by Chris Black
Banks have to be forced to accept bad loan risks because refusing to allow blacks and Hispanics with negative credit ratings to have $100k+ bank loans is racist until that inevitably crashes the economy at which point it’s no longer racist and is swiftly swept under the rug and forgotten about until it is once again racist a decade or two later after everyone forgets what happened the last time.
LA-based City National Bank pays $31M for discriminatory lending practices in Black & Latino communities. This is the largest redlining settlement in DOJ history, emphasizing the need for public banks that prioritize marginalized communities.https://t.co/4NojqG6PIQ
— Public Bank Los Angeles (@publicbankla) January 17, 2023
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