Tap Into Plainfield, December 26, 2022, Advocacy Group Asks Feds to Require Racial Equity Promises from Banks Before Merger
When a bank partakes in illegal redlining, they are withholding loans from people simply because they live in a low income community, and are deemed riskier, a practice that results in neighborhoods that not only suffer from reduced wealth and greater poverty, but from lower life expectancy and higher incidence of chronic diseases, according to the National Community Reinvestment Coalition.
“Redlining is racist and illegal,” said Phyllis Salowe-Kaye, president of NJCA and signatory of the letter to the Federal Reserve.
