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Insider Intelligence: CFPB looks into the financial challenges of rural communities in the US

Insider Intelligence, April 25, 2022, CFPB looks into the financial challenges of rural communities in the US

The Consumer Financial Protection Bureau (CFPB) is looking into the financial challenges faced by rural communities in the US living in banking deserts.

Eighty-six new banking deserts were created in rural areas from 2008 to 2016, according to the National Community Reinvestment Coalition (NCRC)

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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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