hmdareform_sept2010_smith_0.pdf This fact sheet describes the Home Mortgage Disclosure Act (HMDA) and outlines key reforms that must be made to HMDA, including improving the collection of data on borrower income and debt-to-income ratios, closing gaps in types of loans...
Bank branches play an important role in providing access to retail banking services, such as basic checking and savings accounts. Regulators measure how banks are doing in providing access to retail banking services on the CRA service test. Currently,...
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Regulators are holding a series of public hearings, including one in Chicago on September 16, on possible revisions to HMDA. HMDA data collection must be more comprehensive in order for regulators and the public to prove abusive discriminatory lending...
By Frank Kalman August 24, 2010 While the backlash of the financial crisis continues to weigh heavily on the nation’s banks, Illinois lenders are in the midst of a major consolidation of their own, with a lagging Chicago economy...
By Steve Chiotakis August 23, 2010 Chicago’s ShoreBank is under new management. The community bank served the undeserved community for years. Dory Rand, president of the Woodstock Institute, talks with Steve Chiotakis about the significance of the bank for...
“We are excited to see an agreement that will allow this new institution to continue to serve Chicago communities starved for access to loans and other mainstream financial services.” said Dory Rand, Woodstock Institute president. One of the key...
By Becky Yerak August 20, 2010 Chicago-based ShoreBank, which for more than three decades made loans to South and West siders who might not have gotten financing elsewhere to buy homes, apartment buildings and start businesses, failed Friday....
By Dakin Campbell and James Sterngold August 20, 2010 ShoreBank Corp., the Chicago lender operating under a Federal Deposit Insurance Corp. cease-and- desist order for 13 months, and seven other banks were shut by regulators as 2010 bank failures...
There was near unanimous agreement among presenters from community-based organizations, trade groups, and bankers that the CRA rules must be updated to reflect significant changes in the financial marketplace and that regulators and financial institutions should do more to...