Mark Winston Griffith

The Devil isn’t always in the Details

In a recent editorial to the New York Times I set out to make a point: The Community Reinvestment Act, the centerpiece of anti-discrimination protection in the financial services industry, needs to be re-invented. Consumers in poor communities and neighborhoods of color are so badly served by the conventional banking system that they step outside the protection of the CRA and use the alternative banking system, which includes check cashers, rent-to-own centers, high cost mortgage lenders and other kinds of institutions that don't take deposits nor allow them to build assets.

In making this point, I interviewed a woman who used Ritecheck, a check cashing operation with stores in the Harlem and the Bronx. Ritecheck distinguishes itself in the business of check cashing by partnering with several credit unions and allowing customers to open credit union accounts and then use the check cashing services at a reduced fee.

I consider, Ritecheck, or more specifically Ritecheck's CEO Joe Coleman, to be one of the good guys, but you would not have gathered that by reading my op-ed. Unfortunately, some of the more subtle points I tried to make were edited out by the New York Times editor. For that, I apologize. When you have to make a hard-hitting point on paper in 400 words or less, it's hard to speak in shades of gray.

Ritecheck serves as a reminder that corporate America has the capacity to look out for the best interests of low-income consumers while also generating profits. What is lacking all too often is the will.

Mark Winston Griffith: Author Bio | Other Posts
Posted at 2:30 PM, Oct 17, 2005 in Economy
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