Bold Colors Blog

Stickin’ it to the libs, one day at a time

Seattle Savings Bank Dinged for Low “Community Support”

Posted by Liberty on November 18, 2008

Seattle Savings Bank dinged for low community support

“Seattle Savings Bank has received a slap from federal regulators for failing to funnel enough money into low-income and affordable housing projects across the Puget Sound region.”

“For more than three decades, banks have been required to meet CRA [Community Reinvestment Association] requirements as a way to promote their involvement in the community, a regulation that hasn’t changed, even during the rough economic environment that banks operate in today, according to the FDIC.”

Why exactly should banks be responsible for funding housing for low-income people?

One Response to “Seattle Savings Bank Dinged for Low “Community Support””

  1. 18 said

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