The U.S. Department of Housing and Urban Development (HUD) today announced a proposed rule change that would severely weaken the “disparate impact” protection under the Fair Housing Act, which requires banks, landlords and other housing providers to choose policies that apply fairly to all persons.
A coalition of housing, consumer protection and community development organizations yesterday called on the Trump administration to not undermine policies that help low- and moderate-income (LMI) people buy homes, and avoid changes that would make home-buying harder for millions.
The NCRC study, based on government exams of the nation’s 50 biggest banks, found some banks get credit for investments outside of their assessment areas (AAs) even when those banks underinvested in the areas they are supposed to serve first. Meanwhile, other banks get little or no credit outside of assessment areas.
Since the financial crisis, the CFPB’s QM rules have helped ensure that the nation’s financial institutions provide low- and moderate-income (LMI) families with prudent and sustainable mortgage loans. The CFPB must provide alternatives that ensure that the LMI borrowers benefiting from the GSE Patch today continue to have viable paths to homeownership.
HUD’s hiring of Eric Blankenstein, who is accused of posting racist blogs, is unbelievable.
National Community Reinvestment Coalition (NCRC) President and CEO urged more lending and better service for low- and moderate-income communities (LMI) in remarks they made at two recent hearings on the proposed merger between BB&T Bank Corporation and SunTrust Banks, Inc.
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.
Listen to NCRC’s Jesse Van Tol discuss the rise of banking deserts and important CRA news in Washington, DC.
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.