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The trade groups, including the American Bankers Association, allege the Consumer Financial Protection Bureau exceeded its authority by claiming discrimination in any financial product violates the federal prohibition on "unfair, deceptive or abusive acts or practices."
September 28 -
First introduced in 2020, the Fair Access to Financial Services Act would require banks to serve all customers in a manner similar to existing requirements for hotels and restaurants under the Civil Rights Act of 1964.
July 26 -
Bank and financial services supervisors have an affirmative duty to address the deep economic divide facing minorities in the U.S.
June 29Better Markets -
A new study has found that Black and Hispanic borrowers are denied conventional mortgages at higher rates than white applicants and pay up to $2,000 more to refinance.
June 9 -
There is a gaping hole in the financial system in North Minneapolis, where people are preyed upon by payday lenders and fringe bankers, according to Debra Hurston, executive director of the Association for Black Economic Power. Hurston is creating a credit union for this community to help break residents out of a cycle of exploitation and debt. But the issue is far bigger than one city, and the opportunity is one that any bank or credit union can seize.
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Lenders don't oppose CFPB data collection for small-business loans but favor changes that would minimize unintended consequences for borrowers, a Consumer Bankers Association official writes.
April 22 -
The bank asked to move the discrimination case from a Black magistrate to a supervising White district judge, which attorneys for plaintiffs said was an attempt to ‘redline the federal court.’
April 21 -
Banks have supported initiatives aimed at closing the racial equality gap but the industry risks undermining this by fighting new rules to gather demographic data on small-business lending.
April 13National Community Reinvestment Coalition -
The municipality and the bank have been at odds over similar issues in the past, and no agency currently has deposit accounts with the lender.
April 8