Brian Zumhagen has been a weekend anchor at WNYC since 2003. His career in journalism started in 1993, with an internship in the press office of the German Green Party’s parliamentary delegation. Brian went on to spend the rest of the ‘90s working as a reporter, producer, and fill-in anchor at NPR member station KQED in San Francisco. He’s returned to Germany several times over the years for reporting projects. Most recently, he won a grant from the Arthur F. Burns Fellowship to produce radio features for the 20th anniversary of the fall of the Berlin Wall. Before coming to WNYC, Brian was a frequent contributor to PRI’s The World. He reported for the program on 9/11 and served as the show’s United Nations correspondent during the run-up to the Iraq war. Brian lives in Queens with his wife and children.
NY Banks Back Away From Community Reinvestment: Study
Wednesday, September 28, 2011 - 03:13 PM
Major banks that do business in New York City aren't living up to their obligations under the federal Community Reinvestment Act — especially in low- and moderate income areas, according to a new report.
The Association for Neighborhood and Housing Development study looked at 20 large banks.
Banks got $38 billion more in local deposits from 2007 to 2008, they invested $4 billion less in things like home and business loans, according Benjamin Dulchin, the association's executive director.
He was one of several representatives of affordable housing groups who rallied outside City Hall Wednesday in favor of the Responsible Banking Act, a City Council bill would require greater oversight of banks that hold deposits from the city.
"In this time of so much bank responsibility for the turmoil that we're facing, it is particularly galling that they are pulling back from their responsibility to really meet local credit needs," he said.
Dulchin said the problem has been getting worse for the past 10 years, as more banks have consolidated.
The New York Bankers Associated said it takes corporate citizenship "very seriously."
"Every day, throughout the City of New York, the banking industry dedicates human and financial resources to neighborhood-enhancing projects from affordable housing developments to community gardens, and just about everything in-between," said Michael P. Smith, president and CEO of the NYBA, in a statement.