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How FAIR Plans Confronted Redlining in America

Author

Listed:
  • Ramzee Nwokolo

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.

Suggested Citation

  • Ramzee Nwokolo, 2023. "How FAIR Plans Confronted Redlining in America," Chicago Fed Letter, Federal Reserve Bank of Chicago, vol. 0, pages 1-8, September.
    • Handle: RePEc:fip:fedhle:96972
    DOI: 10.21033/cfl-2023-484
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    More about this item

    Keywords

    Redlining; Insurance; History; Indigenous peoples; Immigrants;
    All these keywords.

    JEL classification:

    • J15 - Labor and Demographic Economics - - Demographic Economics - - - Economics of Minorities, Races, Indigenous Peoples, and Immigrants; Non-labor Discrimination
    • G22 - Financial Economics - - Financial Institutions and Services - - - Insurance; Insurance Companies; Actuarial Studies
    • A13 - General Economics and Teaching - - General Economics - - - Relation of Economics to Social Values
    • G18 - Financial Economics - - General Financial Markets - - - Government Policy and Regulation
    • G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation
    • G41 - Financial Economics - - Behavioral Finance - - - Role and Effects of Psychological, Emotional, Social, and Cognitive Factors on Decision Making in Financial Markets

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