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• W240089941 abstract "Behind his concern about fair-lending lies a strong belief that it is fundamental for industry to be free of taint Last June, not long after Office of Comptroller of Currency announced that it was developing a pilot program of testing for mortgage lending discrimination, bank compliance officers gathered in San Diego for ABA'S National Regulatory Compliance Conference. banking agency's proposed testing program--in which a minority applicant and a white applicant with identical qualifications visit a bank to determine if treatment is same--dominated discussion. One school of thought held that testing could only work in urban areas. After all, in a rural market, where presumably everyone knows everyone else, an undercover tester would stick out like a sore thumb, argument went. Told of this observation during a recent interview with ABA Banking Journal, Comptroller of Currency Eugene A. Ludwig reflected and answered, There's all kinds of you're in a white area in Iowa, it doesn't mean tester send in is necessarily African-American. Ludwig related a recent experience. was driving through Seven Valleys, a small town in central Pennsylvania where 47-year-old Ludwig grew up. I'm driving, thinking of CRA, of all things, and discrimination, I'm thinking, |there's no problem here, because all white. Then I pass a sign and it says, |Catholic Street.' Immediately I thought, |How naiive of me!' There was Catholic side of tracks and Protestant side of tracks. My strong suspicion is, that at one period in history, and maybe, alas, even today, Catholics were treated differently than Protestants, and yes, they're all white, but there is religious Certainly when I grew up in that community anti-semitism was still in evidence. as I think back on it, there were areas of town where Catholics couldn't move in. And as look at deeds in some of these old towns, there were all kinds of lists of people who couldn't move in. So too simple to say that because a white situation, there's no discrimination. Agencies not Aggressive. a speech earlier this year before a government conference on housing discrimination, Ludwig said that of all social policy duties of OCC, the most important of these responsibilities is in fair-lending area. What drives such a firm belief? The regulatory community really hasn't made kind of aggressive effort that ought to have been made in past, says Ludwig. If we don't give people opportunity for fair service, we're fundamentally harming banking system. Initially Administration stressed credit availability, says Ludwig, a friend of President. Much of programming that followed concerned itself with regulatory relief. But anti-discrimination measures followed fairly quickly. In a sense, says Ludwig, it's really one message: Access to credit, fair access to credit, for those people who are creditworthy, throughout our society. Ludwig says it is fundamental for industry to be free of taint. While he says he believes majority of bank CEOs and senior officers treat others fairly and without discrimination, you don't need many to really ruin people's confidence in system. Where's proof? Comptroller's conviction that a problem exists is rooted in both formal and anecdotal evidence. As for formal, Ludwig cites such evidence as Boston Federal Reserve Bank's much-publicized 1992 study. Though not perfect, and now subject to a great deal of revisionist thought--and that's healthy--it at same time strongly suggested a problem, says Ludwig. As for anecdotal evidence, among Ludwig's mental files is a recent Personal conversation with a banker. He put his arm around me and said--and here Comptroller apes a southern accent--' You know, I want to tell you, your program has really got me thinking. …" @default.
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• W240089941 title "What Gene Ludwig's Thinking Of" @default.
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