Diversity and equality

The biggest gaps are in cities with the largest concentrations of people in this demographic, a LendingTree study of the 50 largest metro areas found.

The bank's delay in investigating the case forced the plaintiff to resign from the bank in July 2021, according to the complaint. Wells said that it takes allegations of misconduct "very seriously."

Its "enhanced" oversight procedures now include a multilayered review process and if discriminatory bias is confirmed, an appraiser "will be subject to removal," the department said

The department wants to make changes to its reconsideration of value process by giving Federal Housing Administration borrowers the opportunity to seek a second appraisal

A month after the National Community Reinvestment Coalition blasted KeyBank's mortgage lending record to Black borrowers, the group said it will send letters to the Federal Reserve and OCC about its findings.

Banks and other lenders revived special-purpose credit programs after racial-equity protests in 2020 prompted them to reexamine their services for historically underserved groups. Now they're taking those initiatives nationwide.

A new state study suggests that mortgage lenders are putting up barriers to home ownership among people of color.

The homeownership gap between Black and white populations has widened in the years since the Great Recession, putting obstacles in the way of achieving wealth for a large percentage of Americans. How did we get here, and what do the housing and home lending industries need to do to change the current course?

Nonprofit housing developer James Armstrong shook hands with West Dallas residents and some of the city's top brass on an empty field where a rare deal was done.

Bank regulators are considering a measure that would rewrite the rules implementing the Community Reinvestment Act. They should consider taking their existing rules seriously.

It came as a surprise to many housing experts that Asian, Black and Hispanic homeownership rates all jumped last year by more than 2 percentage points, according to quarterly Census Bureau data.

Kristy Fercho, who's run the bank's home lending division since August 2020, will report directly to CEO Charlie Scharf and sit on the operating committee. Last year, she became the first Black person to chair the Mortgage Bankers Association, and she took the top spot in American Banker's Most Powerful Women to Watch this year.

Major efforts are underway to eliminate discriminatory practices in property valuations.

Exclusive Arizent research found that more than 95% of employees think they have something to learn from people who are different from them. But only 66% think that diverse companies make better decisions. We explore the disconnect.

Methods to combat the discrimination include lender disclosures explaining the process, industry guidance around reconsiderations of value, uniform 3D property scans and more automated valuation models easier to audit than manual valuations.

SPCPs are posed as an equitable housing solution but hesitation and confusion about them is persistent in the mortgage industry, housing finance experts said.

The trade groups, including the American Bankers Association, allege the Consumer Financial Protection Bureau exceeded its authority by claiming discrimination in any financial product violates the federal prohibition on "unfair, deceptive or abusive acts or practices."

When voters in Oakland, Berkeley and South San Francisco receive ballots in the mail next month, they'll be asked whether their cities should be allowed to help build more desperately needed affordable housing.

The country's largest banks should deepen partnerships with minority depository institutions and community development financial institutions, and regulators should facilitate that process.