Knau, February 9th, 2024, Report Highlights Lack Of Access To Bank Loans On Navajo And Hopi
A report from the National Community Reinvestment Coalition highlights the difficulty of getting bank loans on the Navajo and Hopi nations. The authors say a lack of access to banking services has profound effects on housing, business, and public health.
Historically banks denied loan applications in impoverished or minority communities, a practice known as “redlining.” It’s now illegal but the report’s authors argue redlining effectively continues on tribal land, where none of the three largest home lenders in the U.S. offer mortgages for new houses.
