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Reaching Minority Households: A Call To Action!

Reaching Minority Households: A Call To Action!

I sat down with Adam Lee, Filene's Incubator Director, to follow up on the blog post he wrote last week about the ongoing payday lending proposed regulations debate, to go a bit deeper into the issue. I wanted to know what impact Filene’s work with the Reaching Minority Households Incubator and the 5 programs we’re testing with credit unions is having on un- and underbanked populations, which our research has shown disproportionately skews toward African American and Hispanic households. Here’s what I learned.

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While payday regulations are examined, financial struggles keep on

While payday regulations are examined, financial struggles keep on

The Consumer Financial Protection Bureau recently released proposed rules to help people get out of payday, vehicle title, and high-cost installment loan traps. Many financial institutions believe if the rules were implemented, it would make it hard to issue alternatives to high-cost loans, while consumer protection groups believe that the proposed rules do not go far enough.

One thing is clear: there is a tremendous need for short term, fairly priced lending products that provide consumers a way to achieve financial health.

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