Mehrsa Baradaran
Born
in Orumieh, Iran
April 03, 1978
Website
Twitter
Genre
More books by Mehrsa Baradaran…
“In fact, the average unbanked family with an annual income of around $25,000 spends about $2,400 per year, almost 10 percent of its income, on financial transactions.”
― How the Other Half Banks: Exclusion, Exploitation, and the Threat to Democracy
― How the Other Half Banks: Exclusion, Exploitation, and the Threat to Democracy
“Most significantly, the act exempted credit unions from the Community Reinvestment Act, an act aimed at providing banking access to low-income individuals.54 The exemption resulted directly from credit union lobbying. To repeat, the credit union industry, created to serve the poor, now fought against a law requiring it to serve the poor.”
― How the Other Half Banks: Exclusion, Exploitation, and the Threat to Democracy
― How the Other Half Banks: Exclusion, Exploitation, and the Threat to Democracy
“The Freedman’s Savings Bank serves as a cautionary tale for government support of banking for the poor when that support is just a façade. Draping a flag over a building and then installing private profit-motivated management inside is the most dangerous sort of government support. It induces trust in a vulnerable customer base that not only suffers from financial loss, but also loses all faith in public institutions. It poisons true government efforts to help. A similar phenomenon was at the heart of the failure of the government-sponsored enterprises Fannie Mae and Freddie Mac during the recent financial”
― How the Other Half Banks: Exclusion, Exploitation, and the Threat to Democracy
― How the Other Half Banks: Exclusion, Exploitation, and the Threat to Democracy
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