NYS report finds lending practices in Rochester still discriminate against people of color
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ROCHESTER, N.Y. — A new report by the New York State Department of Financial Services found that lending practices are still discriminating against people of color in Rochester.
The report comes 60 years after the discovery of redlining, the practice of denying a loan to someone because they’re from a majority Black or Hispanic community
The state’s study shows that only 11.3% of the people of color in Rochester have mortgages despite making up nearly a quarter of the population.
Similar situations were found in Long Island and Syracuse. A previous report found redlining in Buffalo.
Although the report did not find any lenders who violated the law, two lenders, First Priority Mortgage and Premium Mortgage, have agreed to reform their lending practices. They’ve also agreed to implement programs that ensure better access for people in underserved neighborhoods.