Wells Fargo today announced equity investments in six African American Minority Depository Institutions (MDIs) as part of its March 10, 2020, pledge to invest up to $50 million in Black-owned banks.
Now is a good time to establish a good credit history. These accounts can help get you started.
As executive director of Community Development Banking for JPMorgan Chase, Malcolm A. Johnson leads the company’s initiatives to assist residents, businesses, schools and nonprofits.
The Community Reinvestment Act was enacted in 1977 as a direct response to redlining, an unethical practice whereby banks and other lending institutions made it extremely difficult, if not impossible, for residents of poor, inner-city communities to borrow money, get a mortgage, take out insurance or access other financial services. Redlining did not take into consideration an individual’s qualifications or creditworthiness.
The OCC hopes stakeholders will carefully review the proposed changes and submit comments so that a final rule can be issued in the first half of 2020.
…in April of last year, Congress used the Congressional Review Act to nullify the Consumer Financial Protection Bureau’s (CFPB) auto finance guidance that held auto lenders responsible for discriminatory lending practices prohibited under the Equal Credit Protection Act. This distorted use of the Congressional Review Act, sometimes known as another CRA, was never intended to overturn long-standing agency practices.
According to the report, Black consumers are the only racial/ethnic group that has made no appreciable progress in homeownership over the past 30 years.
150 minority owned companies had one-on-one sales meetings with buyers from federal and state agencies and major corporations
Compared to national figures, procurement with California’s minority businesses better mirrored the state’s demographics but was still low