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Volume 1, Issue 5, 2001   Federal Reserve Bank of Dallas

Fannie Mae Foundation's Jim Carr Talks about Wealth Creation

"Even at the most modest levels, alternative financial services fees can greatly undermine the asset-building capacity of lower-income households."

According to Jim Carr, "As many as 12 million households in the United States either have no relationship with traditional financial institutions or depend on fringe lenders for financial services. These households are disproportionately poor and minority."

e-Perspectives asked Carr about his research findings, which were published with co-author Jenny Schuetz in Financial Services in Distressed Communities: Framing the Issue, Finding Solutions. Read more »

News & Events

  • On December 12, 2001, the Federal Reserve Board approved amendments to regulations aimed at curbing predatory lending. The amended Reg. Z broadens the scope of loans subject to the Home Ownership and Equity Protection Act (HOEPA) and strengthens prohibitions against extending credit without regard to a consumer's repayment ability. Read more Off-site page
  • Building Wealth presents an overview of personal wealth-building strategies that include setting financial goals, seeking guidance, budgeting, saving and investing, and managing debt. Order copies, view PDF or interactive version Off-site page.
  • BusinessLaw.gov Off-site page—The SBA has launched a new Internet site for America's small businesses. Small business owners now will have access to legal and regulatory business information at their fingertips.
  • Federal Reserve Bank of San Francisco's 2002 Community Reinvestment Conference will be held Jan. 30–Feb. 1, 2002. Read more Off-site page
  • Susan Schmidt Bies and Mark W. Olson took the oath of office as members of the Board of Governors of the Federal Reserve System on December 7, 2001. The oath was administered by Chairman Alan Greenspan in the Chairman's office. Read more Off-site page
  • Call for papers! The Federal Reserve System conference "Sustainable Community Development: What Works, What Doesn't and Why." Individuals interested in presenting research should submit a completed paper, abstract or proposal by April 22, 2002. Read more PDF document

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