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financial reform

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Why the Community Reinvestment Act Must Be Expanded Broadly Throughout the Financial Industry

The financial industry has been one of the main perpetrators of racial discrimination. It should be obligated to serve all communities, particularly communities of color.

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Policy

Meltdown: The Financial Crisis, Consumer Protection, and the Road Forward

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.

The spires and statue atop an old bank building.
Policy

The Community Reinvestment Act at 40: A Careful Review of the Reviews

A review of HUD’s Cityscape issue, which is devoted to reviews and studies of the Community Reinvestment Act at its 40th anniversary.

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Communities

SoFi, Not So Good: Is This Virtual Redlining?

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.

Red road sign that says "Wrong Way"
Financial System

Under Trump, Treasury Goes Backward on Community Protections

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.

Financial System

Trump’s Upside-Down Plan: Tax Cuts Come at the Expense of Working Families

This past Wednesday, President Donald Trump released a one-page outline of a tax plan that he says provides tax relief for the middle class, but in reality, the plan is basically a massive tax cut for the rich. Like the American Health Care Act, which actually was also a massive tax cut for the wealthy disguised as health care reform, this plan is also a massive tax cut for people who need it the least. This time, it is merely disguised as “tax relief” and “simplification.”

Policy

CFPB: Government for the People

Those of us who work in regulated industries, such as banking institutions and credit unions, often succumb to the temptation to see government regulators as adversaries and to view any […]

Financial System

All the Fury Over CFPB Ignores Its Modest Mission

Ever since its creation, the Consumer Financial Protection Bureau (CFPB) has been the focus of heated controversy, with banks and politicians alike calling for cutbacks in its authority, if not […]

Financial System

The Fight for Full-Time Work in San Jose

Unpredictable hours lead to unpredictable cash flow, which is a barrier to budgeting and saving. One response to this, the Opportunity to Work Initiative, would require that San Jose employers give more hours to part-time employees before hiring new staff.

Financial System

Why Are Biased Banks Getting High CRA Marks from Regulators?

The Community Reinvestment Act (CRA) statute has a statement of purpose affirming that banks “are required by law to demonstrate that their deposit facilities serve the convenience and needs of […]

Financial System

Fairness and The Financial System

Trying to bring fairness to financial transactions for everyday people has long been both an avocation and passion for me, anchored largely in my belief in the “Golden Rule,” that […]

Financial System

Public Benefits and Bank Mergers

Community organizations are generally aware that when a bank wants to acquire another bank, it must submit a merger application to a federal agency. But many community organizations may not […]

Financial System

Unfriend Your Neighbor to Get a Loan?

Want to be that one person who bootstraps themselves out of poverty and makes it, against all odds? Not if Facebook has anything to do with it. Now, we already […]