Earlier this month, the federal Consumer Financial Protection Bureau (CFPB) proposed new rules to regulate payday lending – the business of offering high-cost short-term loans to Americans on terms that many consumer advocates consider predatory.
Read MoreYears of misrule and a subsequent dearth of hard currency, along with crippling bank-fostered debt cycles and exorbitant home mortgage interest rates, have created immense suffering for Myanmar's poor. But with the guidance of a local NGO, Women for the World, a pilot project helped women in some of Yangon's poorest neighborhoods capitalize on their cultural "head-of-household" status. It helped them form and manage community savings cooperatives, secure land, build homes, buy food, and even generate profit through loans to families' business enterprises.
Read MoreIn Jackson, Mississippi, a series of community-led cooperatives are creating opportunities for affordable home ownership. This is part of a trend across the country to create community land trusts. They are financed through donations, other community businesses, or commissions. Though each land trust faces hurdles, they are collectively allowing more access to wealth and ownership in historically low-income neighborhoods.
Read MoreTo improve financial literacy and knowledge around child development, Prosperity Works – a program in New Mexico – is offering classes focused on these issues to parents. This program offers the foundational education necessary to open a bank account and use Individual Development Accounts to save funds for housing or educational needs.
Read MoreAs small businesses, nonprofits, and independent contractors try to access funds made available through the federal government’s Paycheck Protection Program, bankers across the country are doing what they can to step up, follow federal guidelines, and process loans as quickly as possible. New features, including the SBA fully guaranteeing PPP loans, are making them more accessible. From typical SBA lenders to community development financial institutions to credit unions, many financial institutions are trying to help as many businesses as possible.
Read MoreA pediatric care center in Philadelphia has partnered with a nonprofit that "helps people with tax prep and asset-building" as well as an organization that provides financial counselors to offer young patients free, on-site help with their taxes. The initiative is modeled after Boston Medical Center' StreetCred program which has "returned more than $5.3 million to more than 2,700 low-income families since 2016."
Read MoreA community garden in Baltimore, Maryland, is providing about 2,500 pounds of fresh produce per season to neighborhood food pantries. Anyone is welcome to help themselves at the unfenced garden which is run by The 6th Branch, a nonprofit that funds various community improvement projects.
Read MoreThe Business Center for New Americans, a nonprofit that offers loans with a focus on immigrant-run businesses, is going above and beyond to make sure its lenders get through the COVID-19 economic crisis. They are offering tailored support on how to apply for Economic Injury Disaster Loans, sharing other grant and loan opportunities, and using its status part of the SBA’s Microloan Program to offer new loans.
Read MoreA group of women known as the Mamacítas Cibernéticas are conducting outreach in Sunland Park, New Mexico, to gauge the digital literacy needs of locals — particularly older Hispanic women. They’re using that information to lobby lawmakers for computer training programs to help bridge the digital divide.
Read MoreFollowing the success of New York City's divestment of pension funds from fossil fuels, a process that started in 2015, other cities around the US are exploring ways to achieve net-zero portfolio emissions. In most cases, the divested pension funds have performed at least as well financially as a city’s non-divested funds.
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