Daily News: Southeast Queens, Hungry For Opportunity: The Predominantly Black Middle-Class Swath Of The City Can’t Get Banking Services

Daily News: March 12, 2020, The Predominantly Black Middle-Class Swath Of The City Can’t Get Banking Services

Families and businesses in southeast Queens are being shunned by the banking system, possibly in violation of federal law. And that makes Rep. Gregory Meeks furious.

“Payday lenders and pawn shops. We see lines at these kinds of institutions as financial institutions are closing,” he said. “We want to reverse these banking deserts in our communities.”

First and foremost, grassroots advocates should put pressure on the Trump administration to end its efforts to weaken the Community Reinvestment Act, the federal law that gives banks incentives to extend loans, grants and low-cost services to communities that have been ignored in the past.

The National Community Reinvestment Coalition has a handy fact sheet and tons of information on why existing regulations should be strengthened, not gutted.

Print Friendly, PDF & Email

Leave a Comment

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.