News Now
by Arlice Nichole
No Bank for the Black Buck!
According to a recent FDIC study, nearly one third of African-Americans use financial services like check cashing places in addition to their banks.
But one in five black households don't have bank account at all, the study found. That percentage is seven times higher than white households. Still, members of the American Banker's Association insist federally insured banks are the safest place for your money.
National Urban League President Marc Morial said, "People use banks when they think the bank is doing something they need." Read the rest HERE on The Grio.
President Obama Proposes Stimulus Package for the Middle Class
WASHINGTON (AP) -- Previewing key elements of his State of the Union address, President Barack Obama is announcing on Monday a series of initiatives aimed at calming some of the economic fears of struggling middle class families.
The proposals to be unveiled by Obama and Vice President Joe Biden at the White House, and which the president will push in his Wednesday night speech, include a doubling of the child care tax credit for families earning under $85,000; an increase in federal funding for child care programs of $1.6 billion; capping student loan payments to 10 percent of income above "a basic living allowance;" expanding tax credits to match retirement savings; and increasing aid for families taking care of elderly relatives. The plan would also require all employers to provide the option of a workplace-based retirement savings plan. Read the rest HERE on The Grio
OMG! For Real!
Money might not buy love, but it will buy a six-figure Maybach for the teenaged son of a hip-hop superstar.
Thanks to his dad, hip-hop mogul and businessman Sean "Diddy" Combs, now Justin Dior Combs is the proud owner of a $360,000 luxury sedan. Read the rest HERE on OMG!
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