Topic: Economic Mobility
Americans have long looked to college education as a way out of poverty and into the middle class. But a new study by the UNC Center for Community Capital reveals that soaring levels of debt among college students, particularly low-income minority college students, threatens to undermine the economic benefit of this key wealth-building tool.
Researchers find the Community Reinvestment Act (CRA) service test provides minimal incentive for banks to serve unbanked and underserved populations and recommends 10 reforms to strengthen CRA as a tool for helping more families enter the financial mainstream. Financial services … Continued