Banks Give Black-Owned Businesses Advantage on Supply-Chain Finance Terms. Programs spring from multibillion-dollar commitments banks made to expand lending and investment after Black Lives Matter protests this year

Wall Street Journal ^ | November 22, 2020 | Julie Steinberg

[100%FEDUP]

unfortunately many rino senators are chomping at the bit to make a deal with slojoe!

[dp0622]

I’ve noticed that.

They will all make a fortune again and that’s all that ever really mattered to them,

[showme_the_Glory]

Give us money or we’ll burn you down. Things looking up for BLM.

[Wm F Buckley Republican]

Some people have short memories. They forget what happened in the banking debacle, which, that also was the result of giving loans to people based on race, that could not afford to pay it back.

[Kozak]

EQUAL CREDIT OPPORTUNITY ACT
Enacted on October 28, 1974, the Equal Credit Opportunity Act (ECOA) makes it unlawful for any creditor to discriminate against any applicant, with respect to any aspect of a credit transaction, on the basis of: Race, Color, Religion, National Origin, Sex, Marital Status, Age, Income Derived from Public Assistance, or having exercised their rights under the Consumer Credit Protection Act.

Seems like a clear violation to me. Giving preferential treatment to one Race in obtaining credit....

[milemark]

This will probably go like other race preferred programs, like special development grants or contract bidding. Interested companies, no matter their ownership, will bring in an interested black investor to fulfill the requirement to participate, and gain access to the program. Businesses and lenders have been dancing circles around these silly schemes since they were invented. I know of one loan officer who has several black investors on speed dial just for these opportunities.

[Captain Compassion]

The way to end racism is to stop doing racist things.

[Scott from the Left Coast]

Obviously, white people need to shout “no justice, no peace” and burn a few cities down (I’d say Washington D.C. is a good choice) to get equality. Loot some Targets for Christmas.

[elpadre]

What happened to the color-blind society we are supposed to be pursuing??

[kanawa]

‘Deja vu all over again’

[I want the USA back]

That is illegal and unconstitutional.

[sten]

blacks will get favorable deals. ok...

i’m guessing to make up for the inevitable short fall (risk analysis isn’t usually wrong), they will increase the rates they charge WHITE customers

just an extra 0.01% ... on EVERYONE

all under the benevolent flag of racial justice.

[Vaduz]

He sounds like the 3rd member of the just us team.

flip flop flip flop................................

[libertylover]

The biggest banks in the U.S. will give Black-owned businesses advantageous terms on a crucial type of financing that companies use to manage their cash flow, a novel effort to narrow the wealth gap between white and non-white communities.

No, it's not novel, it's called racial discrimination and when it happens the other way around, people go to prison.

[Kazan]

This is identical to the subprime lending mandate implement by Clinton that resulted in one of the worst recessions in American history.

[moovova]

Talk about racist.

[lepton]

The targeted lending is meant to correct decades of discrimination in lending whereby banks denied loans to Black borrowers

---

That did happen. There is plenty of evidence. There is also plenty of evidence that that was long gone by the early 1990s.

[lepton]

Thanks for the link.

[Svartalfiar]

The biggest banks in the U.S. will give Black-owned businesses advantageous terms on a crucial type of financing that companies use to manage their cash flow, a novel effort to narrow the wealth gap between white and non-white communities.

Hm. Is this just for blacks, or for anyone who's not white?

Cause it's pretty easy to find some not-white blood in your lineage, most people have at least one person of Iberian, Tribal American, Asian, or African lineage. Or, easy to find a token black dude and make a deal, give him a minority stake in ownership, he gets paid $100 a year, so you can qualify as a "black business".