04 Mar 2025
Public Hearing: To discuss “Is There Discrimination in the New York Home Mortgage Banking Industry?”
Legislative Office BuildingVan Buren Hearing Room A, 2 nd Floor 181 State Street,, Van Buren Hearing Room A, 2nd Floor, Albany, NY, 12247
11:30 AM to 01:30 PM Archived Video
Senate Standing Committee on Banks
Chair: Senator James Sanders, Jr.
Public Hearing: “Is There Discrimination in the New York Home Mortgage Banking Industry?”.
Place: Van Buren Hearing Room A, Legislative Office Building, 2nd Floor, Albany, New York
Time: 11:30 A.M. – 1:30 P.M.
Contact: Paul Alexander (518) 455-3530
Media Contact: Paul Alexander (518) 455-3530
ORAL TESTIMONY BY INVITATION ONLY
SUBJECT: Is There Discrimination in the New York Home Mortgage Banking Industry?
PURPOSE: To explore the incidence of possible discrimination and forms such discrimination may take in New York’s home mortgage markets, to inform policy solutions.
Discrimination has negative impacts on people of color, women, and lower-income consumers in obtaining access to mortgage loans. Through understanding this problem, we will be in a better position to provide solutions. The New Economy Project released a report in October 2024: ANALYSIS: Fed Rate Cuts May Exacerbate Racial Wealth Inequality Due to Persistent Mortgage Lending Disparities. The report “analyzed home mortgage lending by Bank of America, Citibank, and JPMorgan Chase—which hold the vast majority of New York City’s municipal deposits—from 2018 to 2023. Consistent with numerous studies showing that banks charge higher interest rates to people of color, our analysis found that the three banks continued to charge Black New Yorkers higher rates than other borrowers.”
Persons wishing to present pertinent testimony to the Senate Banks Committee at the above hearing should complete and return the enclosed reply form as soon as possible. It is important that the reply form be fully completed and returned so that persons may be notified in the event of emergency postponement or cancellation.
Oral testimony will be limited to 5 minutes duration. Ten copies of any prepared testimony should be submitted at the hearing registration desk. The Senate Banks Committee would appreciate advance receipt of prepared statements.
Attendees and participants at any legislative public hearing should be aware that these proceedings are video recorded. Their likenesses may be included in any video coverage shown on television or the internet.
In order to meet the needs of those who may have a disability, the Senate Banks Committee, in accordance with the Senate’s policy of non-discrimination on the basis of disability, as well as the 1990 Americans with Disabilities Act (ADA), has made its facilities and services available to all individuals with disabilities. For individuals with disabilities, accommodations will be provided, upon reasonable request, to afford such individuals access and admission to State Legislature facilities and activities.
