The Huffington Post
For those of us who believe financial inclusion is an attainable goal, Lisa Servon’s article “Ritecheck 12″ might challenge some preconceived notions about check cashers and the role they play in the industry. The article, published on Public Books, details what Servon learned about the “alternative financing industry” working as a teller in the South Bronx.
Many know that Citi has an extraordinary 200-year history that helped chart the course of modern financial services – but equally impactful is the nearly half-century commitment that Citi has demonstrated to expanding financial inclusion. Today, the Citi Foundation is the lead partner and founding sponsor of the Financial Inclusion 2020 initiative, an effort spearheaded by the Center for Financial Inclusion (CFI) at Accion.
In the past few years, entrepreneurs have been plagued by increasing difficulty in securing loans for their small businesses. But the light at the end of the tunnel is finally visible, according to a recent report from the U.S. Small Business Administration. It seems that the decline in small business lending has finally bottomed out.
A South Dakota Internet lender and two other companies were sued by the state of New York over allegations they illegally charged interest of as much as 355 percent a year for a personal loan. Western Sky Financial LLC, Anaheim, California-based CashCall Inc. and its subsidiary WS Funding were sued by New York Attorney General Eric T. Schneiderman today in state court in Manhattan. Schneiderman’s office accuses the companies of scheming to make high-rate loans in Western Sky’s name and collect through CashCall and WS Funding LLC.