Blacks and Latinos Lose Millions to Payday Loans

By The News Jul 07, 2009

Payday Loans Squeeze Millions in Fees from Blacks and Latinos A new study from the Center for Responsible Lending has found that payday loan centers are 8 times more likely to be found in communities of color than white communities and are taking roughly $247 million from those communities in payday loan fees. African Immigrants Form Bay Area Group The census estimates that the African immigrant population grew around 31 percent over the first half of the decade. The newly formed African Advocacy Network is trying to connect the growing African immigrant community to each other and other immigrants of color. MO Contractors Push for Bridge Contract A group of contractors of color is urging Missouri and Illinois transportation departments to separate goals for women and businesses owned by people of color. The group says many of the bids for small businesses go to white women under the current federal law that ensures minority businesses get a fair chance at contract bids. Study Shows Racial Disparity 401(k) Plans The Ariel/Hewett study found that Black workers were twice as likely as any other race to take out a hardship withdrawal from their 401(k)s while almost one-third of Latino workers have borrowed from their retirement accounts.