AG 2001 10 22 - Laserfiche WebLink

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follows: American Indian 24%, Asian 13%, Black 35%, Hispanic 41% and Caucasian 19%. For Blacks on government backed loans such as FHA, 40% were denied based on their credit history, similarly, 38% of Caucasians were denied for the same reason( See Table 8-1 in Appendix A). On government backed loans, the Debt to Income ratio was the cause for denial for 21% of Blacks and for Caucasians the rate was 23% (Table 8-1 in Appendix A). It appears that denial rates are very similar in most cases. There have been no banks in Cabarrus County that have been cited for any discriminatory activities for at least five years, according to the FFIEC's website (www.ffiec.gov). For low income persons, employment history and debt to income ratio were the only appreciable differences in reasons for denial. On government backed loans, the less than 50% of median had 28% of the denials for debt to income versus only 13% for the more than 120% of median (See Table 8-1 in Appendix A). Employment history accounted for 8% of the denials for less than 50% of the median income, whereas only 2% of the 120% of medians were denied for the same reason in government backed loans ( See Table 8-1 in Appendix A). Overall, it appears that most of the statistics are very similar. Appendix A contains the full charts for information on the disposition of conventional and government sponsored loans, the disposition of applications by race, gender, income, and summary infoix~xation by census tract in Cabarrus County. 4. Is there evidence of illegal redlining? Unknown. o o Are banking services available on an equal opportunity basis? There is a variety of banks all over the county in all of the municipalities in Cabarrus County. Cabarrus County is located next to Charlotte which is a major banking center. There is a large amount of banking opportunities are within walking district of the lowest income census tract (Census Tract 421) which is located in thc City of Concord. These are full service financial institutions. Additionally, First Charter Bank has opened a branch office in Logan, a prcdominately minority community (Census Tract 421). This branch is located in a community center that also provides healthcare services. Examine the Community Needs Assessments and Community Reinvestment Activities of local banks to determine the adequacy of these activities as compared to community needs as determined through the jurisdiction's planning process. Several local banks are participating in Habitat for Humanity projects as well as Cabarrus County Community Development Corporation (a CHDO) activities. These banks have worked closely with the City of Concord and Cabarrus County CDC to provide loans and assistance with community development projects. Attached is Community Reinvestment information in Appendix C. Tables 1-1 and 2-1 illustrate the loans issued to small businesses and small farms. There were 314 moderate-income small business loans for 2000. These constituted 3.5 million dollars. There were 1617 middle income small business loans amounting to 20 million. There were 2 small from loans to