Laws against discrimination in housing lending is being revisited by bank regulators once again to balance lending for low- and moderate-income communities, which means Black/African American borrowers.

Of course, there is backlash against the new rules with incoherent excuses and loophole doublespeak from probably the same type of people who spoke against lending money to Blacks for a home 50 years ago.

Seeing racism and discrimination in the U.S. is burned into the fabric of the American psyche, from government to corporations, how many more years will it take for people to see that systemic racism is alive and well in this God-forsaken country.

According to a new report, “Bank regulators on Tuesday unveiled a sweeping new rule to combat lending discrimination, the culmination of a five-year effort to overhaul a landmark 1977 anti-redlining law.

The new rule — which would require banks to increase their lending to low- and moderate-income communities — marks the most significant revision to the Community Reinvestment Act in nearly three decades.


CRA was passed nearly 50 years ago to redress the historical practice of redlining, when the government discouraged lenders from extending mortgage loans to Black borrowers — drawing a red line around neighborhoods that were to be avoided.

The flaws in the law’s current application are underscored by the fact that the racial homeownership gap is actually wider now than it was in 1968, when redlining was legal.

Fed Governor Michelle Bowman voiced opposition to the rule, saying the regulators “have arguably exceeded the authority granted by the CRA statute” by evaluating banks outside of their “deposit-taking footprint.”

Bowman also questioned why the agencies needed to update the rule in the first place.

“The premise of the changes being made in this rule is that banks are not doing enough to meet the credit needs of their communities,” she said. “Yet, there is no evidence provided to support this premise.”

Fair-lending and civil rights advocates say the current rules clearly aren’t working, noting the racial homeownership gap — 75 percent of white Americans own their homes, compared with 46 percent of Black Americans.

Fed Chair Jerome Powell defended the new rule, which would require banks to increase their lending to low- and moderate-income communities.

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