The southern United States is home to diverse populations, including many rural areas that are considered “banking deserts” due to the absence of sufficient banking or credit union options for local communities.
That's according to two new reports on the financial opportunities and challenges facing southern communities, released by the Consumer Financial Protection Bureau (CFPB).
Studies indicate that about 48 million people live in the southern region examined, which includes Alabama, Arkansas, Georgia, Louisiana, Mississippi, North Carolina, South Carolina and Tennessee.
Among the “distinct demographic characteristics” found in the southern region are, for example:
- There is a significant immigrant population that represents more than 3 million people in the region.
- One in 10 residents in the southern region is Latino, which represents 5% of the population in rural areas and 8% in non-rural areas.
He also explains that the lack of local access to banking options makes it difficult for them to obtain competitive interest rates for mortgages, credit cards or small business loans.
Other key findings include:
- The Southern region has fewer bank branches per person than other areas of the country (3.6 branches per 10,000 people, compared to 5 branches per 10,000 people nationally).
- “Unbanked” rates remain high in this region, and Latino households cite barriers including: minimum balance requirements, lack of trust in banks, and not having the type of identification required by many financial institutions to open an account. .
- Consumers in that region have more difficulty accessing credit and face higher interest rates.
Author Profile
- Nathan Rivera
- Allow me to introduce myself. I am Nathan Rivera, a dedicated journalist who has had the privilege of writing for the online newspaper Today90. My journey in the world of journalism has been a testament to the power of dedication, integrity, and passion.
My story began with a relentless thirst for knowledge and an innate curiosity about the events shaping our world. I graduated with honors in Investigative Journalism from a renowned university, laying the foundation for what would become a fulfilling career in the field.
What sets me apart is my unwavering commitment to uncovering the truth. I refuse to settle for superficial answers or preconceived narratives. Instead, I constantly challenge the status quo, delving deep into complex issues to reveal the reality beneath the surface. My dedication to investigative journalism has uncovered numerous scandals and shed light on issues others might prefer to ignore.
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Throughout my career, I have been honored with numerous awards and recognitions for my outstanding work in journalism. My investigations have changed policies, exposed corruption, and given a voice to those who had none. My commitment to truth and justice makes me a beacon of hope in a world where misinformation often prevails.
At Today90, I continue to be a driving force behind journalistic excellence. My tireless dedication to fair and accurate reporting is an invaluable asset to the editorial team. My biography is a living testament to the importance of journalism in our society and a reminder that a dedicated journalist can make a difference in the world.
