We’ve written in-depth about The Community Reinvestment Act or CRA, which mandates that financial institutions serve their community with equality. Unfortunately, discrimination is far too common in the home-buying market, as many real estate agents discourage home purchases in disinvested communities. Many times this practice leaves borrowers of color and/or those living in low-to-moderate (LMI) income neighborhoods without the ability or desire to purchase a home. (Read more here.)
First Mid Bancshares recently announced they would be acquiring the St. Louis-based Jefferson Bank in a merger. Since the announcement, First Mid, which is based in Mattoon, Illinois, has been under fire from a number of consumer advocacy groups for not lending to majority-Black neighborhoods.
