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NCRC Insider

for August 14, 2023

Here's the inside scoop for NCRC staff!

News

Lawsuit Alleging KeyBank Misled Investors Should Not Surprise Anyone Who’s Paid Attention To The Bank’s Broken Promises To Communities

By NCRC

KeyBank allegedly “made materially false and misleading statements” about its liquidity that harmed investors when the truth came out and caused abrupt major drops in Key’s stock price, attorneys from Brager Eagel & Squire claimed Tuesday in a class action lawsuit. [Read more ([link removed] ) ]

Views

Victory: Figure Bank’s Withdrawn Charter Application Shows The Uninsured National Bank Idea Is Dead

By Adam Rust, NCRC

Figure Bank has withdrawn its application for a national banking charter, the Office of the Comptroller of the Currency (OCC) revealed last week in a notice on its corporate applications portal. It marked a quiet ending to what could have been a dangerous and significant event in banking history. If Figure’s application to become an uninsured nationally-chartered bank had been granted, it would have upended legal precedent – and created a blueprint for evading community reinvestment responsibilities. [Read more ([link removed] ) ]

In the News

Feds Investigate HSBC Over Lending Discrimination Claims

By Abraham Jewett, Top Class Action

HSBC Bank USA disclosed it is under investigation by the U.S. Department of Housing and Urban Development over claims filed against it by the National Community Reinvestment Coalition, a major fair-lending advocacy group. HSBC Bank has been accused of engaging in discriminatory lending practices in majority Black and Hispanic neighborhoods located in six cities across the US.

[Read more ([link removed] ) ]

What Is Redlining? A Look At The History Of Racism In American Real Estate

by Eric J. Martin, Fort Worth Star-Telegram

Though redlining is now illegal, its legacy persists, with ongoing impact on home values, homeownership and individuals' net worth. Discrimination and inequities in housing practices and home financing still exist. [Read more ([link removed] ) ]

On Our Radar

With Process Reopened, 26,000 People Applied For Baltimore Public Housing In 10 Days: ‘We Know That There’s a Need’

By Lilly Price, The Baltimore Sun

The surge of applicants demonstrates the intense demand for affordable housing in Baltimore. “We know that there’s a need for public housing. When we see numbers come in like that, it only supports what we do here,” said Ingrid Antonio, a housing authority spokesperson, of the onslaught of applications. “We’re not surprised to see that the list continues to grow.” [Read more ([link removed] ) ]

‘Unluckiest Generation’ Falters In Boomer-Dominated Market For Homes

By Julian Mark, The Washington Post

Homeownership — the main driver of wealth for most Americans — is out of reach for large swaths of the population. But the pinch is most pronounced for millennials, who are buying homes at a slower pace than those before them. [Read more ([link removed] ) ]

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