KAREN BLEIER/AFP through Getty Pictures
KAREN BLEIER/AFP through Getty Pictures
In 2023, The Federal Reserve and different banking regulators introduced they have been making adjustments to how they grade banks on servicing native communities. This all stems from a 1977 regulation referred to as the Group Reinvestment Act, which was designed to encourage banks to raised meet the wants of reasonable and low-income debtors. Nevertheless, main banking commerce teams weren’t too excited concerning the new guidelines and filed a lawsuit towards the banking regulators final week.
Right now on the present, we clarify the historical past of racist housing insurance policies in america and the way that historical past informs the banks’ battle with the federal government in the present day.
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