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FSIC Housing Task Force Op-ed – Improve Lending Disparities With Policies Focused on Banks, Not Fintechs

March 22, 2022
in Insights, Media, News Release, Newsroom, Press Release
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In a new op-ed published in The Well News Financial Services Innovation Coalition’s Kevin Kimble argues that a new bill in California pursues the noble goal of increasing lending to disadvantaged communities, but misses the mark with its lack of focus on traditional banks.

The bill, SB 1176, would change the way lending institutions are evaluated and would include nonbank lenders in its regulations. This doesn’t properly account for the significant disparity between the poor traditional banks’ poor record and the more advanced record of online lenders when it comes to fairly serving minority and low-income communities.

In fact, within the previous few weeks we’ve seen new analysis from the Greenlining Institute reaffirming this performance gap along with a new report that Wells Fargo rejected nearly half of its Black applicants for a mortgage refinance in 2020.

Proposals like SB 1176 are well-intentioned, but fail to account for the varied approaches and success that exist between traditional bank lenders and fintechs.

Read Kevin Kimble’s full op-ed here.

 

Tags: Blog PostEconomic EmpowermentFSIC Housing Task Forcenews releaseOp-edPress ReleaseSocial Justice

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AI Crypto Metaverse Facial Recognition antitrust Archived Press Release Bank Fees Banking Blog Post Congress Credit Reporting Economic Empowerment Facial Recognition FSIC Housing Task Force Health Care Hidden Fees legal Lending Market Overview MLK Birthday MLK Holiday monopolies monopoly Mortgage news release Op-ed Oversight Predatory Practices Press Release public private partnerships Redlining SECURE Act Segregation Social Justice Technology video Video Podcast Voting Rights Workforce

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