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Chicago Finally Getting Serious About Where It Deposits City Cash

Chicago Finally Getting Serious About Where It Deposits City Cash
nextcity.org - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from nextcity.org Daily Mail and Mail on Sunday newspapers.

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As some states clamp down, Rhode Island still embraces payday lending with the equivalent of a triple-digit interest rate

Some states are clamping down on the payday lending industry, described by critics as a predatory practice that preys on the poor. But it appears unlikely that anything will change this year in Rhode Island one of just two New England states that allow payday lenders to charge the equivalent of triple-digit interest on loans. ....

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Illinois Will Now Grade Credit Unions and Mortgage Companies on Their Commitment to Fair Lending

“The federal CRA was inspired by a response to redlining and the systematic refusal of financial services to Black residents [in Chicago],” says Illinois State Senator Jacqueline Collins, who recently spearheaded the passage of legislation to strengthen anti-redlining rules in her state. Since 2003 she’s represented the district that includes the predominantly Black neighborhoods on the South Side of Chicago where she grew up and still lives today.
Collins and her family moved from McComb, Mississippi to Chicago in the early 1950s. She was just a child. They were part of the Great Migration six million Black people who fled the Jim Crow south, starting around the turn of the 20th century. An estimated 500,000 of them moved into Chicago. By 1970, there were one million Black people living in the Windy City one third of the city’s population. ....

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Economics in Brief: Financial System Still Separate and Unequal, Study Affirms

As the LA Times notes, the research doesn’t exactly break new ground.
Data has existed for years showing both that payday loan borrowers are disproportionately low-income and disproportionately Black and Latino, and that payday lenders tend to geographically target advertising and storefront locations in neighborhoods with high concentrations of African American, Hispanic and low-income households.
Researchers told the LA Times that they were expecting more Black and Latino faces in mainstream bank marketing materials, especially now after a year of uprisings since the killing of George Floyd and Breonna Taylor at the hands of police officers as well as a pandemic that highlighted and exacerbated longstanding racial disparities. ....

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How racial justice push sparked new CRA law in Illinois

How racial justice push sparked new CRA law in Illinois
americanbanker.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from americanbanker.com Daily Mail and Mail on Sunday newspapers.

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