Chase’s arrival in the D.C. area is significant in part because it has been accused of lending discrimination here.
JPMorgan Chase will open 70 new branches in the District.
Wells Fargo could face a $1 billion fine from the CFPB, the largest in history, but is that enough? Join Stacy Cowley, Kerri Miller, and NCRC’s John Taylor. Also discussed, Mick Mulvaney’s CFPB, breaking up the big banks, and El Chapo’s drug cartel.
Fair-lending enforcement would not happen in earnest until years after the Fair Housing Act, not until the Community Reinvestment Act of 1977 required financial institutions go on record about what they considered their market area. The law intentionally created a conundrum for any institution that was redlining: How could it accept deposits from customers to whom it was unwilling to lend?
Bank regulators have not even proposed a plan yet for overhauling the Community Reinvestment Act, but stakeholders likely to weigh in on the plan are already establishing battle lines.
The Department of Treasury has released a long-awaited report recommending the first meaningful reform to the Community Reinvestment Act since 1995.
The report “addressed what we have for a long time talked about with assessment areas. We think that is a step in the right direction,” said John Taylor, President and CEO of NCRC. But Taylor wanted to make sure that regulators do not lose sight of the importance of branch locations if they expand the assessments to other areas.
Researchers at NCRC compared HOLC maps, the most comprehensive documentation of discriminatory lending practices, with modern-day census data to determine how much neighborhood demographics have changed in 80 years.
Those who don’t have a generous pre-approval letter from a lender in their pocket might find themselves out of luck when they go house hunting. That’s why some of the biggest players in housing finance are making new efforts to open up housing options for low- and middle-income buyers.
Chase’s only DC office isn’t technically a branch, which allows it to dodge CRA regulations.
Memories of those difficult days seem to have faded from the public consciousness, as have the lessons we learned on how we got there in the first place.
After the Senate passed its Dodd-Frank reform bill Wednesday night, sending it to the House to be voted on, experts began to voice their opinions of the bill – but no one agrees.
Washington, DC – Today, in response to the U.S Treasury Department’s report on the financial system, NCRC’s President and CEO John Taylor made the following statement: “Obviously, we are disappointed by the Treasury report’s recommendations to repeal several key consumer protections.” “These recommendations, if adopted, affect the structure and authorities of the Consumer Financial Protection …
Washington, DC – Today, in response to Federal Housing Finance Agency (FHFA) Director Mel Watt’s testimony before Congress warning of a possible bailout of the government-sponsored enterprises (GSEs) from the U.S. Department of Treasury and supporting retention of the GSEs’ profits rather than turning them over to the U.S. Treasury, the National Community Reinvestment Coalition’s …
Washington, DC – Today, National Community Reinvestment Coalition (NCRC) Senior Advisor Josh Silver testified before a Consumer Financial Protection Bureau (CFPB) field hearing regarding small business lending trends. In the testimony, NCRC detailed the difficulties that many women-, minority-owned, and very small businesses experience accessing small business lending. NCRC also discussed the benefits of the …