Posted on 02/14/2020 4:34:19 PM PST by lowbridge
House Democrats are proposing that all banks and credit unions receive a new "diversity and inclusion" rating in an unprecedented step that would fundamentally alter federal regulators' critical "CAMELS" rating system that currently employs a series of metrics that solely assess the financial health of banking institutions.
The "Promoting Diversity and Inclusion in Banking Act of 2019" is draft legislation supported by Democrats on the House Subcommittee on Diversity and Inclusion, which was created by House Financial Services Committee chairwoman Maxine Waters Rep. Maxine Waters, D-Calif. Waters has long pushed for government-led diversity efforts, even as Republicans have challenged her knowledge of fundamental economic issues.
"We need to change it and we need to change it right away. The excuse that we can’t find any, that’s what I’m hearing from some of you, that’s not acceptable," Rep. Al Green, D-Texas, said at a Wednesday hearing held by the subcommittee. "When you have power, you have to use it. We have the power. Regulations may be the thing to do. I think the carrot was a good idea, but after having heard some things today, I think we have to move to the stick, that’s regulations.”
The CAMELS system, known as the Uniform Financial Institutions Rating System, assesses banks' (c)apital adequacy; (a)ssets; (m)anagement capability; (e)arnings; (l)iquidity; and (s)ensitivity to market risk, each on a scale of 1 to 5.
All of those categories involve financial information, and the CAMELS rating is then used by federal authorities that oversee and regulate banks; a failing CAMELS score is considered so significant that it is ordinarily hidden from public view to avoid a run on the bank involved.
But, the new bill proposes to amend the Dodd-Frank Wall Street Reform and Consumer Protection Act so that the CAMELS system adds an additional diversity category
(Excerpt) Read more at foxnews.com ...
Banks are being $queezed by the racial entrepreneurs.
Deny an unqualified black person a loan and you’re racist.
Grant a loan to an unqualified black person and you’re a predatory lender.
PC will be the death of us. Wasn’t it Obama who pushed for more housing loans to those who could not afford them, ushering in the housing market collapse? Now they want to go round 2?
Can I not use a bank if they score too high?
Sorry, I’ll be blunt, any white person that votes for a Democrat is out of their minds.
Started with carter, accelerated by clintooon and continued by bush 43....who was left holding the bag when it fell apart.
Democrats are genuinely stupid, proudly displaying it every time they open their pie holes.
Agreed
Actually that was pre-Obama, but the government forcing financial institutions to make bad loans was the cause of the financial collapse.
How Soviet of them.
Right now China is working on a social index score. A cup of coffee says IF the dims regain power we will have one here in the US.
These people’s inferiority complex leads them to inject race into everything.
that is a bet I would never take.
I remember when bammy won in 2008 the dims had the healthcare bill ready to roll. You don't write that type of legislation overnight.
Silicon Valley already has more than one.
What they’d like: deposits by whites shall not exceed deposits by blacks. If it does, the difference will be confiscated by the government for Democrats to us to buy votes, uh, I mean to spend for the good of all the people.
That's my understanding as well.
Destroy the financial services industry again.
Why not, who can stop them?
Here we go again.
Obama and his pals at ACORN were partially responsible for pushing banks to make loans to people that couldn’t pay them back
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