JPMorgan collects data on borrowers’ race in push against wealth gap

JPMorgan collects data on borrowers’ race in push against wealth gap

May 26, 2022, Financial Times

David Stein was quoted by the Financial Times in an article about special purpose credit programs (SPCP) set up to boost lending from minorities. The primary reason banks have avoided SPCPs is regulatory uncertainty, David said, adding that banks could be found in violation of fair-lending laws if a SPCP proved to be deficient.

“Regulators . . . historically, were not willing to provide informal guidance about specific programmes, and lenders were really left to their own devices," he explained.

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