Just more ways for the left to fuck america up the assBanks could begin issuing credit cards to people without credit scores thanks to an effort by a banking regulator to make lending more racially equitable.
WSJ's AnnaMaria Andriotis tells the story of how Black Lives Matter protests sparked the effort and explains how the lending would work.
https://www.wsj.com/podcasts/the-journal/no-credit-score-no-problem/9315467c-7b8a-4346-b3ce-1f05019fe790
The effort, if successful, would mark a significant change in the underwriting tactics of big banks, which for decades have enshrined credit scores and credit reports as the main tools to determine who gets a loan. They generally reflect a person’s borrowing history in the U.S., including whether they pay their loans on time.
Black adults in the U.S. are more likely than white or Asian adults to lack credit scores, according to a 2015 report by the Consumer Financial Protection Bureau.
The plans grew out of Project REACh, or the Roundtable for Economic Access and Change, an effort launched by the Office of the Comptroller of the Currency. After protests following the killing of George Floyd in police custody, the OCC convened bankers, financial-technology executives and nonprofit leaders to brainstorm on how to increase credit access to historically disadvantaged communities.
https://www.wsj.com/articles/jpmorgan-others-plan-to-issue-credit-cards-to-people-with-no-credit-scores-11620898206
Discuss.
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