Washington Post, March 29, 2022, Biden signs bill making lynching a federal hate crime The new law amends the U.S. Code to designate lynching a hate crime punishable by up to 30 years in prison. More than 4,000 people, mostly African Americans, were reported lynched in the United States from 1882 to 1968, in all […]
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Government Technology, March 28, 2022, What is digital redlining? Experts explain the nuances Digital redlining is underinvestment by Internet companies in providing service to communities that are lower income — disproportionately communities of color — and it results in plans that have lower speeds and are often less affordable than those found in wealthier —
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The Washington Post, March 23, 2022, Home values soared during the pandemic, except for these Black families Their experience is common. Homes in Black neighborhoods are valued at 23 percent less, on average, than those in comparable White neighborhoods — despite having similar neighborhood and property characteristics and amenities, according to a Brookings Institution report.
The New York Times, March 27, 2022, Investors are buying mobile home parks. Residents are paying a price. Industry leaders are blunt about the business model: According to materials for a “boot camp” for aspiring mobile-home park investors prepared by Mobile Home University, which is run by two of the largest mobile-home park owners in
American Banker, March 25, 2022, Fed watching red-hot housing market for financial stability risks “In last year’s stress test, which featured a severe global recession that included a decline in home prices of over 20%, we projected the largest banks could collectively maintain capital ratios at more than double their minimum requirements — even after
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Politico, March 26, 2022, Biden to propose new tax on the uber rich President Joe Biden intends to propose a new type of wealth tax as part of his upcoming budget request, a plan that’s sure to revive the debate in Washington over taxing the richest-of-the rich. He wants to require them to pay at
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Housing Wire, March 25, 2022, Here are the top 10 mortgage lenders in 2021 According to an analysis of the HMDA data by Polygon Research application HMDAVision, the top 10 lenders by volume are: Rocket Mortgage United Wholesale Mortgage Wells Fargo LoanDepot JPMorgan Chase New Residential Investment Corp. Freedom Mortgage Bank of America Homepoint Guaranteed Rate
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American Banker, March 24, 2022, Appraisers facing stricter oversight from financial regulators The Federal Reserve Board, the Federal Deposit Insurance Corp., the Office of the Comptroller of the Currency, the Consumer Financial Protection Bureau and the National Credit Union Administration plan to devise new ways to monitor appraisal processes for racial, ethnic and sex-based biases,
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American Banker, April 27, 2022, New York Community and Flagstar delay merger, shift regulatory strategy New York Community Bancorp and Flagstar Bancorp are extending the deadline for their merger until late October and have decided the combined entity would be a national — not a state-chartered — bank. The change in strategy comes three months
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NAFCU, April 26, 2022, Berger: Big banks have abandoned underserved communities In a new op-ed for American Banker, NAFCU President and CEO Dan Berger calls out the soaring closure rate of big bank branches and its disproportionate impact on underserved, rural communities, while simultaneously hastening the formation of banking deserts. Recognizing the toll the pandemic took on
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Insider Intelligence, April 25, 2022, CFPB looks into the financial challenges of rural communities in the US The Consumer Financial Protection Bureau (CFPB) is looking into the financial challenges faced by rural communities in the US living in banking deserts. Eighty-six new banking deserts were created in rural areas from 2008 to 2016, according to the
American Banker, Waters’ proposed legislation would benefit underbanked communities A recent report from the National Community Reinvestment Coalition found that while families and Main Street small businesses were desperate for financial support and counsel, America’s banks took advantage of the crisis to accelerate the pace of their already planned branch closures, escalating the formation rate of banking
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Department of Health NYC, The 90-year-old financial policy that harms our health In New York City, many once-thriving neighborhoods experienced severe disinvestment as a result of redlining, which caused inequality that continued from one generation to the next. Neighborhoods that were redlined in the 1930s have higher rates of poverty even today – nearly 90
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American Banker, April 20, 2022, Why this credit union says AI can reduce lending bias “A lot of times lenders are nervous about making changes to their models to improve their fairness because they’re concerned that if they make a change to their model, it may be considered a reflection that they had an unfair
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First Merchants, April 19, 2022, First Merchants Bank opens a new Ohio banking center focused on positively impacting the local community They have partnered with the National Community Reinvestment Coalition (NCRC) through a five-year commitment to invest $1.4 billion in their communities including new branch access, down payment assistance programs and more. The bank is
