While moving money from megabanks (“Time to Move Your Money?” by Jim Wallis, March 2010) is worth doing, where the money is moved to is critical; the “move your money” Web site noted in the editorial is not discriminating enough. One suggested bank in my hometown provided loans to payday lenders until a government agency strongly encouraged them to stop. The bank then teamed with a major tax preparation company to make refund anticipation loans, which are documented to be predatory upon poor tax payers.
Banks, credit unions, and community development corporations designated as Community Development Financial Institutions (CDFIs) by the U.S. Treasury focus their loans and outreach efforts in poor communities. And then there are a special group of community development credit unions (CDCUs) that serve very poor but resourceful communities. A Web search for these terms, or a visit to www.communityinvest.org
, is a great place to start.
Andy R. Loving
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