Boston Globe: Santander and NCRC announce $11 billion agreement

Boston Globe, October 30th, 2017: Santander Bank executives on Monday unveil an $11 billion, five-year pledge for community investments across the company’s eight-state footprint

“Its new “Inclusive Communities” plan will represent about a 50 percent increase in annual community reinvestment spending from 2015 levels.

‘You can almost call it a pivotal year, because of the significant things that have happened,’ Powell said.

The Inclusive Communities plan has been in the works for months, and involved input from dozens of groups across the Northeast. Most of the spending will involve loans to underserved communities, including mortgages for low- and moderate-income families, small-business loans and community development loans.

John Taylor, chief executive of the National Community Reinvestment Coalition, said the bank’s leadership was clearly motivated by the “needs to improve” grade.

‘They’ve been struggling to get their mooring,” Taylor said. “It was good that the executives [at Santander] got it in their head that this was something they needed to do.’”

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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

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