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Mellody: Well, the authors of the study have said that they hoped these findings would spur policy changes regarding lending, but there aren’t any specific efforts to address these discrepancies out there at the moment. Part of this is due to the fact that transparency about their lending rules and practices is not high on the list of priorities for lenders, and part of it is due to the fact that it is hard to prove that lenders are engaged in intentional discrimination.

However, the Consumer Financial Protection bureau has increased the regulations on lenders, and the Obama administration’s Justice Department has been aggressive in its pursuit of companies suspected of discrimination. We have seen a number of settlements in recent years, including Countrywide and Bank of America. So hopefully, this situation will be a thing of the past at some point. In the meantime, really do your research, and if you suspect you are subject to this type of discrimination, report it to your elected officials or another regulatory body.

Tom: Hopefully these efforts make headway. Thanks for joining us this morning, Mellody.

Mellody: Have a great day, Tom.


Mellody is President of Ariel investments, a Chicago-based money management firm that serves individual investors and retirement plans through its no-load mutual funds and separate accounts. Additionally, she is a regular financial contributor and analyst for CBS News.

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Money Mondays: Does Race Matter In Getting A Favorable Interest Rate?  was originally published on

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