Fortune: Why Every Company Wants To Look Like A Bank—Without Becoming One

Fortune, Nov 18, 2019: Why Every Company Wants To Look Like A Bank—Without Becoming One

Apple has Goldman Sachs. Google now has Citigroup. Uber, Venmo and Square all have lesser-known or undisclosed banks propping up their consumer-finance forays.

Yes, in these days of Apple Card and Facebook Pay and, soon, Google checking, every tech company seems to want to become a bank. The appeal is obvious: Handling their customers’ personal finances gives Big Tech new streams of revenue, of course, but also an opportunity to embed themselves more deeply into the financial behavior—and sensitive personal data—of their customers.

 

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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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