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.
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.