By Matthew Russell Lee
UNITED NATIONS, August 13 -- Amid the crackdown in Ferguson, Missouri, after the killing of unarmed African American teenager Michael Brown, there have been reports mentioned the financial institutions in the area, including nationwide lenders Bank of America, US Bank and Fifth Third.
Inner City Press and Fair Finance Watch reviewed the demographics of mortgage lending by these three in the area in the most recent year for which data is publicly available, 2012.
In the St. Louis Metropolitan Statistical Area in 2012, Bank of America denied the conventional home purchase mortgage applications of African Americans 1.81 times more frequently then those of whites.
Fair Finance Watch has previously objected to US Bank's stealth branch closings, including in Chicago, here and here. The US Community Reinvestment Act requires banks to lend fairly in all of their communities, but is not sufficiently enforced, FFW has shown.
Fair Finance Watch has previously objected to US Bank's stealth branch closings, including in Chicago, here and here. The US Community Reinvestment Act requires banks to lend fairly in all of their communities, but is not sufficiently enforced, FFW has shown.
For US Bank, the disparities was 1.6 to 1; for Fifth Third Mortgage, that company's lender, it was a whopping 4.95 to 1: African American applicants were denied 4.95 times more frequently than whites, worse that the aggregate (all lenders).
Troublingly, for all lenders Latinos were denied 3.1 times more frequently than than whites. So where is the US headed? And why has the UN had nothing to say so far? Watch this site.
