Latino Americans And The Racial Wealth Divide

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Just News

for September 22, 2023

News and views from the National Community Reinvestment Coalition. Find more at ncrc.org ([link removed] ) .

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Announcements

Call For 2024 Just Economy Conference Session Ideas

By NCRC

Add your voice and expertise to the 2024 Just Economy Conference. What do you want to talk about? Whose voices do you want to include? What new ideas, best practices or insights can you share from your work and experience? [Read more ([link removed] ) ]

Views

Wealth-Building Hurdles For Latino And Asian Americans Are Not As Simple As You May Think

By Dylan Gardner, Maya Kurani and Dedrick Asante-Muhammad, NCRC

The Asian American and Latino American communities are often essentialized down to preconceived notions about “the immigrant experience.” But treating these communities as monoliths or strictly as ‘immigrant communities’ hides their true diversity and obscures valuable lessons about how wealth-building operates for each. [Read more ([link removed] ) ]

Research

Racial Wealth Snapshot: Latino Americans And The Racial Wealth Divide

By Dedrick Asante Muhammad and Dylan Gardner, NCRC

Latinos are the largest community of color and fastest-growing native-born demographic in the United States. In 2000, there were about 35.7 million Latinos in the country. B 2010, the population grew 42% to 50.5 million. [Read more ([link removed] ) ]

Events

FPC 2023 Fall Member Meeting

September 26-27, 12:30 pm ET – September 24, 3:30 pm ET

Join NCRC’s Senior Policy Advisory Adam Rust at the Faster Payment Council’s 2023 Fall Member Meeting. This in-person event will take place on September 26-27, 2023, at the Hyatt Centric Beale Street Memphis in Memphis, TN. [Register ([link removed] ) ]

Building Equitable Ecosystems: Capitals, Markets And Technical Assistance

October 5, 2:00 pm ET

Join AARP and NCRC on Thursday, October 5 at 2 pm ET, for a conversation on innovative models of capital access and readiness for small businesses. The event will focus on the important role of capital and technical assistance in strengthening small businesses owned by people of color by highlighting emerging models of public and private capital deployment and technical assistance that’s preparing business owners for expansion and new market opportunities. [Register ([link removed] ) ]

In the News

Rakuten Backpedals On Plan For Credit Union Charter

By Frank Gargano, American Banker

Adam Rust​, senior policy advisor for the National Community Reinvestment Coalition, emphasized that the disparity in penalties ([link removed] ) between ILCs and banks with delinquent Community Reinvestment Act ratings puts the NCRC in direct opposition to new charters. [Read more ([link removed] ) ]

Fair Housing Orgs React To CFPB’s UDAAP Authority Ruling

By Case Law

A federal district court in Texas held the Consumer Financial Protection Bureau violated the Administrative Procedures Act by not offering an opportunity for public comment before including certain discriminatory practices under its unfair, deceptive, and abusive acts or practices authority in an updated exam manual. The National Fair Housing Alliance and National Community Reinvestment Coalition expressed concerns about what this would mean for equity in the housing marketing going forward. [Read more ([link removed] ) ]

First Financial Bank Receives National Award For Community Action

By West Bend News

First Financial achieved 183% of the goals outlined in its Community Benefits Agreement with the National Community Reinvestment Coalition for 2018-2022, totaling almost $3.2 billion in mortgage lending, small business lending, community development lending and investments, philanthropy and marketing. [Read more ([link removed] ) ]

On Our Radar

The Government Finally Puts A Number On The Discrimination Against Black Colleges

By Adam Harris, The Atlantic

On Monday, the Biden administration sent letters with a clear message to 16 governors: Over the past 30 years, their states have underfunded their historically Black land-grant colleges by hundreds of millions—or, in some cases, billions—of dollars. The memos, signed by Education Secretary Miguel Cardona and Agriculture Secretary Tom Vilsack, are the first time the federal government has attempted to put a comprehensive number on the financial discrimination against these institutions. [Read more ([link removed] ) ]

Biden’s New Climate Corps Will Train Thousands Of Young People

By Maxine Joselow, The Washington Post

President Biden on Wednesday announced an initiative to train more than 20,000 young people in skills crucial to combating climate change, such as installing solar panels, restoring coastal wetlands and retrofitting homes to be more energy-efficient. The administration “will specifically be focused on making sure that folks that are coming through this program have a pathway into good-paying union jobs,” White House National Climate Adviser Ali Zaidi said on a Tuesday call with reporters previewing the announcement. “We’re very keenly focused on that.”[Read more ([link removed] ) ]

A Small Venture Capital Player Becomes A Symbol In The Fight Over Corporate Diversity Policies

By Alexandra Olson, AP News

A venture capital firm that has backed buzzy new companies like restaurant chain Slutty Vegan and beauty brand Live Tinted has become symbolic of the fight over corporate diversity policies since becoming a target of a lawsuit over a grant program for Black women. The Atlanta-based firm has invested nearly $27 million in some 40 businesses led by women of color since launching in 2019, and awarded another $3.7 million in grants. While the money has made a big difference to those businesses, Fearless Fund co-founder Arian Simone said it’s a drop in the bucket compared to systemic changes needed to close the racial and gender gap in venture capital funding. [Read more ([link removed] ) ]

Resources

Work And Meet At The Just Economy Club

It's a DC hub for nonprofits and the social sector, around the corner from the White House. Move your team into a private office or host your meetings and events or hang out in the lounge. [Read more ([link removed] ) ]

Learning & Training Hub

Register for NCRC's catalog of professional development courses for community development leaders. [Learn ([link removed] ) more ([link removed] ) ]

Research And Reports

We have an extensive library of research and reports that dates back many years! [View all ([link removed] ) ]

Racial Wealth Snapshots

Browse our catalog of socioeconomic briefs. [View all ([link removed] ) ]

Sign And Share The Just Economy Pledge

America should not only promise but deliver to all Americans opportunities to build wealth and live well. Sign and share the pledge to help us expand the movement for a Just Economy. [Sign and Share ([link removed] ) ]

Member Hub

NCRC members: Don't forget you have access to our member hub ([link removed] ) ! Learn more about membership here ([link removed] ) . You can join as an organization or an individual ([link removed] ) .

Fair Lending Tool

Use our interactive tool to produce a report on mortgages, small business lending and bank branch networks for any city, county or metro area in the nation. [Access the tool here ([link removed] ) ]

TreasureCRA

Keep up and catch up on plans to strengthen the Community Reinvestment Act. [Read more ([link removed] ) ]

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