FEDERALhearing transcript

Congressional Hearing on Lending Discrimination and Economic Impacts

Original title: HOW INVIDIOUS DISCRIMINATION WORKS AND HURTS: AN EXAMINATION OF LENDING DISCRIMINATION AND ITS LONG-TERM ECONOMIC IMPACTS ON BORROWERS OF COLOR

January 1, 2021

lending discrimination fair housing economic inequality financial services racial equity

Track this bill to get notified when it advances a stage. One tap to stop, anytime.

The Frame

What this does

This hearing serves as a formal legislative inquiry into systemic barriers in the mortgage and lending markets that impact the financial stability and wealth accumulation of borrowers of color.

Who is mentioned in the record

Potentially affected actors named in the source documents. Mention is not a position.

Borrowers of color

The hearing examines systemic lending practices that directly impact their access to credit and long-term economic outcomes.

Financial institutions

These entities are subject to oversight regarding their lending practices and compliance with fair housing laws.

What changed

Last recorded activity January 1, 2021.

What's next

Next step not available in the current record.

Summary

The House Subcommittee on Oversight and Investigations held a virtual hearing on February 24, 2021, to examine how discriminatory lending practices affect borrowers of color and the long-term economic consequences of these practices. The hearing featured testimony from academic experts, fair housing advocates, and analysts.

Key Facts

The hearing took place on February 24, 2021, via Webex.
The hearing focused on 'invidious discrimination' in lending and its long-term economic impacts on borrowers of color.
Five expert witnesses provided testimony: Cheryl R. Cooper, William Darity, Jr., Frances Espinoza, Andre M. Perry, and Lisa Rice.
The subcommittee entered several documents into the record, including studies from the Federal Reserve Banks of Atlanta and Boston and a GAO study on fair lending.
The hearing was conducted under the authority of the 117th Congress, First Session.

Frequently Asked Questions

What was the purpose of this hearing?

The hearing was held to investigate how discriminatory lending practices impact borrowers of color and the resulting long-term economic consequences.

Who testified at the hearing?

The witnesses included experts from the Congressional Research Service, Duke University, the North Texas Fair Housing Center, the Brookings Institution, and the National Fair Housing Alliance.

Why It Matters

This hearing serves as a formal legislative inquiry into systemic barriers in the mortgage and lending markets that impact the financial stability and wealth accumulation of borrowers of color.

News Coverage

No news coverage found yet. Articles are indexed twice daily.

Discoveries

Patterns POLISCOPE noticed across the record. These are observations to investigate, not conclusions.

policy shift90% confidence

Focus on Long-term Economic Impacts

The hearing explicitly linked immediate lending discrimination to long-term wealth accumulation gaps for borrowers of color.

William Darity, Jr.Andre M. Perry

Connected Entities

personAl Green“Chairman of the Subcommittee on Oversight and Investigations”Map →

personWilliam Darity, Jr.“Professor at Duke University and Director of the Samuel DuBois Cook Center on So”Map →

personCheryl R. Cooper“Analyst at the Congressional Research Service”Map →

personLisa Rice“President and CEO of the National Fair Housing Alliance”Map →

personFrances Espinoza“Executive Director of the North Texas Fair Housing Center”Map →

organizationSubcommittee on Oversight and Investigations“Subcommittee of the House Committee on Financial Services”Map →

personAndre M. Perry“Senior Fellow at the Brookings Institution”Map →

Sources

Open source document

www.govinfo.gov

Analysis Score

0–100

Significance65
How much this matters to a regular citizen
Controversy40
Intensity of disagreement among stakeholders
Entertainment10
Compellingness for a non-policy-wonk reader
Buzz20
Current news / social attention level

Publisher tools