Racial Discrimination in Financial Lending


Throughout this course you are learning about bank’s role as intermediaries which facilitate the flow of funds from savers to borrowers which begs the question: do they do this in an inclusive nondiscriminatory way? Sadly the answer throughout time is no. The event of the past few weeks has the entire country reevaluating systemic issues of racial discrimination in our nation and that evaluation must include looking at our financial markets and institutions. For this assignments you should read this important publication from AmericanProgress.org. https://www.americanprogress.org/wp-content/uploads/issues/2009/09/pdf/tarp_report.pdf Take a moment to reflect on the fact that it was written in 2009 but if another version was written today we would not see tremendous reform. Many of you have already been submitting Wall Street Journal Articles that discuss the exploitation of the hardest hit populations from coronavirus by Payday Loan companies. Then I want you to find credible resources that are more recent (last 3 year) they can be WSJ articles, other nonprofit reports, academic journal articles etc. to see if you believe any progress has been made. For the submission: It will likely be about 5 pages. I want you to analyze and reflect on the American Progress report from 2009 (be sure to include interesting data and contextualize what it means) compare it to data and information you have found from recent information regarding discrimination in lending practices. Spend a little time discussing what type of policy changes you think could improve this type of issue. If you want more historical context of policies which have been aimed at improving credit to underserved populations look at the Community Reinvestment Act (https://www.ffiec.gov/cra/) I hope you find this explorative assignment interesting and understand the importance of understanding the past when it comes to racial discrimination in markets and institutions in the past so that hopefully we as a society enact meaningful change.

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