The Community Reinvestment Act and the Consumer Financial Protection Agency Act hold great promise for the creation of a more financially inclusive nation, but both depend on critical "moments in time" in Congress that will determine whether they become good laws or are weakened beyond recognition
In a world of growing financial complexity, predatory products, stagnating wages, and escalating inequality, financial insecurity is a dramatic problem. We gathered a group of leaders who are combating financial insecurity for a conversation on how it all relates.
Financial curricula for low-income households often focus on personal choices about budgeting and saving, but if they don't also address systemic problems, exploitation, and discrimination, they aren't speaking to their audience's reality.
The truth is most entrepreneurs’ firms don’t grow quickly, employ people, or earn much money. And, more importantly, entrepreneurial success has far less to do with exceptional skill than with one’s ability to weather repeated failure and financial loss.
Of the 987 low-income renters whose rents were reported through a pilot program, 79 percent saw their VantageScore increase by an average of 23 points, and 15 percent moved into a lower credit score risk tier.
Children's savings accounts for higher education, even those that have accumulated only small amounts of money, can change expectations for low-income students and they might also provide a vehicle for larger wealth transfers.
SoFi is practicing product segregation. It wants to serve affluent people with its best products and shunt low- and moderate-income borrowers into inferior products that do not meaningfully serve credit needs.