Financial Services issues affect us all and how they are dealt with is important to our work in Congress
Slipping Behind: Low-Income Los Angeles Households Drift Further from the Financial Mainstream
Seventeen million Americans live without a bank account, exposing themselves to risks of monetary loss, fraud, and high costs associated with alternative financial services such as check-cashers. This study, conducted by the Pew Health Group’s Safe Banking Opportunities Project, explores the connections between financial services, the populations they serve or are failing to serve, and the financial stability of those populations. Read the full report HERE.
Still Denied: How Community Colleges Shortchange Students by Not Offering Federal Loans
This is the Project on Student Debt’s third issue brief on community college federal loan participation. Their first brief analyzed loan participation in the 2004-05 academic year and the difference in rates of access by race and ethnicity. The second brief also documented the problematic use of private student loans among community college students in 2007-08. This brief highlights notable changes in participation – in Chicago, North Carolina, and California in particular. To read the full brief, click HERE.
Payday Loans, Inc: Short on Credit, Long on Debt
New Center for Responsible Lending research tracking borrowers over two years dispels the notion that a payday loan is a short-term debt. Although marketed and advertised as a quick solution to an occasional financial shortfall, most borrowers remained indebted for the 24 months that followed their initial loan. You can find an executive summary HERE. For the full report, click HERE.
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