Banks Silent on Trump Plan to Weaken Racism-in-Lending Rules.

The article discusses the shift in response from major U.S. banks regarding proposed changes to lending laws that could weaken protections against racial discrimination in lending. Unlike in 2020, when executives from banks like Wells Fargo, Bank of America, JPMorgan Chase, and Citigroup publicly opposed similar rollbacks, these institutions have remained silent as the Consumer Financial Protection Bureau (CFPB) suggests eliminating the "disparate impact" standard from the Equal Credit Opportunity Act. This change would limit liability for banks to only intentional discrimination, potentially making it harder for minority communities to access credit. Industry lobbying groups have expressed support for the revisions, which could lead to increased barriers for consumers seeking credit. [Extracted from the article]