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Seldom in legislation as complex as the recently enacted Financial Services Modernization Act does any group get everything it wants. In this case, however, I suspect that nearly everyone involved […]

Gentrification—the process of neighborhood demographic and economic change in which middle- and upper-income people move into lower-income neighborhoods, increasing home values and rent prices—has intensified in large cities and metropolitan […]

Does banking legislation have the potential to either devastate or revitalize working class and minority neighborhoods? Well, consider the following scenario. A hard-working single mother rises early and commutes from […]

A simple, yet likely powerful, explanation has now been offered for the subprime mortgage-lending and foreclosure problems that have fed the nation’s gravest economic crisis since the Depression. Its simplicity […]

Banks enjoy consumer and taxpayer-funded privileges, such as deposit insurance, and not too long ago, subsidized trillion-dollar bailouts. It’s not too much to insist that they invest a fair share of those dollars back into all of our communities.

National Advocacy Groups Write to Leach, Banking Committee Democrats On CRA By Allen Fishbein Twelve national community reinvestment and housing development groups have written to House Banking Committee Chair Jim […]

$393 billion. That’s the amount banks have committed to lend in low and moderate income communities nationwide since the Community Reinvestment Act (CRA) went into effect 20 years ago. By […]

Congress Guts CRA The bill that emerged from conference committee negotiations over the financial modernization bills, H.R. 10 and S. 900, would gut the Community Reinvestment Act (CRA). The new […]

Shortly after the passage of the Financial Modernization Act, a banker was heard to say to Phyllis Salowe-Kaye, the executive director of New Jersey Citizen Action, “Now you folks are […]

Financial regulators proposed yesterday to allow all activities carried out under the auspices of NSP to count toward a lender’s CRA compliance. This would only last as long as NSP […]

Something astonishing happened when the Consumer Financial Protection Bureau (CFPB) asked the public for comments on its proposed rule to curb high-cost and abusive payday loans: the CFPB received 1 […]

After a raucous Senate Banking Committee hearing exploring Fleet Financial Group’s record on lending to minority communities, the Federal Reserve Board governors agreed to consider taking action against the New […]