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A Crackdown On Biased Lending


In Business This Week

A CRACKDOWN ON BIASED LENDING

More change from the top: Now, the Clinton Administration is getting tough on discriminatory lending by banks. On May 5, the Office of the Comptroller of the Currency, the primary regulator of banks, said it will for the first time use "testers"--OCC employees posing as young, mortgage-seeking couples--to sniff out discriminatory mortgage-lending practices. The crackdown comes in the wake of a study released last October by the Federal Reserve Bank of Boston. That probe found that mortgage applications from minorities were 60% more likely to be turned down than those coming from whites with similar incomes. Some bankers say the tactic borders on entrapment.EDITED BY JULIE TILSNER


The Aging of Abercrombie & Fitch
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