Racial bias

The bar to prove discriminatory patterns is so high that plaintiffs would have slim odds of winning lawsuits against housing providers.

The agency’s report on mortgage data submitted by lenders identified persistent disparities between white borrowers and minorities in denial rates and pricing. Some observers say the bureau should have been more explicit as the nation wrestles with systemic racism.

The final version of the amended rule, like the original proposal, makes fair-lending claims tougher to prove. But it does soften language that otherwise might have allowed mortgage companies to use algorithms to prove nondiscrimination.

Bank of America announced how it plans to spend a third of its $1 billion commitment to address racial and economic inequities and the effects of the coronavirus pandemic in communities of color.

Larry Sewell has also pledged to continue a series of industrywide conversations on race relations.

Piedmont Federal Savings is working with historically Black colleges and universities to hire and train prospective commercial lenders and managers who better reflect the community it serves.

Political donations from the sector and interviews with industry experts highlight a wide range of views on affordable housing resources, the appropriate level of regulatory relief and how policymakers should enforce fair housing rules.

The Federal Reserve could ease capital rules, foster the creation of special-purpose banks and take other steps to strengthen minority communities and businesses without legislation being sought in Congress — if it has the will to do so, experts say.

The CFPB is giving stakeholders until Dec. 1 to file comments on a potential overhaul to its rules related to the Equal Credit Opportunity Act, which prohibits discrimination in credit and lending decisions.

Dennis Devine will have to navigate a number of issues, including economic strife and a pandemic, as he takes the helm at the $13 billion-asset institution.

A report from the trade group, released Tuesday, follows a June resolution from its board of directors recognizing historic, systemic and institutional racism in the U.S.

The agency sought feedback on potential changes to the Equal Credit Opportunity Act. But a coalition of industry and advocacy groups want a longer comment period to afford “a greater opportunity for thoughtful public participation.”

Some institutions have long worked to recruit a diverse workforce and address discrimination but these initiatives have taken on greater importance as protests have highlighted racial inequality.

The Federal Reserve Racial and Economic Equity Act would direct the Fed to consider racial inequality in employment, income and access to affordable credit when making monetary policy and in its regulation and supervision of banks.

The regulator approved a proposal that mirrors a rule banking regulators implemented in February 2019 to cushion the Current Expected Credit Losses standard's impact on capital levels.

The streaming service is taking out a two-year certificate of deposit with Hope Credit Union, which plans to use the funding to provide credit to communities often overlooked by mainstream banking.

The company's foundation, whose mission had been carefully planned by BB&T and SunTrust before their merger, opened just nine days before the novel coronavirus was declared a pandemic. Here’s what happened next.

The Trump administration's executive order to terminate and replace federal enforcement of anti-discrimination policies at the local level, citing the burden it put on municipalities, enraged advocates of equitable housing practices.

The White House's efforts to loosen equality requirements in lending run counter to the widespread demand for racial justice. Congress must act.

How Berkshire Bank is facilitating and driving change, inclusion and equity within their institution in an effort to authentically connect to the communities in which they serve.