June 1, 2017
- Wells Fargo has experienced another setback in their attempt to recover in the wake of their “fake account scandal.” On Wednesday, May 31, 2017, New York City’s mayor and comptroller announced an end to the city’s business relationship with Wells Fargo. New York City is one of many cities severing ties with the bank due to the company’s actions regarding the Community Reinvestment Act.
- The Community Investment Trust (CIT) pilot program originated to give low-income residents in Portland an opportunity to invest in real estate. The program allows individuals to purchase shares of “income-producing real estate.” Residents will build wealth by receiving dividends based on their number of shares; thereby, increasing their overall socioeconomic status.