High-street banks may have to lend to poor

Government considers US-style community reinvestment schemes

The Community Development Finance Association has welcomed a suggestion by communities secretary Hazel Blears that high-street banks should be forced to lend to people in deprived communities.

Blears told the Commons last week that officials in the Communities and Local Government department were looking at US-style community reinvestment models, which require banks to plough some profits into providing finance to poorer communities.

Bernie Morgan, chief executive of the CDFA, which represents institutions specialising in lending in deprived communities, said she welcomed Blears's suggestion.

She said she wanted to see credit directed through the 70 Community Development Finance Institutions she represented, which have experience in lending to businesses and individuals in deprived areas.

Have you registered with us yet?

Register now to enjoy more articles and free email bulletins

Register
Already registered?
Sign in

Before commenting please read our rules for commenting on articles.

If you see a comment you find offensive, you can flag it as inappropriate. In the top right-hand corner of an individual comment, you will see 'flag as inappropriate'. Clicking this prompts us to review the comment. For further information see our rules for commenting on articles.

comments powered by Disqus
Follow us on:
  • Facebook
  • LinkedIn
  • Twitter
  • Google +

Latest Jobs

RSS Feed

Third Sector Insight

Sponsored webcasts, surveys and expert reports from Third Sector partners

Markel

Expert Hub

Insurance advice from Markel

Guide: What insurance does your charity need?

Guide: What insurance does your charity need?

Partner Content: Presented By Markel

Third Sector Logo

Get our bulletins. Read more articles. Join a growing community of Third Sector professionals

Register now