Research Report Opening Mobility Pathways by Closing the Financial Services Gap
William J Bynum, Diana Elliott, Edward Sivak
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We seek to create mobility pathways for underserved communities and people living in poverty by closing the financial services gap. To accomplish this, we propose the following four strategies that capitalize on the nation’s existing traditional and community development finance infrastructure; leverage banking regulatory structures; and where necessary, create new tools.

  1. Triple bank lending, services, and investment in unserved markets by leveraging the Community Reinvestment Act.
  2. Increase public and private investment in community development financial institutions to expand the availability of quality financial services in underserved markets.
  3. Establish universal basic accounts for all Americans. Support policies and practices that foster a fair and responsible financial marketplace for all Americans.
Research Areas Wealth and financial well-being Nonprofits and philanthropy Neighborhoods, cities, and metros Families Race and equity Housing
Tags Federal housing programs and policies Asset and debts Economic well-being Racial and ethnic disparities Federal urban policies Foundations and philanthropy Financial products and services Wealth inequality Mobility Inequality and mobility Opportunity and ownership Community and economic development Racial inequities in neighborhoods and community development