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Wed Jul 15, 2020, 03:40 AM

Trump Financial Regulator Quietly Shelved Discrimination Probes Into Bank of America and Other Lende


At least six investigations into discriminatory mortgage loan “redlining” have been halted or stalled — against staff recommendations — under the Trump administration’s Office of the Comptroller of the Currency.

by Patrick Rucker, The Capitol Forum July 13, 5 a.m. EDT

In the spring of 2018, bank regulators trained to spot discriminatory lending detected something alarming at Bank of America.

The bank was offering fewer loans to minority homebuyers in Philadelphia than to white people in a way that troubled examiners from the Office of the Comptroller of the Currency, according to two people directly involved in the probe and internal documents reviewed by ProPublica and The Capitol Forum.

The officials suspected the second-largest bank in the United States was “redlining,” or deliberately turning its back on minority homebuyers, the people said.

But after complaints from Bank of America, the OCC’s investigation stalled by September 2018. The OCC, which is part of the U.S. Treasury Department, never sanctioned the bank.

More:
https://www.propublica.org/article/trump-financial-regulator-quietly-shelved-discrimination-probes-into-bank-of-america-and-other-lenders?utm_source=pardot&utm_medium=email&utm_campaign=majorinvestigations&utm_content=river

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Reply Trump Financial Regulator Quietly Shelved Discrimination Probes Into Bank of America and Other Lende (Original post)
Judi Lynn Jul 15 OP
bobbieinok Jul 15 #1
appalachiablue Jul 15 #2

Response to Judi Lynn (Original post)

Wed Jul 15, 2020, 04:07 AM

1. Good god, these people are so incredibly evil!

The linked article has a lot of disgustingly depressing info!

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Response to Judi Lynn (Original post)

Wed Jul 15, 2020, 07:58 AM

2. Good for ProPublica. Denial of loans and charging

extra rates for housing, whether mortgages or rentals is covered in several of the articles I've posted recently on the huge rise in rental evictions and foreclosures because of the pandemic and massive job losses.

The discrimination and redlining is broad and targets black and brown people, women, LGBT, immigrants and older people. Major property companies had Facebook block rental ads to people over 40 because they were seeking the 20- 40 age market. Some were caught a few years ago but are back at it. One minority woman in her 50s won in a successful lawsuit case.

It's awful, like we never carried through with ending all that with the past civil rights movement and regulation era.

In his newest video, 'Corporate Hypocrisy On Racism,' *Robert Reich addresses ongoing discrimination in housing, employment and other areas by banks and companies that pretend to be supporters of Black Lives Matter and career advancement for minorities when in reality they are doing just the opposite. Banks profiting from payday loans, the private prison industry and police brutality lawsuits, and companies with the discriminatory policies and a record of poor treatment of minority employees, even supporting racist political figures.
'
- Corporate Hypocrisy On Racism': BLM 'Allies' Profit On Prisons, Payday Loans, Discrimination: Robert Reich.
https://democraticunderground.com/1016262123

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