The Department of Treasury has released a long-awaited report recommending the first meaningful reform to the Community Reinvestment Act since 1995.
The Federal Reserve may change decades-old rules that require banks to lend to low-income borrowers as part of a broader effort to revise a range of banking regulations, the U.S. central bank’s head of regulation and supervision said on Monday.
In its classically quiet fashion, the Government Accountability Office (GAO) recently released a significant study, asking the Treasury Department to improve data on CRA exams.
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.
A letter to Treasury Secretary Steve Mnuchin on the Trump Administration’s review 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.
An analysis of 31 million mortgage records made available under the Home Mortgage Disclosure Act found 61 metro areas across America where people of color were denied conventional home purchase loans at significantly higher rates than whites.
The Community Reinvestment Act is worth strengthening to fight discrimination.