The bill rolls back parts of the Dodd-Frank banking rules and valuable fair lending protections enacted after the 2008 financial crisis
The U.S. House votes to hide evidence of discrimination and risk in banking Read More »
The undersigned civil rights, fair housing, consumer, and community organizations write to highlight our strong concerns with Section 104 of S. 2155, “the Home Mortgage Disclosure Act Adjustment and Study”. The tiered reporting proposed in Section 104 for banks and credit unions would undermine efforts to ensure that the nation’s mortgage lenders are serving all segments of the market fairly. The provisions would exempt 85% of depositories from the updated reporting required by the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank).
The undersigned civil rights, fair housing, consumer, and community organizations write to highlight our strong concerns with Section 104 of S. 2155, “the Home Mortgage Disclosure Act Adjustment and Study”. The tiered reporting proposed in Section 104 for banks and credit unions would undermine efforts to ensure that the nation’s mortgage lenders are serving all segments of the market fairly. The provisions would exempt 85% of depositories from the updated reporting required by the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank).
The Senate on Wednesday passed sweeping changes to a swath of rules adopted in the wake of the 2008 financial crisis.
CNN: Senate votes to roll back parts of Dodd-Frank banking law Read More »
Watch U.S. Senator Elizabeth Warren read our joint opposition with The National Urban League to #S2155 during floor debates yesterday.
The #BankLobbyistAct makes it easier for banks to discriminate Read More »
Community banks and consumer advocates are clashing over a provision in the Senate banking bill on mortgage data reporting, but there’s been little vetting of what the measure would actually do.
American Banker: Will HMDA data carve-out for small banks make discrimination easier? Read More »
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
The undersigned civil rights, fair housing, consumer, and community organizations write to highlight our strong concerns with Section 104 of S. 2155, “the Home Mortgage Disclosure Act Adjustment and Study”. The tiered reporting proposed in Section 104 for banks and credit unions would undermine efforts to ensure that the nation’s mortgage lenders are serving all segments of the market fairly. The provisions would exempt 85% of depositories from the updated reporting required by the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank).
S. 2155, expected to clear the Senate in the coming days, is a banker’s wishlist.
Medium: Bank Lobbyist Act makes it easier for banks to discriminate in lending Read More »
Congress should be asking how to expand reporting requirements for all lenders, not end them. We need bipartisan support to end discrimination in lending, not to hide the data that exposes it.
The most significant attempt to loosen rules imposed in the wake of the 2008 financial crisis is underway in Congress as the Senate looks to pass legislation within the next month that would roll back restrictions on swaths of the finance industry.
New York Times: Democrats add momentum to G.O.P. push to loosen banking rules Read More »
Senate Banking Chairman Mike Crapo (R-Idaho) released the text of bipartisan “Economic Growth” legislation, which rolls back valuable fair lending requirements and protections from the dangerous banking practices that led to the 2008 financial crisis.
“This legislation will grow economic inequality rather than our economy, as its name suggests” said John Taylor, President and CEO of the National Community Reinvestment Coalition. “In the midst of several financial scandals, politicians on both sides of the aisle have again proven that their allegiances to Wall Street far surpass their promises to Main Street.”
Senate plan helps banks, not the economy Read More »
