Woodstock expresses deep concerns over the closure of Chase Bank's closure of a branch in West Garfield Park, a majority minority, low-income community. Woodstock believes that the completeness and substance of the answers we received from Chase in regards to this closure are unsatisfactory and contends that mobile and online banking alternatives will fail to meet the banking needs of the population.
access to banking services
These figures highlight the dismal performance of Midland States Bank at adequately serving the needs of the diverse communities where it works in Champaign County, Will County, and the greater St. Louis area.
These changes, including slashing fees in half, were the result of a focused campaign by Woodstock Institute and colleague organizations to eliminate some of the Ventra card’s most harmful features for consumers.
This letter to the Federal Reserve, OCC, and FDIC supports several provisions of the Interagency Q&A Regarding Community Investment, including additional ways to determine low- and moderate-income status of community development recipients, recognition of nonprofit board service, and clarifications on qualified investments and community development lending. The letter notes concerns about the Q&A's proposed changes to the weights on community development lending.
Using available Home Mortgage Disclosure Act (HMDA) data and controlling for loan-to-income ratios, we find significant disparities in access by women across racial and ethnic groups to mortgages for purchasing and refinancing their homes as compared to men. These findings raise concerns about the growing income and wealth gap for women and illustrate the need for improvements in HMDA data collection and fair lending enforcement.
Thanks to the hard work of members of the National Community Reinvestment Coalition, the Federal Reserve has extended the comment period on the proposed deal until October 12.The Fed will also hold public hearings on the consumer impact of the merger in Chicago, Washington, and San Francisco.
A Chicago Chase customer contacted Ann Hilton Fisher of AIDS Legal Council in March of 2011 after his account was charged $12 because he didn’t have a single direct deposit of at least $500 into his checking account, even though he receives two disability payments from the Social Security Administration that total over $500 in aggregate. When this 47-year-old customer asked local bank branch staff to waive the fee, a bank employee suggested that the client “have Social Security send both checks together,” which is not feasible.
Through a series of “secret shopper” investigations, NCRC discovered that many of the top 50 FHA lenders would not offer home loans to borrowers with scores between 580 and 620. A large percentage of people of color fall into that range of scores.