New Orleans The Community Reinvestment Act (CRA) was passed in 1978 banning racial discrimination in lending. The Home Mortgage Disclosure Act (HMDA) was passed as well, forcing banks to supply the data on where they approved mortgages and the racial and ethnic information on the borrowers. Reporting and enforcement is under the jurisdiction of the Federal …
Tag: CRA
RushCard and United Kingdom Lending to Lower Income Families
London The Community Reinvestment Act (CRA) in the USA is pushing 40 years old, and even in its relatively weakened state, there is no question that joined with the Home Mortgage Disclosure Act (HMDA) it has been for most of its history a huge tool for opening increased financial opportunity to lower income families and …
Predatory Rent-to-Own Scams Hark Back to Discriminatory Schemes
New Orleans In the early days of ACORN in Little Rock in lower income, largely African-American neighborhoods before the 1978 Community Reinvestment Act was passed forbidding racial discrimination in bank lending and outlawing redlining, the stories of families trying to rent-to-own their homes were legion. I read many of these documents carefully and knew families …