees, customers and agents of color are accusing State Farm of racial discrimination. One pending lawsuit, filed in 2020, describes a pattern of discrimination against seven agents by the company, the nation’s largest property

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