In separate hearings, the Senate Banking Committee and the House Financial Services Committee heard testimony from CEOs of the largest U.S. banks on a broad range of public policy and compliance matters.
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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.
Acting Comptroller Michael J. Hsu warned that the digitalization of the banking industry poses significant challenges for community banks.
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."
A mortgage banking and lending company agreed to settle parallel DOJ and CFPB allegations that it engaged in discriminatory lending practices.