Forbes: Finding Fintech Opportunities Where Others Don’t

Forbes, July 6, 2021, Finding Fintech Opportunities Where Others Don’t

The United States is a nation of immigrants. What was true over 200 years ago, remains the case to this day.

According to the Migration Policy Institute, almost 45 million immigrants lived in the United States in 2019. According to the Pew Research Center, this number is by far the highest in the world, representing almost ? of the world’s migrants. Notably, although certain media outlets may have you believing otherwise, the vast majority (almost 77%) are categorized as legal immigrants.

Waves of immigrants from different countries have defined centuries of cultural and industrial advancement. In the last quarter century, immigrants from Latin America have dominated these migration flows in the U.S. However, in spite of the fact that immigrants continue to comprise a large part of the population, they remain woefully underrepresented in the types of financial products and services being offered and developed.

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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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