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Check Cashing Stores Necessary Service Or Excessive Profit Hearing Before T

Cover Check Cashing Stores Necessary Service Or Excessive Profit Hearing Before T
Check Cashing Stores Necessary Service Or Excessive Profit Hearing Before T
United States Congress House Committee On Gover
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Central Brooklyn Federal is struc- tured as a nonprofit cooperative, where depositors vote for a board of directors — with one vote per depositor, regardless of how much is saved. At 75 days old, the credit imion has grown to a half a mil- lion in assets, serving more than 300 local residents. We expect to top $1 million in assets by the fall, and we will be offering checking accounts, lines of credit and a variety of other financial services by the end of the year.
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...you the results of research we have conducted on check cashing stores in Central Brooklyn, which is home to one of the Nation s oldest and largest African -American commimities. Our information should prove useful to the sub- committee as it examines the best way to ensure that financial in- stitutions help buildup the economies of our inner cities rather than speed their deterioration. I will also make the case for the Federal Government to support an existing network of community based, federally insured financial institutions to provide trans- action services in the inner city at a fair price with economic devel- opment as the end goal.

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