Seattle Savings Bank Dinged for Low “Community Support”
Posted by Liberty on November 18, 2008
“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?