Bold Colors Blog

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

Posts Tagged ‘Bank’

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?

Posted in Redistribution of wealth, Washington State | Tagged: , | 1 Comment »