New Orleans The Federal Consumer Protection Bureau is looking into the issue of “blacklisting” by banks when some consumers try to open checking accounts. If you are lucky, you may ask, what are they talking about, aren’t banks in the business of providing customer service through individual checking accounts? Oh, child, you are …
Tag: banks
Wholesale Bank Retreat from Lending to Lower Income and Minority Borrowers
New Orleans The Community Reinvestment Act (CRA) passed in 1978, more than 35 years ago, was straightforward. Banks could no longer redline, meaning they could not use the deposits from lower income and minority neighborhoods to finance mansions for the rich in the sprawling suburbs. More plainly stated, they could not discriminate in their lending. …
Nickeled and Dimed By Both Wall Street and Main Street
New Orleans In the wake of the Great Recession and general financial meltdown we all like to think we’ve got our eyes peeled to all of the slick shenanigans devised by Wall Street wheeler-dealers. With billion dollar bank settlements still regularly reported in the daily papers and with a new governmental body, the Consumer Financial Protection …