The Department of Treasury has released a long-awaited report recommending the first meaningful reform to the Community Reinvestment Act since 1995.
Chase’s only DC office isn’t technically a branch, which allows it to dodge CRA regulations.
Regulators are working intently on a proposal to reform how they apply the Community Reinvestment Act after previous attempts to modernize CRA policy drew mixed reviews.
Get ready for a new front in the Trump administration’s war on communities of color and working people: “Reform” of the Community Reinvestment Act.
Regulators plan to have a revamped version of CRA rules ready for distribution by the end of March.
Reveal exposes modern-day redlining is occurring in at least 61 US cities. In Philadelphia, black applicants there were almost three times as likely to be denied a conventional home purchase loan as white applicants. And this discrimination isn’t just a few banks, nearly two-thirds of mortgage lenders are still discriminating against clients of color.
The National Community Reinvestment Coalition, joined by almost 500 national and local organizations, today sent a set of recommendations to Treasury Secretary Steve Mnuchin and Comptroller of the Currency Joseph M. Otting to strengthen the Community Reinvestment Act.
For years, banks have been fighting these requirements to lend to underprivileged people — and President Trump is listening as he continues his war on regulation. The irony is that these rules benefit the same “blue-collar people Donald Trump maintains he represents.
All signs point to Republicans next move– tear apart the social safety net.
Young doctors entering the medical field take the Hippocratic Oath requiring them to deliver quality and ethical care. This cardinal rule of medicine should be applied as the Trump administration mulls Community Reinvestment Act (CRA) reform. The first rule must be to “do no harm” and enact no “reform” that results in less lending and investing in underserved communities.