City National Bank Shows Why Some CRA Proposals are Wrong

Citizen Wealth Financial Justice

New Orleans      There’s a big split within the federal banking establishment about what to do about revisions to the 1977 Community Reinvestment Act.  This is not your run of the mill, chest thumping, and elbow pushing in Washington over turf and regulatory jurisdiction.  It’s actually very important, particularly to low-and-moderate income families and their …

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Bank Redlining Increasing and Wealth Plummeting in Minority Communities

Citizen Wealth Financial Justice Foreclosure Ideas and Issues

New Orleans        The Federal Reserve report on the continued decrease in lending to African-American and Hispanic families is unambiguous.  In 2013, 4.8% of total home loans were to African-Americans, 7.3% were to Hispanics.  In 2012, the numbers were only marginally better at 5.1% and 7.2% respectively.  As recently as 2006, before the real estate meltdown …

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Wholesale Bank Retreat from Lending to Lower Income and Minority Borrowers

Citizen Wealth Financial Justice Foreclosure

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. …

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