PRESS ROOM: NNPA Supports Magic Johnson’s Funding of Over $100 Million in PPP Loans for Minority and Women-Owned Businesses
NNPA NEWSWIRE — Johnson’s EquiTrust is providing critical financial support to underserved communities and businesses that have been traditionally neglected. These small and diverse businesses often have difficulty developing strong lending relationships with big banks. According to the Center for Responsible Lending, up to 90% of businesses owned by people of color have been, or will likely be, shut out of the PPP program.
Consumer Financial Protection Bureau Gives a Green Light to Predatory Payday Lenders
NNPA NEWSWIRE — “There is never a good time to enable predatory loans carrying 400% interest rates,” noted Mike Calhoun, President of the Center for Responsible Lending (CRL), “but this is the worst possible time. The pain caused by the CFPB gutting the payday rule will be felt most by those who can least afford it, including communities of color who are disproportionately targeted by payday lenders.”
