By KIMBERLEY HAAS Vice President Kamala Harris joined officials from the U.S. Department of Housing and Urban Development on Wednesday to announce the delivery of a plan designed to dismantle racial bias in the home lending and appraisal process. The Interagency Task Force on Property Appraisal and Valuation Equity (PAVE) Action Plan submitted to President Joe Biden will, when enacted, represent the most wide-ranging set of reforms ever put forward to advance equity in the home appraisal process, according to a press release. During her speech, Harris described how a home ensures future financial security and peace of mind for families. “Imagine a young couple that saves enough money to put a down payment on a home. The day they…
By KIMBERLEY HAAS The Consumer Financial Protection Bureau is targeting discrimination and officials there plan to closely examine financial institutions’ decision-making practices to ensure companies are appropriately testing for and eliminating potential harm to customers. On Wednesday, an updated exam manual was published for evaluating unfair, deceptive, and abusive acts or practices. Officials said in a press release that discrimination can occur in cases where the conduct may be covered by the Equal Credit Opportunity Act – a fair lending law that covers extensions of credit – as well as instances where it does not. The example of being denied a checking account due to race was used as an example of a discriminatory practice. “When a person is denied…
By JARED WHITLEY The Neighborhood Assistance Corporation of America (NACA) has announced a lending program for minority-owned businesses it calls “Economic Justice Loans,” with the stated goal of helping historically underserved populations build generational wealth. The political-progressive organization’s action raises the question of whether people of color are still being denied access to credit in 2022. “This lending model provides the foundation for hundreds of millions of dollars in additional lending,” NACA’s founder and CEO Bruce Marks said in a press release. “We have learned that if you build it, they will come. NACA’s Best in America Mortgage targeting underserved communities started with a few million dollars in commitments and now has over $20 billion. We expect the same outcome with extraordinary terms…
