Archive for the ‘Economy’ Category

Asian Americans are the most prolific spenders in U.S., survey shows

Wednesday, January 1st, 2014

(Los Angeles Times) Asian Americans have emerged as the most prolific and impulsive buyers in the nation, according to a Nielsen survey released Thursday.

They prefer Costco over Wal-Mart, brand names over generics and lead the nation as a demographic in online buying. As a group, their spending power outpaces the coveted millennials — those in their 20s and early 30s, according to Nielsen's "Significant, Sophisticated and Savvy: the Asian American Consumer 2013."

Asian American households, on average, boast incomes of $100,000 or more — earning more than general U.S. households and representing the highest among cultural groups, according to the findings.

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Racial Gap in Retirement Savings Widens

Monday, December 16th, 2013

(Fox Business News) It’s no secret that American workers are facing a widening savings gap for their golden years, but the racial divide in retirement savings is also growing at an alarming rate.

A new report from the National Institute on Retirement Security (NIRS) shows black, Latino and Asian households face severe challenges when saving for retirement because they are less likely to be covered by an employer-sponsored plan and lack dedicated retirement saving accounts.

“Nearly two-thirds of households of color do not have any savings in a 401(k) or IRA-type account, compared to slightly over one-third of white households,” the report states. 

What’s more, three out of four Asian, Latino or black households have retirement savings of less than $10,000. The report took into account workplace retirement access, retirement account ownership and balances in retirement savings accounts.

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LA sues Bank of America, alleges discriminatory mortgage lending

Tuesday, December 10th, 2013

(Reuters) – The city of Los Angeles has filed a lawsuit against Bank of America in U.S. federal court in California, accusing it of discriminatory mortgage lending in the city's minority communities.

The lawsuit, filed by City Attorney Michael Feuer, accused the bank of engaging in a "continuous pattern and practice of mortgage discrimination" since at least 2004, according to a court filing.

A spokesman for Bank of America could not immediately be reached for comment.

The complaint alleged that the bank's practices led to a wave of foreclosures in minority neighborhoods that continued to hurt the city's property tax revenues and increased the need for city services.

It seeks damages caused by the bank's alleged discriminatory practices, including lost revenue.

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New Figures Show Latina Women Hit Hard By Wage Gap

Saturday, January 19th, 2013


(NBC Latino) Texas and California might have the largest populations of employed Latinas – but Hispanic women in these states are paid only 59 cents and 69 cents, respectively, for every dollar paid to men, according to a new Census data analysis put together by the National Partnership for Women and Families, a progressive organization focusing on women’s issues .   In Florida and New Mexico, the wage gender gap is the smallest – but Latinas are still making only 68 cents for every dollar paid to a man.  In fact, in the 20 states with the largest number of Hispanic women working in full-time, year-round jobs, the wage gap is between 51 and 68 cents for every dollar men makes.

“These new data show that the wage gap is costing  women of color thousands of dollars in critical income each year that could be spent on food, rent, health care and on meeting other fundamental needs for their families,” said Debra L. Ness, president of the National Partnership for Women and Families.

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As Asian-Americans’ Numbers Grow, So Does Their Philanthropy

Friday, January 18th, 2013


(CNBC) About 800 people gathered in November in a ballroom in Midtown Manhattan for one of the year's more elegant galas. They dined on beef tenderloin with truffle butter, bid on ski and golf vacations in a charity auction, and gave more than $1 million to a nonprofit group based in New York.

But this was not an old-money event. The donors were largely Korean immigrants and their children.

Members of a new class of affluent Asian-Americans, many of whom have benefited from booms in finance and technology, are making their mark on philanthropy in the United States. They are donating large sums to groups focused on their own diasporas or their homelands, like the organization that held the fund-raiser, the Korean American Community Foundation.

And they are giving to prestigious universities, museums, concert halls and hospitals — like Yale University and the Metropolitan Museum of Art. The institutions, in turn, are increasingly courting Asian-Americans, who are taking high-profile slots on their governing boards.

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Hispanic Confidence Growing in Family Finances

Tuesday, November 6th, 2012

(Hispanic Business) Hispanics are more satisfied now with their personal finances and with the direction the country is going than they were in 2011, according to a new survey from the Pew Hispanic Center.

Hispanics are more satisfied now with their personal finances and with the direction the country is going than they were in 2011, according to a new survey from thePew Hispanic Center.

More than half (51 percent) of Hispanics surveyed say they are satisfied with the nation's direction, a rise of 13 percent over 2011. That figure was 38 percent in 2001. 

Just 31 percdent of the general public says they are satisfied with how things are going in the country today.

One-third of Hispanics surveyed report that their finances are "excellent" or at least "good." The figure for 2011 was just under one-quarter, at 24 percent. Nearly three-quarters (73 percent) say they expect their family finances to improve during the next 12 months. In 2011, just over two-thirds (67 percent) expressed a similar level of optimism.

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African American churches protest foreclosures by black-run bank

Monday, November 5th, 2012

(Los Angeles Times) A coalition of African American ministers is protesting foreclosures on their churches — byBroadway Federal Bank, a savings bank established in the 1940s to serve Los Angeles' then-segregated black community.

About one-quarter of the money Broadway Federal has lent out has been for mortgages on church properties. In the tough economy, it's become a problematic business for the bank, which regulators have categorized as troubled since 2010.

The bank's annual report for 2011 with the Securities and Exchange Commission said regulators have barred it from making additional church loans. Broadway Federal, which continues to be run by African Americans, said its problems "raise substantial doubt about the company's ability to continue as a going concern."

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Diversity Roundup: Is the U.S. Race Relations Problem Solved?

Friday, August 3rd, 2012

(National Journal) Is the U.S. Race Relations Problem Solved? As the first black president, Obama’s election in 2008 was hailed by many as a new era in the U.S. where race relations would be faced head on, theAssociated Press reports. But the varying viewpoints from several Americans and experts show just how divided the nation remains over the issue.

The (Limited) American Dream: For many Latinos, owning a home is an extremely important event, mostly because it’s equated with achieving the American dream, writes Jennifer Korn, executive director of the Hispanic Leadership Network, for Fox News Latino. But with an 11 percent unemployment rate for Hispanics and the limited scope of President Obama’s foreclosure aid programs, Hispanics are struggling to realize their dreams, Korn argues.

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