The report revealed dramatic differences in the costs and lending patterns for different subgroups of Hispanic borrowers, such as Cuban, Mexican and Puerto Rican borrowers. It also found that most Latino borrowers get their mortgages from non-bank mortgage companies and not from banks
The Trump Administration has attacked one of the most vital pieces of civil rights legislation, the Fair Housing Act, on multiple fronts in the last several weeks. They gutted the Affirmatively Furthering Fair Housing rule that enforces fairness in housing. Now, they are effectively eliminating the disparate impact standard in fair housing cases.
The government’s emergency spending to help businesses stay afloat isn’t enough to save the economy. Businesses need credit to manage day-to-day operations and to grow – and business lending from banks has dried up during the pandemic. If it doesn’t resume quickly, we’ll likely face a long and deep recession.
The practice of restricting neighborhoods to certain races or incomes was a significant part of America’s segregated past. Discrimination in lending and housing is generally less overt than it used to be, but it’s still a problem.
The National Community Reinvestment Coalition (NCRC) has hired Dedrick Asante-Muhammad as Chief of Equity and Inclusion.
A top federal bank regulator has floated no longer enforcing lending rules for the poor based on the locations of a bank’s physical branches, a change likely to be opposed by NCRC and other community groups.
The new branch locations will increase housing accessibility for low-income neighborhoods, according to Jesse Meisenhelter, spokesperson of NCRC.
Decades of banking bias have left many unfairly cut out of home ownership, local and national reports show, but one national organization is partnering with a Chattanooga grassroots nonprofit organization to combat the inequity one bank at a time.
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.
Bill would weaken the government’s ability to enforce fair lending requirements, making it harder to root out predatory lenders.
In a final indignity, Sen. Tim Kaine, D-Va., has offered a fair lending amendment, while acknowledging that the amendment probably wouldn’t get a vote