Skip to content
  • About Us
  • Advertise
  • Privacy Policy
  • Terms and Conditions
Cayce-West Columbia News
Cayce-West Columbia News
Primary Navigation Menu
Menu
  • Home
  • Latest News
  • More Features
    • Columns
    • Military Service
  • Obits
  • Senior News
  • Print Edition

Black homeownership rates could decrease if new bank rule is passed (Page 103)

By Marcurius Byrd
Executive Committeeman, Richland County Democratic Party

South Carolinians know the value of homeownership. With the cost of living and goods and services seemingly pricier than ever, we know that a home is an investment that lasts a lifetime, and so many families here in the Palmetto State are proud of their homes, the hard work that went into securing a place for their families to live, and the payoff that lasts for generations to come. Another thing we are proud of here in South Carolina is that we are the leading state in Black homeownership rates.

But it wasn't easy to get there.

Years and years of discriminatory lending practices and racial divides have led to modern disparities in homeownership and in access to financial services that help families reach that goal. This is something we are working hard to mend in South Carolina and states across the country are doing the same. Unfortunately, a new proposal being considered by the Federal Reserve threatens to put a damper on the success we have made.

This proposal would require banks to hold more capital which could have unintended consequences for our community. If banks are forced into holding higher capital, they will be less willing to provide mortgages to eager buyers who have lower down payments. In fact, this rule could push banks to only grant loans to people who are able to place 20 percent down payments, when, according to an estimate by the Center for Responsible Lending, it would take 14 years for Black renter households at the median income to acquire enough funds to afford a 5 percent down payment. This proposed rule would effectively make homeownership impossible for far too many Americans and is not something we can sit back and accept.

Homeownership provides far more than just financial stability. Purchasing a home allows families to put down roots, grow along with their communities and contribute to their local economy. With the housing market getting worse seemingly every second, we need to be doing what we can to ensure families are not locked out of this important milestone.
Families rely on obtaining a mortgage from banks to be able to pay off their investment over time. If banks have to practice stricter lending standards, we will see an unfortunate drop off in homeownership rates, and as patterns of economic disparities remain true, it will be Black families who bear the brunt of the impact.

The real salt in the wound here is that this rule is entirely uncalled for. Our banks already hold enough capital to keep our economy safe. After 2008, federal regulators implemented policies that enacted annual checks on capital levels to make sure they can withstand any forthcoming stress, and every year they prove to be sufficient.

I’m looking to our leaders in Washington to stand up and advocate against this rule to increase capital requirements on banks. We’ve come too far to only be faced with an unnecessary rule that will only set our communities and our state back.

Black homeownership rates could decrease if new bank rule is passed

2024-05-11
On: May 11, 2024
In: Opinion

By Marcurius ByrdExecutive Committeeman, Richland County Democratic Party South Carolinians know the value of homeownership. With the cost of living and goods and services seeminglyContinue Reading

Join the Bassmaster Elite Series Expo this Weekend at Dreher Island State Park!

2024-05-09
On: May 9, 2024
In: Fishing, Sports

Get ready for a weekend filled with angling excitement at the Bassmaster Elite Community Expo, happening on May 11-12 from noon to 5 pm atContinue Reading

Experience “Brouhaha” with Squonk: Free Outdoor Performances at the Koger Center for the Arts

2024-05-09
On: May 9, 2024
In: Events

Columbia, SC – The Koger Center for the Arts invites the community to two free performances of Squonk’s brand new show, “Brouhaha,” on May 15Continue Reading

Steel Paws 2024 Kicks off with Exciting Events at Steel Hands Brewing in Cayce

2024-05-09
On: May 9, 2024
In: Events

The Cayce Police Department (CPD) is thrilled to announce the kickoff of Steel Paws 2024, a two-day celebration in support of local K9 programs. TheContinue Reading

Greater Cayce West Columbia Chamber of Commerce Annual Spring Golf Tournament

2024-05-09
On: May 9, 2024
In: Chamber

The Greater Cayce West Columbia Chamber of Commerce hosted its highly anticipated annual Spring Golf Tournament on Thursday, May 2nd, at the picturesque Charwood GolfContinue Reading

SC Philharmonic to Present Star Wars: A New Hope in Concert

2024-05-09
On: May 9, 2024
In: Entertainment

Iconic Film with John Williams’ Score Performed Live by the Symphony Columbia, SC – The South Carolina Philharmonic (SC Philharmonic) is thrilled to announce aContinue Reading

War Eagles back in state finals

2024-05-09
On: May 9, 2024
In: Sports

By Thomas Grant, Jr. Domination is the best way to describe the postseason play of the spring sports teams at Gray Collegiate still remaining inContinue Reading

Partner James E. “Ward” Bradley Selected to South Carolina Super Lawyers® 2024

2024-05-09
On: May 9, 2024
In: Business

Moore Bradley Myers (MBM) is pleased to announce that Partner James E. “Ward” Bradley has been recognized in the 2024 edition of South Carolina SuperContinue Reading

FREE Mental Health First Aid Training Session: Empowering Adults to Recognize and Address Mental Health Issues

2024-05-08
On: May 8, 2024
In: Events, Health

West Columbia, SC – On Saturday, May 18, 2024, from 9:00 am to 5:00 pm, the community is invited to participate in a FREE Mental HealthContinue Reading

Airport softball alive in playoffs

2024-05-08
On: May 8, 2024
In: Sports

The 2024 spring sports season has ended for most Airport and Brookland-Cayce high school teams. Among the lone team still standing is the Lady Eagles’Continue Reading

Lexington County Blowfish Presents $6,000 Donation to Lexington Police Foundation

2024-05-06
On: May 6, 2024
In: Community News, Sports

By Thomas Grant, Jr. During the April 15th Lexington Town Council meeting, the Lexington County Blowfish made a generous contribution of $6,000 to support theContinue Reading

Posts pagination

Previous 1 … 102 103 104 … 315 Next

Recent Posts

  • Red wine, leftovers, and… a red face?
  • Cold, cold, cold
  • Smart ways to save on groceries – Part Two
  • Free Community Christmas Dinner Set for Saturday on Broad River Road
  • John Lastinger Calls on Voters to Uphold Conservative Values in Final Election for SC House District 88 

Categories

Like Us on FaceBook

Like Us on FaceBook

Send Us Your News Ideas

Do you have a story idea or news that you would like to share? We welcome all content ideas and Letters to the Editor.

Latest Posts

Red wine, leftovers, and… a red face?

By: John
On: December 17, 2025

Cold, cold, cold

By: John
On: December 17, 2025

Smart ways to save on groceries – Part Two

By: John
On: December 17, 2025

Get in Touch

Call Us

We'd love to hear from you. We can be reached at 803.772.7506. You can email us: [email protected]

Learn More About Us

&copy All rights reserved by Linc., Inc. 2025