"Buried within Senate legislation to roll back restraints on banks is a provision that would exempt an estimated 85 percent of US banks and credit unions from public reporting requirements, raising fears that discriminatory practices by lenders could go undetected. The data that would be exempt from reporting include the financial information of borrowers and loan applicants, along with their race and sex. Some Democratic lawmakers, community activists, and low-income-housing advocates have raised the alarm over the bill. Removing the spotlight, they say, could allow lenders to unfairly deny loans or charge excessive interest and escape notice."
The Associated Press story, from the Boston Globe, is available here.
0 thoughts on “Senate bill would diminish banks’ mortgage disclosures”
Banks do serve a valuable purpose in our society…unfortunately big banks prey on and molest less fortunate Americans. They offer loans that are predatory and also contracts of adhesion. These loans are all slated to default before they were ever signed into agreement. Banks know they are ruining people’s credit who are less fortunate then others.