During the past year, policymakers and the American public have engaged in ongoing soul-searching about the persistence of racial inequality in American society across many areas of society, including racial differences in financial well-being and access to quality financial products. Much of the scrutiny has focused on notorious policies, such as the federal government’s shameful practice of racial “redlining” of minority homeowners in the post-World War II era. These government policies, along with facially neutral policies such as “usury” limits on permissible interest rates that disproportionately affected Black families, created formidable barriers to wealth-building for many Black families.
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