Warren Traiger Quoted in American Banker Article, "What Banks Should Do to Limit Redlining"Warren W. Traiger
Warren Traiger was quoted in Jackie Stewart's American Banker article "What Banks Should Do to Limited Redlining Claims" on September 17, 2014.
Laws such as the Community Reinvestment Act and the Fair Housing Act are getting renewed attention from examiners, industry experts said. "Redlining is hot right now," said Warren Traiger, a lawyer at Buckley Sandler.
A low CRA rating means that regulators determined a bank has failed to serve lower-income neighborhoods in its assessment area, making it "next to impossible" to expand through acquisitions or branch openings, Traiger said.
Lawsuits, like the recent one filed by New York Attorney General Eric Schneiderman against Evans Bancorp in Hamburg, N.Y., for allegedly failing to provide mortgages to minority neighborhoods, are usually brought under the Fair Housing Act, Traiger said.