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Resource ID: #20925
Subject: Banking
Source: Daily Republic (Fairfield, Calif.)
Affiliation: 
Date: July 2

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Description

Federal statistics for Fairfield, California show banks have abandoned older, low-income housing neighborhoods in an apparent violation of the Community Reinvestment Act, and moved to where new upscale housing developments were going up. The banks were catering to the middle and upper classes, and ignoring low-income neighborhoods. Controversial check cashing stores that charge alarmingly high interest rates have swept into these low income neighborhoods where the banks disappeared.

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