Bank / Credit Union

Neighborhood Housing Services urge passage of lending bill in Chicago

September 14, 2021

The Neighborhood Housing Services of Chicago is calling on the Chicago City Council to pass the Lending Equity Ordinance to provide more housing opportunities for people of color in the city. This measure, if passed, would publish demographical information on who banks are lending to, as well as who they are hiring and where they are making the largest investments, according to a press release.

This bill would also create an annual public hearing to discuss about issues relating to redlining, racial wealth gap and more. It would not directly impose new regulations but would increase transparency in mortgage lending, according to the release.

The act is supported by a variety of institutions including the Chicago Urban League, Chicago Rehab Network, Woodstock Institute and LISC Chicago.