The American Rescue Plan will “devote $1 trillion toward building a bridge to economic recovery for working families, including those who work for small businesses; and provide critical support to communities that are struggling in the wake of the pandemic.”
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.
Would you feel comfortable disclosing your bank account information on a personal loan application? What about your work history? Your college major? That’s what it could take to borrow money from some loan companies that consider alternative data which can be anything that isn’t in your credit report when deciding whether to approve your loan application. Companies that use the data say it helps them better evaluate applicants by giving them insight beyond a credit report, which usually shows things like your name, address, social security number, and current and past credit accounts. But some consumer advocates say that while
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.
The hearing allowed members to hear directly from witnesses from the CDC community regarding their experience with the program.
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.