NCRC Statement On Bank Lobbyists’ Lawsuit To Preserve Banking Discrimination

In response to the recent lawsuit against the Consumer Financial Protection Bureau (CFPB) filed by the US Chamber of Commerce and a consortium of bank trade associations, National Community Reinvestment Coalition (NCRC) President and CEO Jesse Van Tol on Thursday released the following statement:

Apparently some in the business and banking community believe that discrimination is fair as long as it is profitable. This is a disingenuous and dangerous attack on the American public’s right to fair treatment – but it’s also a remarkable admission: Big business trade lobbyists think their clients should have a right to discriminate. I am astounded that the banks that make up the ABA and the CBA want their name attached to this. 

“When Congress created the CFPB in the wake of the financial crisis, it gave the agency clear powers to address discriminatory business practices. Lawmakers included those powers because of clear evidence that the irresponsible industry practices that generated the crisis had disproportionately harmful effects in communities of color. And CFPB has demonstrated why those powers are so vital, clawing back $13.5 billion in penalties and restitution for 175 million victims of financial industry wrongdoing.

“People need to understand what this is really about. These large corporate interests are only suing because the CFPB has been so effective in protecting consumers from discriminatory and unfair practices. NCRC stands with the CFPB in support of its effort to ensure that all financial products are provided to consumers are fair and non-discriminatory.

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1 thought on “NCRC Statement On Bank Lobbyists’ Lawsuit To Preserve Banking Discrimination”

  1. We in Summit County Ohio stand with the CPFB and the NCRC on this issue. We urge the US Chamber, the ABA and the CBA to rescind the lawsuit and to internally review and revise their positions on fair and non-discriminatory banking practices.

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Redlining and Neighborhood Health

Before the pandemic devastated minority communities, banks and government officials starved them of capital.

Lower-income and minority neighborhoods that were intentionally cut off from lending and investment decades ago today suffer not only from reduced wealth and greater poverty, but from lower life expectancy and higher prevalence of chronic diseases that are risk factors for poor outcomes from COVID-19, a new study shows.

The new study, from the National Community Reinvestment Coalition (NCRC) with researchers from the University of Wisconsin–Milwaukee Joseph J. Zilber School of Public Health and the University of Richmond’s Digital Scholarship Lab, compared 1930’s maps of government-sanctioned lending discrimination zones with current census and public health data.

Table of Content

  • Executive Summary
  • Introduction
  • Redlining, the HOLC Maps and Segregation
  • Segregation, Public Health and COVID-19
  • Methods
  • Results
  • Discussion
  • Conclusion and Policy Recommendations
  • Citations
  • Appendix

Complete the form to download the full report: