Two Worlds of Financial services: How Katrina Revealed the Divide

Today, you can get a consumer loan at Wal-Mart or buy auto insurance through Costco. These changes have potential to reduce costs for low-income families and create avenues for building wealth, but they could also exacerbate the systemic divide and leave low-income families even further behind — with disastrous consequences, as the World witnessed in the wake of Katrina, when those without assets or connections to financial institutions had fewer resources with which to escape the storm and little with which to rebuild. William Bynum, Nancy Montoya, and Gwendolyn Robinson present the changed landscape of consumer financial services, highlighting issues and potential policy solutions.

Festival: 2006

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