Full Citation
Title: A Few Examples of Chicago Tackling Youth Joblessness
Citation Type: Miscellaneous
Publication Year: 2018
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Abstract: Many young people nationwide are undereducated, jobless, and living in poverty with no job prospects; in urban areas particularly, they face a continuing cycle of unemployment, in addition to substandard and often dangerous neighborhood conditions. Using greater Chicagoland (including the city and Cook County) as a case study, this article will highlight how capital and resources from the private sector, namely loans, investments, and services from regulated financial institutions (e.g., banks) could foster greater economic and community development, especially for underserved and at-risk youth. One way for banks to help promote and support programs that support youth employment is by aligning targeted investments with provisions of (and compliance with) the Community Reinvestment Act (CRA). Congress enacted the CRA in 1977 to encourage banks and thrift institutions to “serve the convenience and needs of the communities in which they are chartered to do business,” including low- and moderate-income (LMI) communities. The CRA requires each federal bank regulator, including the Federal Reserve, to evaluate the extent to which banks address the credit needs of LMI neighborhoods in their geographic market. On July 25, 2016, the Board of Governors of the Federal Reserve System (FRS), the Federal Deposit Insurance . . .
User Submitted?: No
Authors: Engel, Emily; Keller, Jason; O'Dell, Mark
Publisher: Federal Reserve Bank of Chicago
Data Collections: IPUMS USA
Topics: Labor Force and Occupational Structure, Other
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