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LA Times: Completely unnecessary spat over CFPB leaves consumers out in the cold

Los Angeles Times, Nov. 27, 2017: Completely unnecessary spat over CFPB leaves consumers out in the cold

For his part, Trump tweeted over the weekend that the CFPB “has been a total disaster” that has left financial firms “devastated and unable to properly serve the public.”

That, of course, is total nonsense.

The CFPB has returned about $12 billion to consumers by stepping in after banks and others behave in abusive or illegal fashion. Two words: Wells Fargo.

At the same time, U.S. banks posted record profits last year and are on track for even more lucrative results this year. If that’s being devastated, all industries should wish for similar carnage.

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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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