Data on community development lending and investing is lacking on a census tract level, making the information incomplete and difficult to assess. However, this is not the case for home mortgage lending data and small business loan data. If the federal regulatory agencies truly want to reform CRA, the first place to start is with better data. It would be a win-win for both banks and community organizations by facilitating identification of underserved areas. It would also further CRA’s objectives of directing access to credit and capital where it is needed most.
Chase’s arrival in the D.C. area is significant in part because it has been accused of lending discrimination here.
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.