Several financial tech companies that applied to become national banks are seeking exemptions from many provisions of the Community Reinvestment Act. A consumer advocacy group and the American Bankers Association say the OCC mustn't allow this.
In a letter to credit unions, NCUA urged federally chartered shops to expand their fields of membership to underserved areas, regardless of geography, in order to boost financial inclusion in the wake of the pandemic.
Challenger banks aimed at Blacks, Hispanics, immigrants and other underserved groups are offering financial education and support for charities in addition to basic banking services.
Financial disparities have only worsened during the coronavirus pandemic. President-elect Biden’s team could address this issue by establishing an office of economic equality under the Financial Stability Oversight Council.
People with scores below 500 are often in communities that suffer the most from economic hardship and violence. Banks and regulators can do more to qualify them for financing, ultimately creating healthier local economies.
More lenders and governments should partner with community development financial institutions to ensure aid reaches minority-owned businesses that are the backbone of many neighborhoods slammed by the coronavirus.
A group at George Washington University has been working to open a de novo institution to serve students, but the would-be institution faces a variety of hurdles before it can open its doors.
Jobs will be harder to find for graduates, and there are new underwriting platforms that can better predict students' future income in their chosen field.
Consumer savings are up, yet so are evictions. Banks need to reach out more to those who are struggling financially, and they could use data as a guide.
