St. Louis Post-Dispatch: Nicklaus: St. Louis or Salt Lake? Edward Jones’ real hometown should benefit from its bank

St. Louis Post-Dispatch, August 17, 2020: Nicklaus: St. Louis or Salt Lake? Edward Jones’ real hometown should benefit from its bank

If Edward Jones wants to own a bank, and it does, it must meet the credit needs of low- and moderate-income neighborhoods in its community.

The question is, which community?

The proposed Edward Jones Bank would be based in Utah, so its application for deposit insurance says it should be judged on how it meets the needs of the Salt Lake City area.

Two non-profit groups, in comment letters to the Federal Deposit Insurance Corp., want regulators to judge the new bank instead on activities in St. Louis, home to its parent company.

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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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