Access to Cheap Credit Might Have a Racial Disparity
Claire Williams, in a June 3, 2019 article in morningconsult.com, reports:
- 70% of white adults said they own a credit or charge card compared to 56% of black adults.
- Credit card owners are 24 percentage points more likely to pay bills on time.
- 49% of adults without a credit card say they prefer another payment method.
Every credit union needs to make sure it provides equal opportunity access to credit and other services without regard to those characteristics defined as within a “protected class”.
TCT Risk Solutions provides Regulatory-Compliance and Policy Creation services that help small credit unions with limited resources comply with the plethora of regulations they face.