Banks fight a key part of Biden’s agenda by framing it as bad for minorities

POLITICO, October 5, 2021, Banks Fight a Key Part of Biden’s Agenda by Framing It as Bad for Minorities

Banks argue that a recent policy proposal requiring them to disclose activity from accounts above a certain threshold would harm people of color, who are mistrustful of bank’s due to their historical discrimination against them in providing loans. This is supported by a 2018 study from the National Community Reinvestment Coalition which found that the legacy of redlining, the practice whereby banks would deny services to certain neighborhoods, still persists today.

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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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