Chase rarely lends to people of color in DC – and it’s probably legal

Source: Aaron Glantz & Emmanuel Martinez, Reveal

Across the street from the White House is the U.S. capital’s only outpost of the nation’s largest bank – tucked away on the ninth floor of a grey stone tower.  The bank’s name, JPMorgan Chase & Co., appears on the directory in the building’s lobby. 

But the office is not open to the public.  Stop by and security will turn you away. And while the bank has a team of professionals designed to serve the district’s rich, it is not technically a branch. So, in Washington, Chase doesn’t have to abide by the Community Reinvestment Act – a 1977 law designed to reverse the legacy of redlining, or racial discrimination in lending. The law requires banks to lend in low- and moderate-income areas only if they have a branch in the area that takes deposits.

 

 

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