Senator Elizabeth Warren and the Office of the Comptroller of the Currency have offered contrasting visions for the future of CRA. How do they differ, and what would the implications for historically disinvested communities be?
Many books discuss the corrosive effect of money in politics and lobbying organizations, but few are devoted to how those representing the have-nots organize on a national level to fight for laws and regulations that seek to empower communities.
A government report concludes that residents of low- and moderate-income Census tracts have as much access to bank branches as residents in middle- and upper-income tracts in rural areas and large metropolitan areas. Yet access to bank services for low- and moderate-income consumers is still being lost. Why is that?
In 2010, the scattered enforcement of consumer protection and fair lending laws across several agencies would end. The CFPB would have broad oversight over banks and non-banks, and though not perfect, this model has produced some impressive results.
SoFi is practicing product segregation. It wants to serve affluent people with its best products and shunt low- and moderate-income borrowers into inferior products that do not meaningfully serve credit needs.
A recent Treasury Department report on bank regulation and policy promotes changes that would move us backward when it comes to building a financial system that is equitable, efficient, and protects consumers and communities from abusive practices.
The American Bankers Association (ABA) issued a white paper maintaining that the CFPB exceeded its mandate under Dodd-Frank. Full of rhetoric, the white paper makes a number of unfounded allegations about HMDA data and the CFPB final rule.