KeyBank disregarded commitments to improve lending to Black homeowners and potential homeowners. Federal data shows KeyBank now ranks at the bottom among the 50 largest mortgage lenders in the nation in the percentage of its borrowers who are Black, live in majority-minority or LMI neighborhoods and are people of color.
Arts and culture are an important component of overall quality of life for every person on earth. Access to cultural resources and connections – or the lack thereof – shapes many aspects of our nation’s society. It also influences economic outcomes, as economists who study the role of “human capital” in wealth-building and opportunity creation have identified.
The National Community Reinvestment Coalition (NCRC) on Wednesday applauded a $24 million settlement to punish serious intentional discrimination and redlining in the Philadelphia area, and urged the courts to endorse disciplinary action against Berkshire-Hathaway subsidiary Trident Mortgage Company proposed by the Department of Justice (DOJ) and Consumer Financial Protection Bureau (CFPB). “Lending discrimination is a …
More than 8 million Americans live in neighborhoods that decades ago were systematically excluded from loans and investments through a racist system known as redlining.
Eighty years after the Home Owners Loan Corporation (HOLC) formally drew its redlining maps, those neighborhoods are still high minority population areas with the highest rates of vacancy in their metropolitan areas.
This paper examines shifts in the market share of banks and nonbank financial institutions in important product markets. Banks are covered by the Community Reinvestment Act (CRA) which requires them to serve all communities, including low- and moderate-income (LMI) ones. Nonbanks, in contrast, do not have this obligation.
Entrepreneur, September 1, 2021, Cadence (CADE) to Settle Redlining Probes by the DOJ & OCC In order to address and settle previously-slapped allegations of lending discrimination by redlining the Black and Hispanic neighborhoods in Houston, TX, Cadence Bancorporation CADE entered into separate arrangements with the U.S. Department of Justice (DOJ) and the Office of the Comptroller of …
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24/7 Wall St, August 31, 2021, The Most Segregated Cities in America The patterns of segregation in many major metropolitan areas can be traced back to laws and legal racial housing policies of the early 20th century used to exclude Black residents from certain neighborhoods. Even after the Supreme Court began to ban explicitly racist zoning …
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McMorris, a Washington, D.C.-based real estate developer and civil rights activist, has formed a new property redevelopment firm meant to right the wrongs of redlining, in partnership with the National Community Reinvestment Coalition.
According to the Washington Post, 75% of redlined districts still struggle economically. Studies, such as this one from the National Community Reinvestment Coalition, have also found that people in redlined districts are born with a lower life expectancy.
I applaud President Biden for signing four executive orders today that will help advance the goal of racial equity. The order directing HUD to address the nation’s long history of systemic racism in housing is of particular importance to us. Acknowledging the federal government’s role in perpetuating segregation, including the lasting impacts of redlining, is essential to addressing America’s ever growing racial wealth divide.
Kelsey Lyles, Health Equity Policy Lead, The Greenlining Institute Kelsey Lyles Program Manager, Health Equity, The Greenlining Institute As Health Equity Program Manager, Kelsey Lyles leads the Health Equity team’s workforce equity and inclusion advocacy efforts. Growing up in Chicago, she felt a strong commitment to social justice at a young age. Kelsey has extensive …
Marceline White, Executive Director, Maryland Consumer Rights Coalition Marceline White Executive Director, Maryland Consumer Rights Coalition Marceline serves as the Executive Director of the Maryland Consumer Rights Coalition where she leads the coalition of 8,500 supporters in promoting economic justice and financial inclusion throughout Maryland. Marceline currently co-chairs the Consumer Protection Committee of Attorney General …
T Barbara Van Kerkhove, Ph.D. Researcher/Policy Analyst, Empire Justice Center Barbara Van Kerkhove is a researcher/policy analyst in Empire Justice Center’s Rochester, New York, office where she does research and advocacy on a variety of consumer finance and economic justice issues. She is the principal author of “Too Big to Fail…Too Poor to …
On Monday, the Federal Reserve Board of Governors approved a process to revise the rules banks must follow to comply with the Community Reinvestment Act (CRA), and an Advanced Notice of Proposed Rulemaking (ANPR) to begin that process.
