Search Results
Journal Article
Minority-Owned Banks and Their Primary Local Market Areas
In this article, we analyze the experience and performance of MDIs in their primary local service areas in recent periods, including before, during, and after the 2008 financial crisis. We provide a review of the sector, highlighting key policies and initiatives pertaining to and affecting these institutions, and provide a brief review of previous research. We document trends in the sector, including: 1) the characteristics of the locations where MDIs tend to do business; 2) the changing landscape of MDIs in terms of openings, closings, and mergers by ethnic ownership; and 3) the performance ...
Discussion Paper
The homeownership and financing experience in two Chicago minority neighborhoods
This article documents the homeownership and financing decisions made by Hispanic and Black households in two Chicago ethnic communities to help policy makers, financial institutions and community leaders better understand the homeownership process for these two minority groups. Based on our findings, several policy initiatives and programs are proposed to improve the quality of financial literacy and ultimately for Hispanic and Black households.
Discussion Paper
Access to credit and financial services among black households
Childcare Use and Expenses Among Families of Different Income Levels
As part of the Chicago Fed’s Spotlight on Childcare and the Labor Market, a targeted effort to understand how access to childcare can affect employment and the economy, we use data from a national survey conducted by the U.S. Census Bureau—the Survey of Income and Program Participation (SIPP)—to examine the childcare arrangements for young children (those under five years old) while their mothers were at work, in school, or otherwise not available and how much families paid for these arrangements in the recent past. We focus on the arrangements used and amounts paid by families with low ...
Newsletter
Developing small businesses and leveraging resources in Detroit
On October 16?17, 2012, the Federal Reserve Bank of Chicago, the Michigan Bankers Association, and the New Economy Initiative for Southeast Michigan co-sponsored a symposium that brought together business experts, business owners, policymakers, funders, and bankers to address the issues of small business credit and financing in Detroit.
Working Paper
Tenure choice with location selection: the case of Hispanic neighborhoods in Chicago
A notable feature of immigration into the U.S. is the high degree of spatial concentration of different immigrant groups. We ask the question whether residing in areas with a large proportion of a co-ethnic group influence the decision to own a home for Hispanics in the Chicago Metropolitan area. The results show that Hispanics choose to live in Hispanic enclaves based on relatively homogeneous characteristics such as recent migration, less English language fluency, and lower income. More years in the U.S., higher education attainment and English language fluency remain strong predictors of ...
Journal Article
The relationship between Hispanic residential location and homeownership
This article asks two basic questions. First, is homeownership more or less likely for Hispanics who choose to reside in an ethnic location; and second, is the location decision jointly or endogenously made with the homeownership decision? The findings suggest that, indeed, the location and homeownership decisions are jointly made. Furthermore, the decision to reside in a Hispanic enclave has a positive, significant influence on the likelihood of owning a home.
Working Paper
The importance of check-cashing businesses to the unbanked: racial/ethnic differences
The roughly 9.5 percent of all U.S. families that are without some type of transaction account (unbanked) are disproportionately represented by minorities. The unbanked often must rely on alternative ways to carry out basic financial transactions such as cashing payroll checks and paying bills. This study analyzes unique survey data and finds that a consumer's decision to patronize check-cashing businesses is jointly made with the decision to be unbanked. For the unbanked, these businesses are an important source for financial services. Attributes that contribute to these decisions, however, ...