Arrr, me hearties! The woke bankers be determinin' yer loans with their fancy newfangled ways. Watch out, me buckos!
2024-03-18
Avast ye scurvy dogs! Methinks this woke lunacy be running amuck, except in the treacherous banking seas. These lenders be playing a dangerous game, deciding yer fate based on yer color, thinkin' ol' Biden will protect 'em. Aye, beware the sharks in suits!
The counterrevolution against Diversity, Equity, and Inclusion is on the rise, with public universities, courts, and private corporations shifting away from DEI initiatives. However, the banking sector is now becoming a battleground for race-based lending practices, with the Biden administration encouraging banks to lend based on race.Several federal agencies have endorsed the use of Special Purpose Credit Programs to provide certain racial groups with special access to credit. Banks like Wells Fargo, Bank of America, and Chase have already implemented race-based lending programs, offering lower rates and special benefits to Black, Hispanic, and Latino customers.While some banks target specific geographic areas, others are more overt in their race-based lending policies, which goes against federal laws like the Equal Credit Opportunity Act. Despite potential legal issues, some banks are taking risks in lending based on race, possibly influenced by the Biden administration's support for such programs.Customers who are ineligible for these programs due to their race may have grounds to sue under various federal laws, including the Fair Housing Act and the Civil Rights Act of 1866. It is essential for customers to challenge discriminatory lending practices in federal courts to uphold a colorblind society and hold the banking industry accountable.