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The Cities for Financial Empowerment Fund, a nonprofit that seeks to improve financial stability of low- and moderate-income households, validated the account under its Bank On initiative.
March 29 -
The Ohio Democrat and chairman of the Senate Banking Committee told a virtual gathering of the American Bankers Association that FedAccounts, a plan opposed by industry trade groups, will lead to more bank customers.
March 17 -
Organizers of the proposed Our Community Bank still need to raise $18 million before opening.
March 15 -
Six startups that seek to cater to Black and Hispanic consumers outside the financial mainstream are attracting heavy interest from investors. However, the new banks will vie with megabanks eyeing those same customers and with established minority-owned institutions suddenly brimming with new capital.
March 4 -
Several large and midsize banks are investing millions of dollars in Black-run banks, while four community banks have started a fund to make interest-free commercial loans in underserved communities.
February 24 -
If you are underbanked you probably have limited access to mainstream financial services normally offered by retail banks. Many fintech startups offer alternative ways to measure credit risk, and assert that their products can help extend financial services to consumers who have not been well-served by traditional banks.
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The San Francisco company has faced financing challenges as its customers, largely lower-income Latinos, have struggled to keep up with monthly payments.
January 11 -
New guidance from the Consumer Financial Protection Bureau shows how companies that offer workers early access to their wages can avoid being regulated as lenders. But the incoming Biden administration could add new complications.
January 7 -
Challenger banks aimed at Blacks, Hispanics, immigrants and other underserved groups are offering financial education and support for charities in addition to basic banking services.
December 31 -
The Cincinnati bank joins a growing list of banks pledging billions of dollars to fight systemic racism and help close the wealth gap that exists between white and minority households.
December 9