Racial Profiling is Back?
Not for the police. No, no. That would make too much sense.
- Your banker is racially profiling you when you apply for a mortgage
loan. If he doesn’t, the lending institution you’re applying to is
subject to harsh federal penalties for not engaging in racial
profiling. The most amazing part of the applicable federal regulation is
that if you refuse to disclose your ethnicity and race, the banker is required
to visually appraise you, make a guess as to your race/ethnicity based
on your appearance, and then report those racial observations to the
government. Bull Connor smiles.
The left has racialized pretty much everything it touches, and during the Obama administration, the Consumer Financial Protection Bureau (CFPB) was created by the Dodd-Frank legislation. The CFPB was the brainchild of Sen. Elizabeth Warren of Massachusetts. Among the tasks taken on by the CFPB is the gathering of information regarding an applicant’s ethnicity, race, and sex under the Home Mortgage Disclosure Act.
The good news is that Donald Trump has been trying to kill off the CFPB. The bad news is that it’s not dead yet, so mortgage lenders across the country are still being drilled on the importance of viewing customers through the prism of race, and learning how to provide reporting based on observed skin color, accent, surname, hairstyle, and other ethnic characteristics of those applying for mortgage loans.
The government fined Bank of America $12 million for NOT collecting this data.
Gotta protect that money, ya know.
People (or folks)....not that much.
Labels: we got nothing
posted by SCC at 12:01 AM
20 Comments:
Ally finance number 1 in that bulletin. Google it ally and racial profiling.
Immediately made me think of this old SNL skit… Eddie Murphy undercover as a Caucasian (“Mr. White”) to explore perceived discrepancies in treatment vs. when he’s black. From way back when, when SNL was at the top of its game…
https://youtu.be/l_LeJfn_qW0?si=q6s8AyVLZrEYfFuo
I know I look like w c fields on a Monday morning but I'm actually an indigenous first nation's tribal mofo from deep in the arctic Yukon. Now gimme dat money Mr banker.
Like the government did when they did not penalize the banking industry for all of those bad mortgages that Obama started giving away. Everyone can get a mortgage, no interest needed.
speaking of racial profiling,,,, 6 males broke into a store in Barrington of all places and stole almost all the merchandise, video shows a certain pigmentation of the skin not covered by their masks,,,any guesses?
Trump needs to do away with the bullshit "disparate impact' theory.
You mean Elizabeth Warren, the Indian? THAT Elizabeth Warren?
I'm confused.
No keeses for me!!!!
I hope this doesn't screw up my plans to move to Minnesota and get a loan to open up a half dozen "ghost" child care centers.
Hmmm maybe we should all identify as racially appropriate, non binary, and speak mumble to get on the gravy train? Naw not worth it. Pay cash when possible and bank locally.
fauxahontus!
I was a mortgage broker back when this was first implemented (early 2000’s??) - I warned everyone working for me about this as well as every lender we worked with (about 45 different banks at the time)
I distinctly remember being in a classroom being told that I was to ask for this information and was told if they indicated they preferred not to answer I was to make that determination myself.
I asked the “instructor” to please clarify if they interpreted this as I was to make this determination over the phone if they sounded black, Hispanic, Indian, etc
The instructor declined to answer but her body language indicated that “Yes, the white guy from the suburbs is supposed to decide that your borrower sounds Black on the telephone.”
Hahaha
Short Banc of Merica, these Brooks Bros Hush Puppy wearing Wharton MBA's can't get AI to guess on the Mortgage App Racial fill in banker guess on Race to avoid a $12 MILLION deniro Fine? You Idiots are Killing the Dividend Payouts to CTU pensioners! IT'S A FREE GUESS who cares or who gonna disprove it? Hire Chrissy Moltisanti - Bevilaqua -Gismonte run your Bank.
Do you know where your money 💰 is going⁉️🤔🧐
https://youtu.be/iDONDl7hKL0
Chicago Mayor SUED for Racial Bias After Business Is STRIPPED (Lost Millions) https://youtu.be/C4vPoPguY8A
Banks= No Bueno
HMDA has been around long before Elizabeth Warren, and that data has been gathered just as long. In early 1990s I had to work on that data for the bank I worked at. The purpose is to track if banks aren’t making loans to minorities. When they want to merge or do anything that requires federal approval they can use that against them if they’re not making loans to minorities.
Maybe the “new” part is being told to guess if people refuse to answer but this is not new and has been done for over 30 years.
This works the same way in most HR departments. If you start a new job, they are REQUIRED to ask your race and report that. If you decline to provide your race, they are REQUIRED to guess based on your appearance. It's been the secret rule for many, many, years.
Simple.identify as you want. Just not”white”. I am a Native American, Nigerian, and am anti folic. Going bald, got to matter some place.
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