REPORT: Gaming The System

8/13/10

New Report Shows How Community Reinvestment Act Failed To Stop Predatory Practices by Wells Fargo, JPMorgan Chase, CITI and Bank of America

Major lenders have been subverting their legal responsibilities to meet the credit needs of their communities. Our new report, Gaming The System, outlines how four of the big banks--Bank of America, Wells Fargo, Citibank, and JP Morgan Chase--have exploited loopholes in the Community Reinvestment Act (CRA) by funneling the bulk of their destructive and discriminatory lending ‘off the books’ to their affiliate lenders and outside of their graded assessment areas.