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Financial Services: Fair Lending, Access, and Retirement Security

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Report Type Reports and Testimonies
Report Date Feb. 24, 2021
Release Date Feb. 24, 2021
Report No. GAO-21-399T
Summary:

This statement summarizes our work on race, wealth, and other disparities and how they affect access to financial services and retirement security.

For example, we found:

Lower-income or minority households were less likely to access traditional banking services and more likely to use costlier products and services, such as payday loans.

Older minority households consistently had less wealth than White households. For example, for households with incomes of $40,000–$69,000 in 2016, average White wealth was about $304,000 and minority wealth was $71,000.

New products and services may help address access issues but also raise fair lending concerns.

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