From: "Maryellen J. Lewis"

<lewisma9@pilot.msu.edu>

Subject: Impacts on urban poor of changes in U.S. financial policies

--FORWARDED SELECTION-- ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

>NLIHC Weekly Housing Update

>Vol. 2 No. 36

>Memo to Members

>October 31, 1997

>~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

>CAPITOL HILL >

>Financial Modernization and the Urban Poor >

>Implications of changes in the banking industry and proposed financial reorganization legislation were explored by a range of public interest organizations — including NLIHC — at an October 24 conference on Financial Modernization and the Urban Poor, sponsored by the National Association of Community Development Loan Funds (NACDLF). Among the topics covered were the impact of banking consolidations; the shift of mortgage financing away from financial institutions covered by the Community Reinvestment Act; the impact on low income people with no bank accounts of federal legislation requiring payment of SSI and Social Security by electronic fund transfer instead of checks by January 1, 1999; and the importance of advocacy in maintaining and broadening the Community Reinvestment Act as financial institutions change. NACDLF will be issuing a report on the conference and is exploring ways of following up with others concerned about these issues. For further information, contact Mark Pinsky, NACDLF at (215) 923-4754.