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locating unregulated financial institutions: demographic comparisons

The Northeast Community Federal Credit Union. Chartered in 1981Has nearly 1,200 MembersMade over 2,400 loansPlanning a field of membership expansion. Mission is both to meet the banking needs of its members and support economic development of the community. Map of Current Branches. Source: NECFCU Hot Zone Study.

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locating unregulated financial institutions: demographic comparisons

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    1. Locating Unregulated Financial Institutions: Demographic Comparisons By: Michael Doherty San Francisco State University For: Northeast Community Federal Credit Union May 3, 2004

    2. The Northeast Community Federal Credit Union Chartered in 1981 Has nearly 1,200 Members Made over 2,400 loans Planning a field of membership expansion Mission is both to meet the banking needs of its members and support economic development of the community

    3. Map of Current Branches

    4. The Problem Geocode the locations of regulated and unregulated financial institutions. Compare locations to demographic characteristics to see if anecdotal theories about the location of check cashers hold true. Provide data to support NECFCU’s field of membership expansion.

    5. Research Sources SBC Yellow Pages CDFI Economic Development & Housing Hot Zone Study- SFSU 2003 Senior Seminar Local Newspapers for immigrant communities (Philippine News, China Daily, El Bohemio) Internet Search

    6. Unregulated Financial Institutions In San Francisco there are 14 pawn shops, 34 check cashing offices, and 2 that advertise as providing both services.

    7. Regulated Financial Institutions In San Francisco there are 238 bank and credit union branches. Clustered downtown and on main streets with transit access.

    8. Locations Green are the Unregulated Facilities Blue are regulated Services are lacking in eastern portion of the City

    9. Household Size

    10. Compared to Minority Areas

    11. Income Levels

    12. Results 98% of the locations can be explained when combining the minority results with income results. An unregulated financial institution is usually found in a neighborhood that has at least a 25% higher minority population than the median and has an income level that is greater than 10% below the median income level.

    13. The Asian Question The Sunset and Richmond areas also appear to be underserved by regulated financial institutions yet they fit the criteria explained above.

    14. Proximity Analysis Creating raster maps to identify areas that have a need for NECFCU to expand into using the following variables; Proximity of regulated financial institution Median income levels Percent minority and percent Asian population Rent Burden Household size

    15. Future Research Is the role of check cashers and pawn shops being filled by culturally specific organizations that are not “advertised?” Is the clustering in Hispanic areas associated with wire transfer services? Does the theory hold true outside San Francisco?

    16. THANK YOU Special thanks to Michael Chan, Ayse Pamuk, and Mono Simione

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