Jan 31, 2020 - Economy & Business

Podcast: The fight over banking poor communities

The Community Reinvestment Act was passed in 1977 to address banks’ refusal to lend money to people in areas they deemed “risky.” It’s up for an overhaul, and it’s dividing Wall Street, Congress and community activists.

Go deeper: Tug-of-war over banking poor communities

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Tug-of-war over how banks should give back to poor communities

Illustration: Eniola Odetunde/Axios

Washington, Wall Street and Main Street are at war over regulatory changes based on a law that requires banks to invest in needy neighborhoods and lend to lower-income consumers.

Why it matters: A lot of money is at stake, and neighborhoods across the country could suffer or prosper depending on how (or if) the regulations are changed.

Go deeperArrowJan 28, 2020

Mike Bloomberg's war on Wall Street

Illustration: Sarah Grillo/Axios. Photo: Mark Wilson/Getty Images

Mike Bloomberg makes billions of dollars from Wall Street every year. But his plan to rein in the financial sector is very aggressive. If he were to become president, it would be fought vociferously by the biggest clients of Bloomberg LP, the financial-information company that's the source of the candidate's wealth.

Why it matters: Bloomberg's detailed financial reform policy, released Tuesday, could cost Wall Street trillions of dollars while significantly increasing regulatory scrutiny of financial activities. It's a vision that would not be at all surprising coming from Elizabeth Warren, but that was less expected from an avatar of red-blooded capitalism.

Homelessness isn't just a big city problem

Illustration: Sarah Grillo/Axios

Homelessness is on the rise in many of America's biggest and most expensive cities — but it's a growing problem in rural areas, too.

Why it matters: People experiencing homelessness are often harder to count in rural areas and they have a harder time accessing support programs in small towns with fewer resources.