Fortune, May 10, 2022, Student loan forgiveness is the overlooked remedy that could help close the racial wealth gap Joe Biden has canceled more student loan debt than any other U.S. president, forgiving $16 billion in federal student loans for targeted groups such as disabled borrowers, and students who were defrauded by their institutions. Since April, Biden […]
American Banker, May 6, 2022, CFPB reiterates skepticism of AI in fair-lending report The Consumer Financial Protection Bureau reiterated its skepticism of machine learning and predictive analytics in a fair-lending report issued Friday that shows an increase in actions against redlining and discriminatory practices. The CFPB said financial services will be increasingly shaped by predictive
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The Wall Street Journal, May 9, 2022, Fed Rate Hikes Are Good for Banks—Unless They End in a Recession Higher rates are supposed to help bank stocks, but they haven’t this year. The Federal Reserve has raised rates twice since March in a bid to curb inflation and hinted that more increases are on the way. But
The Boston Globe, May 7, 2022, Priced out of the city, Black Bostonians are finding their dream homes on the South Shore The outmigration of thousands of Boston’s Black residents, observers say, also means the loss of the culture and community they carry with them. And it presents a challenge for city leaders: How to
American Banker, May 4, 2022, Big-bank CEOs warn of recession risk The CEOs of three large U.S. banks are raising concerns about a possible recession, saying the Federal Reserve has a tricky job ahead in combating inflation without sparking a downturn. JPMorgan Chase’s Jamie Dimon, Bank of America’s Brian Moynihan and Morgan Stanley’s James Gorman
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NPR, May 2, 2022, A US pediatricians’ group is trying to eliminate race-based medical guidance For years, pediatricians have followed flawed guidelines linking race to risks for urinary infections and newborn jaundice. In a new policy announced Monday, the American Academy of Pediatrics said it is putting all its guidance under the microscope to eliminate
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Bloomberg, May 2, 2022, What Does Affordable Housing Do to Nearby Property Values? Concerns about what happens to the property values of existing residents when affordable housing is built nearby are a common feature of battles over new housing in U.S. cities. But this time, Alexandria’s director of housing, Helen McIlvaine, decided to look for some Alexandria-specific answers.
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Politico, May 2, 2022, Supreme Court has voted to overturn abortion rights, draft opinion shows The Supreme Court has voted to strike down the landmark Roe v. Wade decision, according to an initial draft majority opinion written by Justice Samuel Alito circulated inside the court and obtained by POLITICO. The draft opinion is a full-throated, unflinching repudiation of the
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AP News, April 29, 2022, Redfin settles lawsuit alleging housing discrimination Fair housing advocates on Friday announced a settlement agreement to resolve a lawsuit against real estate brokerage Redfin that will expand housing opportunities for consumers in communities of color in numerous major cities. Under the agreement, Seattle-based Redfin will change its minimum housing price
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Mayor Randall Woodfin and NCRC Board Chair, Catherine Crosby discuss neighborhood revitalization and developing programs that reduce homeownership and affordable housing barriers in their communities. Moderator: Ed Gorman, Chief Community Development Officer, NCRC Speakers: Catherine Crosby, Board Chair, NCRC, Mayor Randall Woodfin, Mayor of Birmingham Transcript: NCRC video transcripts are produced by a third-party transcription service
Business Inquirer, June 24, 2022, Approaching a new era in banking loyalty The pandemic has brought many negative effects on various industries. For banks, it has meant phasing out physical presence. According to an analysis by the National Community Reinvestment Coalition, more than 4,000 branches have closed in the U.S. since March 2020. This has
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American Banker, June 29, 2022, Financial market regulators can do more to tackle racial economic inequality What many people may not fully appreciate is that financial regulators, who can promote access to lending, capital, and other financial services, have an important role to play — indeed, often an affirmative obligation to act — in addressing
CUInsight, June 22, 2022, As inflation rises, credit unions remain the backbone for American consumers A National Community Reinvestment Coalition study found that since March 2020, banks have closed more than 4,000 branches across the country. At 201 closures per month, they doubled their closure rate which – for the past 10 years – averaged
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Housing Wire, June 22, 2022, OCC used “outdated, unclear” guidance for redlining exams Addressing the legacy of redlining, which was formally outlawed more than 50 years ago, recently has become a key focus of federal housing policy discussions. In recent years, community groups such as National Community Reinvestment Coalition have negotiated community benefits agreements with
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Bloomberg Law, June 22, 2022, A Digital Dollar for the Unbanked? Banks, Consumers See Pitfalls Most fintech companies aren’t covered by the Community Reinvestment Act, a 1977 law that requires regulators to measure bank lending to low-income urban and rural areas. Bank holdings of digital dollars probably wouldn’t be covered either, because the law only
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