House Financial Services Committee Chair Maxine Waters (D-CA) proposed amendments to the Community Reinvestment Act in an effort to (i) end modern-day redlining, (ii) root out discrimination in the banking system and (iii) close the gaps in racial wealth and homeownership.
News & Insights
Over 70 Democratic congressional representatives urged banking regulators to finalize amendments to rules implementing the Community Reinvestment Act to "finally end the discriminatory practice of redlining."
The DOJ obtained more than $31 million to resolve allegations against a bank for engaging in redlining practices in predominantly Black and Hispanic neighborhoods in Los Angeles County and for discouraging residents in those neighborhoods from applying for mortgage loans.
Assistant Secretary of the Treasury for Terrorist Financing and Financial Crimes Elizabeth Rosenberg highlighted areas of increasing concern for AML/CFT policymakers: the hiding of ownership of assets managed by investment advisers and the lack of regulation over the non-financed segment of the real estate market.
The U.S. Court of Appeals for the Second Circuit overturned the securities fraud conviction of a former bond trader.