The Department of Justice announced a settlement with City National Bank of Los Angeles for "refusing to underwrite mortgages in predominantly Black and Latino communities." The $31 million dollar settlement requires the bank to: Invest at least $29.5 million in a loan subsidy fund for residents of majority-Black and Hispanic neighborhoods in Los Angeles County. (We note our work on an investment vehicle that deals with homelessness and another that deals with HIV/AIDS. See: https://www.impactinvesting.online/2018/11/william-michael-cunningham-on-impact.html and The opening of Brenda House Women's Shelter https://www.prlog.org/12708015-william-michael-cunningham-to-speak-at-the-opening-of-brenda-house-womens-shelter.html ); Spend at least $500,000 for advertising and outreach targeted toward the residents of these neighborhoods; Spend at least $500,000 for a consumer financial education program to help increase access to credit for residents; Sp...
ImpactInvesting.Online explores the intersection of economics, finance, equity, and accountability. Featuring expert commentary, original data, and real-time analysis, the blog covers ESG, impact investing, and socially responsible finance with a focus on how markets can serve the public good. Updated regularly with insights on policy, corporate behavior, and systemic risk.