The city of Buffalo has one of the highest poverty rates in the country, as well as one of the highest proportions of people who are “unbanked” – lacking a checking or savings account. When people lack access to mainstream financial services, they must rely on expensive and often exploitative options such as check cashing services, money orders, rent-to-own stores, payday loans, and pawn shops.  Instead of being a bridge out of poverty, credit often becomes a poverty trap.

What can banks do to serve more of the unbanked and underbanked, and how can they help build wealth in communities that have suffered from years of discrimination, segregation, and disinvestment?  On May 4, the Partnership for the Public Good will offer a presentation on “How Banks Can Fight Poverty,” featuring research by PPG’s executive director, Sam Magavern, and six University at Buffalo Law students. Topics will include best practices in areas such as checking, small loans, first-time homebuyer loans, community development financial institutions, and community land trusts. PPG will also describe how local residents can play a role in advocacy for community reinvestment.

The presentation will take place from 10am to noon, Friday May 4, at PPG’s offices, 617 Main St., Suite 300.  It is free and open to the public, but space is limited.  To reserve a seat, please email Jalonda Hill, jalonda@ppgbuffalo.org.