July 2023 by S. S. Gentle
Studies have shown that lenders approved poorer White applicants with the same debt-to-income ratio at higher rates than richer Black applicants. So far, I have been made privy of two black families that applied for a loan with the Bank of Bearden and were denied but went to other institutions and were approved with no problems. These families not only had the credit scores but also had the ability to pay back the loans.It appears that the Bank of Bearden is operating in discriminatory practices and have been for years, while using human vs algorithmic credit decisions. Then again they may not have the technology considering they have subpar online and mobile banking capabilities. Or maybe they are not really an FDIC insured bank. I would love to see the data of the number of black borrowers/denials vs white borrowers/denials at the bank.
