REMARKS
Nantasha M. Williams, Chair of the Committee on Civil and Human Rights, on discrimination in financial services
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3 min
Council Member Nantasha M. Williams addresses discrimination in financial services during a committee meeting, focusing on its impact on people of color.
- Williams highlights the historic and ongoing barriers faced by marginalized groups in accessing traditional financial institutions.
- She cites a recent report by the New York State attorney general, noting higher mortgage denial rates for applicants of color.
- Williams introduces legislation aimed at increasing transparency in financial practices and combating discrimination.
- The meeting discusses bills on prohibiting discrimination in credit issuance and establishing a task force on reparations.
- She underscores the legislators' responsibility to tackle inequitable and predatory practices affecting New Yorkers.
Nantasha M. Williams
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Good morning, everyone.
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My name is Natasha Williams, and I serve as chair to the committee on civil and human rights.
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Today, we are joined by the committee on consumer and work of protection chair by my colleague and the coach here of this hearing council member, Julie Menin.
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As this year's Black History Month draws to a close today, I'm proud to be addressing an issue that greatly impacts people of color, not only in New York City, but across the country.
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Historically, marginalized groups in the United States have faced legal and policy barriers to accessing traditional financial and institutions, including access to capital and credit for home mortgages, business loans, and other savings credit and investing needs.
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These systematic impediments constitute chronic barriers to economic autonomy and generational wealth building.
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From marginalized individuals with particularly severe impacts on black Americans.
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Today, borrowers of color continue to face undue challenges to accessing mainstream financial institutions, including as a result of the neighborhood segregation produced by historical redlining and other discriminatory practices, some of which unfortunately continue today.
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As a result of these barriers, homeowners and consumers of color and minority owned businesses are often the first and worst affected when market shocks occur, as we saw most recently during the COVID 19 pandemic.
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In October 2023, the New York State attorney general's office published a report that found applicants of color in New York are denied home purchase mortgages at higher rates than white applicants even when controlling for credit score, income, size of loan, debt to income ratio, and year of application.
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Despite federal protections against discrimination, borrowers of color are still impacted by this ongoing problem.
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As legislators, we have a responsibility to do what is in our power to protect New Yorkers from inequitable and predatory practices.
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In an effort to explore options for increasing transparency in financial, borrowing, and lending.
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The committee on civil and the human rights will be hearing intro number 4 1 in relation to prohibiting discrimination and the issuance of credit and requiring creditors to disclose to potential borrowers how their rate is calculated.
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This bill is sponsored by public advocate, Jamani Williams.
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Additionally, this committee will hear in show number 69 in relations for bidding agreement to shorten the period in which claims and complaints of unlawful, discriminatory practices, harassment or violence may be filed, and in which civil actions may be commenced.
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Sponsored by a council member wrestler and show number 242 in relation to the truth in in relation to the creation of a truth caling and reconciliation process sponsored by account member Hudson and intro number 279 in relations to creating a task force to consider the impact slavery and passing justices for African Americans in New York City, and reparations for session justices sponsored by council member Lewis.
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Introduction 692422 79 were heard last session and all testimony from the respective hearings will be incorporated into the record for today's hearings.
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Before we begin, I would like to thank my colleagues and everyone that has joined us today.
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Now, I'll turn it over to my cochair council member, Julie Minh, for her opening statement.
