Banking Dive: Edward Jones withdraws ILC charter application

Banking Dive, October 12, 2022, Edward Jones withdraws ILC charter application

Ford in July pitched its ILC concept as a way to focus on auto-related lending and help it promote adoption of electric vehicles in the U.S. But four consumer groups called that effort disingenuous, adding it leaves consumers open to privacy violations.

“Ford Motor EVs are connected devices that can download and upload” consumer data, which would be shared between Ford Motor and Ford Credit, the National Community Reinvestment Coalition, the National Consumer Law Center, Americans for Financial Reform Education Fund and the Center for Responsible Lending wrote in August. Then, they added, “information is sold to third parties.”

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Redlining and Neighborhood Health

Before the pandemic devastated minority communities, banks and government officials starved them of capital.

Lower-income and minority neighborhoods that were intentionally cut off from lending and investment decades ago today suffer not only from reduced wealth and greater poverty, but from lower life expectancy and higher prevalence of chronic diseases that are risk factors for poor outcomes from COVID-19, a new study shows.

The new study, from the National Community Reinvestment Coalition (NCRC) with researchers from the University of Wisconsin–Milwaukee Joseph J. Zilber School of Public Health and the University of Richmond’s Digital Scholarship Lab, compared 1930’s maps of government-sanctioned lending discrimination zones with current census and public health data.

Table of Content

  • Executive Summary
  • Introduction
  • Redlining, the HOLC Maps and Segregation
  • Segregation, Public Health and COVID-19
  • Methods
  • Results
  • Discussion
  • Conclusion and Policy Recommendations
  • Citations
  • Appendix

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