Section 5 suggests a 21st century agenda for lawmakers and academic researchers. Section 4 turns to small business lending. Section 3 focuses on residential mortgage credit supply. Section 2 presents granular evidence on inequalities in access to banking services, including bank deposits. Section 1 reviews the history of credit policies. A lack of credit hinders investments in better homes, better schools, better local infrastructure such as roads and public transport, better amenities, and better health care. Third, as the mobility of Americans is overall declining, geography matters more than ever ( Molloy et al 2017). Second, the number of African American minority depository institutions (MDIs) has been declining and policy or private-sector support is likely needed ( Pike, 2021). Several policy approaches are suggested: First, a more granular approach to banking supervision may be needed microgeographic data in 2021 provides a much closer look at the banking practices of major banks and nonbank lenders than in 1977, when the Community Reinvestment Act was signed into law. This report documents that, at a local level, there are stark contrasts in access to credit for African Americans: Interest rates on business loans, bank branch density, local banking concentration in the residential mortgage market, and the growth of local businesses are markedly different in majority Black neighborhoods. Senior Fellow, 21st Century Cities Initiative - Johns Hopkins University
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