Todd Feurer, Web Producer at CBS Chicago
Chicago (CBS) — Banks in which the city of Chicago holds local government accounts need to disclose more information about who the city council offers mortgages to address the long-standing racial disparity of mortgage approvers. I have.
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If a bank wishes to remain as a depositary in Chicago’s municipality or be elected to that position, the bank will lend to whom, hire who, and why, based on an ordinance unanimously approved by the city on Monday. You need to provide demographic information about whether the loan was refused. Council Finance Committee.
City councilors should also hold an annual hearing to discuss the information provided by the bank before approving the list of depository agencies for the local government each year.
Aldo. Harry Osterman (48)NSThe new requirement, which chairs the Housing Commission and is the main sponsor of the ordinance, is that there is a large gap between loans offered by the white community in Chicago and loans offered by the black and brown communities. It is located on the south and west sides that said it was prompted by last year’s WBEZ Public Radio Report that revealed.
“For every dollar a bank loaned in Chicago’s White district, we invested 12 cents in Chicago’s Black district and 13 cents in the Latin region. And that racial gap in home ownership gaps in 1960. It’s worse today than it is today, “Osterman said.
Banks already need to provide federal regulators with the same information, according to Osterman, so disclosing it to the city would overwhelm financial institutions seeking to hold hundreds of millions of dollars in city funding. There is no need to call.
He said the new disclosure requirement would address the disparity in Chicago mortgage practices by providing city councilors with information about bank performance before choosing whether to do business with these financial institutions. He said it was intended to deal with it.
“We don’t have a business that regulates banks, but it’s our business to ensure that we are the managers of the interests of the people of Chicago,” Osterman said. rice field.
Anthony Simpkins, president and chief executive officer of Neighborhood Housing Services, said that only 30% of Chicago’s black families and 40% of Latin families own a home, compared to 55% of white families. He said he owns a house. He said black applicants would be denied mortgages three times as often as white applicants nationwide, even if they manage financial factors such as income and credit scores.
“Affordable mortgage access is essential to realizing your home dreams, but for generations, those dreams have been out of reach for millions of colored families,” Simpkins said. Said.
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Mayor Reshma Soni told city councilors that if the ordinance is approved by the entire city council on Tuesday, it will implement new disclosure requirements in time for next year’s city depository selection as part of the annual budgeting process. He said he wanted it. It may be a “growth pain” that can delay implementation.
City councilors are requesting banks holding city accounts to disclose more information about lending practices – CBS Chicago
Source link City councilors are requesting banks holding city accounts to disclose more information about lending practices – CBS Chicago
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