{"id":460818,"date":"2021-04-28T15:35:36","date_gmt":"2021-04-28T19:35:36","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=460818"},"modified":"2021-04-28T15:35:41","modified_gmt":"2021-04-28T19:35:41","slug":"democrats-newest-foray-into-anti-racism-will-actually-hurt-minorities","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/democrats-newest-foray-into-anti-racism-will-actually-hurt-minorities\/","title":{"rendered":"Democrats\u2019 Newest Foray Into \u2018Anti-Racism\u2019 Will Actually Hurt Minorities"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">18<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fdemocrats-newest-foray-into-anti-racism-will-actually-hurt-minorities%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=460818&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><div><img decoding=\"async\" src=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2021\/04\/fb_image-2614.jpeg\" class=\"ff-og-image-inserted\"  style=\"display:none\"><\/div>\n<p>Democrats playing on the \u201canti-racism\u201d wave spreading across America held a hearing Wednesday during which Sens. Chris Van Hollen (D-MD) and Sherrod Brown (D-OH) pushed legislation seeking to repeal a Trump-era rule they call \u201cRent-A-Bank.\u201d<\/p>\n<p>The Trump administration rule was actually called the True Lender Rule and adopted by the Office of the Comptroller of the Currency (OCC) on October 30, 2020. In the background information <a href=\"https:\/\/www.federalregister.gov\/documents\/2020\/10\/30\/2020-24134\/national-banks-and-federal-savings-associations-as-lenders\">posted<\/a> to the Federal Register, the final rule specifically states that it considered concerns from critics (mostly Democrats) and addressed them:<\/p>\n<blockquote readability=\"12\">\n<p><em>The OCC understands that there is concern that its rulemaking facilitates inappropriate `rent-a-charter\u2019 lending schemes\u2014arrangements in which a bank receives a fee to `rent\u2019 its charter and unique legal status to a third party. These schemes are designed to enable the third party to evade state and local laws, including some state consumer protection laws, and to allow the bank to disclaim any compliance responsibility for the loans. These arrangements have absolutely no place in the federal banking system and are addressed by this rulemaking, which holds banks accountable for all loans they make, including those made in the context of marketplace lending partnerships or other loan sale arrangements.<\/em><\/p>\n<\/blockquote>\n<p>Democrats and their media supporters have continued to attack the rule, claiming the rule hurts American consumers. Van Hollen claimed the \u201cTrump Administration ripped consumer protections to shreds, leaving Americans vulnerable to unscrupulous predatory lenders who charge outrageous interest rates.\u201d<\/p>\n<p>Rep. Jesus \u201cChuy\u201d Garcia (D-IL) claim this was part of a scheme where \u201cPredatory loans trap working families into cycles of debt they can\u2019t pay off,\u201d with the True Lender Rule allowing \u201cget around state laws that protect consumers.\u201d<\/p>\n<p>Those most hurt by such predatory loans, Democrats say, are minorities, yet their proposal to fix the problem, like so many other Democrat initiatives claiming to help minorities, will end up hurting the very group they claim to want to help. The borrowers who rely on the credit extended through the lender-bank partnerships like the ones in Van Hollen and Brown\u2019s bill \u2013 the ones they want to end \u2013 benefit minority borrowers the most because they otherwise wouldn\u2019t have access to credit due to the fact that banks are less likely to lend to minorities. The lenders partnered under the Trump-era rule, however, are more likely to lend to minorities.<\/p>\n<p>In August 2020, CNBC published an article that claimed black applicants are much more likely than white applicants to be rejected by mortgage and mortgage refinancing lenders.<\/p>\n<p>\u201c[L]enders deny mortgages for Black applicants at a rate 80% higher than that of White applicants, according to 2020 data from the Home Mortgage Disclosure Act,\u201d CNBC reported. \u201cFor refinances specifically, Black borrowers are denied mortgage refinance loans, on average, 30.22% of the time, far higher than the overall denial rate of 17.07%, according to an analysis of the HMDA data by LendingTree, an online mortgage marketplace.\u201d<\/p>\n<p>Of course, race isn\u2019t the most likely factor in the mortgage denials, as CNBC also reported minority consumers \u201coverall have\u00a0<a href=\"https:\/\/files.consumerfinance.gov\/f\/201505_cfpb_data-point-credit-invisibles.pdf\">lower incomes and lower credit scores<\/a>\u00a0than White consumers,\u201d but that is not always the case.<\/p>\n<p><em>The Daily Wire is one of America\u2019s fastest-growing conservative media companies and counter-cultural outlets for news, opinion, and entertainment. Get inside access to The Daily Wire by becoming a\u00a0<\/em><a href=\"https:\/\/www.dailywire.com\/subscribe\"><em>member<\/em><\/a><em>.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Democrats playing on the \u201canti-racism\u201d wave spreading across America held a hearing Wednesday during which Sens. Chris Van Hollen (D-MD) and Sherrod Brown (D-OH) pushed legislation seeking to repeal a &#8230;<\/p>\n","protected":false},"author":1,"featured_media":2276932,"comment_status":"close","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2021\/04\/fb_image-2614.jpeg","fifu_image_alt":"Democrats\u2019 Newest Foray Into \u2018Anti-Racism\u2019 Will Actually Hurt Minorities","footnotes":""},"categories":[],"tags":[],"class_list":["post-460818","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"fifu_image_url":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2021\/04\/fb_image-2614.jpeg","fifu_image_alt":"Democrats\u2019 Newest Foray Into \u2018Anti-Racism\u2019 Will Actually Hurt Minorities","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/460818","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=460818"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/460818\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2276932"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=460818"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=460818"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=460818"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}