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Fair Lending - Banking Exchange
Almost 60% of retail bank customers in Canada are classified as financially unhealthy, yet banks are falling short on supporting them to make improvements
The CFPB’s amendments to its examination manual have “tremendous implications” for “consumers, banks, and financial markets at large”, trade bodies warn
The bank has dedicated $20 million to initiative which seeks to address systemic inequities in education and career outcomes
Bank was in violation of Section 5 of the Federal Trade Commission Act
Converted branch will include affordable housing, commercial and outdoor spaces, nonprofit services, and arts and cultural destinations
Graduation rates among HBCU students currently among the lowest for all students
Subsidies will create or rehabilitate more than 2,100 housing units
Recommendations include Bank On-certified accounts, greater flexibility around identification and financial education
Grant will help non-profit offset expenses which includes pre-development costs for a single-family housing construction
Three-year commitment also supports minority communities with affordable housing and investment in Black-owned businesses
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