Heard on the Street – here’s what we were reading last week:
The Tax on Black and Brown Customers When Dealing With Community Banks: “According to a new study from New America, African Americans and Latinx incur more bank account costs and fees than whites even when dealing with small financial institutions.”
Moving Community Foundation Dollars from Wall Street to Main Street: “A growing movement sees community foundations invest in local financial institutions and development projects, empowering entrepreneurship in the underserved communities that need it most.”
Why You Should Still Care About the Community Reinvestment Act: The world has changed a lot since the Community Reinvestment Act was passed in 1977 to combat systemic disparities within the banking industry. CRA has been criticized in recent years for being “over-prescriptive, too intrusive, or too lax,” but this op-ed argues that it’s efforts are still very much needed.
In Chicago, black entrepreneurs seeking venture capital face excessive scrutiny and discrimination: “Entrepreneurs of color, a wealth of damning data show, receive an insignificant fraction of the billions in venture capital dollars forked out each year to support startups. Bank loans, too, are elusive.”