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White neighborhoods received PPP loans at twice the rate of Latino communities in metro Detroit


On a recent evening in Detroit’s Mexicantown neighborhood, notes from a guitar played by a busker on the sidewalk reverberated off the walls of the mural-covered buildings. The smells of Mexican street food filled the air, and Valeria Lopez was bent over a clipboard at a booth inside Taqueria Lupita’s Authentic Mexican Restaurant. Regulars just call it Lupita’s.
Valeria Lopez took over her parents business during the pandemic. She said she did not qualify for a PPP loan.
Credit Tyler Scott
Lopez runs the place now. She took over the business from her parents, who decided to retire when the pandemic hit. Her plan was to get a forgivable loan for small businesses from the federal government’s Paycheck Protection Program (PPP) to help pay her staff. ....

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Biden under pressure from progressives to end 'rubber stamp' on bank deals


Biden under pressure from progressives to end ‘rubber stamp’ on bank deals
POLITICO
1 hr ago
By Leah Nylen
© AP Photo/Susan Walsh
Sen. Elizabeth Warren, D-Mass., left, and Sen. Sherrod Brown, D-Ohio, right, walk on Capitol Hill in Washington on Feb. 11, 2021.
The last time the Justice Department challenged a bank merger was in 1985, around the time that compact discs and New Coke debuted.
In the 36 years since, the U.S. has shed roughly 10,000 banks some from bank failures, but most through acquisitions that regulators and antitrust prosecutors at the Justice Department have blessed. Critics say that has led to higher fees for consumers, reduced access to banking services and increased concerns about risk to the financial system. ....

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