The FDIC released proposed rules for an interagency Community Reinvestment Act reform process today. The long-awaited proposal represents the most recent of many stalled efforts to update this anti-redlining law.
Woodstock Institute joined a coalition letter with other national consumer advocacy groups urging the Federal Deposit Insurance Corporation (FDIC) to stop permitting its supervised institutions to front for predatory lenders evading state interest rate laws.
Letter Identifies Six Out-of-State “Rogue Banks” that Enable Predatory Lenders to charge 100%+ Interest in States with Rate Caps
We believe the ease at which the federal bank regulatory agencies approve mergers has created an unprecedented level of consolidation in the industry that disproportionately hurts access to financial services in low- and moderate-income communities and communities of color....