Professional Documents
Culture Documents
AGENDA
Alternative Financial Services a.k.a. Payday lending Bank redlining: a glimpse of economic injustice Economic justice: existing instruments The results: when institutions and systems fail to enforce instruments of justice
example 1 example 2 example 3 example 4 example 5
Brief Stats
(Missouri (MO) Division of Finance, 2011 Report on payday lending industry) MO population < 6million, app. 2.43 million payday loans Average loan size increase from $290 (2009) to 307 (2011) Average APR grew from 431% to 444% (increased fees)
Shock
MO state law allows up to 1980% APR Interfaith efforts capping interest rate at 36% by religious community leaders (Protestants, Catholics, Jewish) Efforts were quashed by powerful payday lending lobbyists
State of Bank Reinvestment in St. Louis , St. Louis Equal Housing and Community Reinvestment Alliance, August 2013
INSTRUMENTS OF JUSTICE
Civil Rights Act of 1964
The Civil Rights Act of 1964 was the most sweeping civil rights legislation since Reconstruction
THE RESULTS: WHEN INSTITUTIONS AND SYSTEMS FAIL TO ENFORCE INSTRUMENTS OF JUSTICE
Transgenerational asset & wealth stripping Predatory lending practices including payday lending Decreased property values & decreased equity Gentrification & increased rents / property taxes Despair & loss of hope Increased crime, violence & incarceration rates Environmental injustice Overall diminished quality of life
Romona Taylor-Williams, CEO & President Metro St. Louis Coalition for Inclusion and Equity (M-SLICE) rftwilliams@gmail.com www.mslice.org
Anne-Sophie Gintzburger, Founding Director Grap.se & Research Associate CMSS-University of Western Australia (UWA) anne-sophie@grap.se https://grap.se