How FAIR Plans Confronted Redlining in America

Ramzee Nwokolo

Chicago Fed Letter, 2023, vol. No 484, 8

Abstract: Access to financial services, including insurance, is vital for the growth and development of communities. Without banks issuing residential mortgages and business loans, it is extremely difficult for people to purchase homes and grow their businesses. Without property insurance, banks will be reluctant to provide such loans. Thus, the inability to access property insurance makes communities more vulnerable to cycles of disinvestment and decline. In this Chicago Fed Letter, I examine the Fair Access to Insurance Requirements (FAIR) plans, how they addressed the issues of insurance availability and affordability in urban areas, and the role redlining played in affected areas.

Keywords: Redlining; Insurance; History; Indigenous peoples; Immigrants (search for similar items in EconPapers)
JEL-codes: A13 G18 G22 G28 G41 J15 (search for similar items in EconPapers)
Date: 2023
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https://doi.org/10.21033/cfl-2023-484

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