Spotlight

The Collaborative is Making New Strides to Help Families in North Carolina Build Wealth

Across the country, the rising cost of living, increasing debt, and navigating an economy recovering from COVID-19 continues to impact the financial security and economic wellness of families. The Collaborative, a nonprofit advocacy organization in North Carolina, is at the forefront of these issues, educating families and communities on wealth building and advocating on behalf of communities of color to close the wealth gap. To learn more about this organization’s work, we spoke with Marquita Robertson, Executive Director of The Collaborative, and a member of Prosperity Now’s Community Steering Committee.

From the Field

States at Work: Shining Examples of Progressive Legislation in Key Economic Policy in 2022

State legislatures file, introduce and pass thousands of bills each year. As many of the state legislative sessions are ending around the nation, thus far in 2022, there have been progressive bills introduced and passed in states across the political spectrum in the areas of homeownership and housing, financial security, and taxation. Additionally, inflation is a critical issue this year as individuals and families are battling the steep incline in prices for household and daily living costs. Read more.

Sign On to Address Discrimination in Banking and Housing Systems!

The Community Reinvestment Act (CRA) is a landmark civil rights law passed in 1977 to end discrimination and address the pervasive redlining in our banking and housing systems. Despite these efforts, discrimination in lending is still a problem. Now, the Federal Reserve, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency have released an inter-agency proposed rule that has the potential to help remedy this. The CRA is critical to making wealth building more accessible by creating access to homeownership, banking services, and capital for small businesses and it is time for regulators to incorporate an explicit focus on race.

Please take a moment to sign on to our letter, as we ask the inter-agencies to include a robust consideration of race in evaluating our financial institutions. The deadline to sign on is Thursday, August 4 at 12 pm ET and we ask that you only sign on if you are authorized to act on behalf of your organization. Thank you for your continued support!

In the News

Prosperity Now argues expanding the CTC will benefit communities of color 

In a new article published by NewsBreak, Prosperity Now was highlighted as an organization pushing for the expansion of the Child Tax Credit (CTC) as a step towards racial economic justice. Currently, 70 percent of children in poverty belong to BIPOC households and extending the CTC would prevent more families of color from falling below the poverty line. Additionally, legislative actions to extend the CTC would help to offset the economic consequences of inflation and provide much needed relief to families managing their budget.

The Treasury Department is Making a New Push to Narrow Racial Inequality

The US Treasury Department is beginning a new push to address racial inequality and its negative effects on financial security for communities of color. Persistent inequality and economic barriers in areas such as housing and the labor market continue to disadvantage people of color and consequently limit the potential growth of the US economy overall. Last week the department released its first series of blog posts which it hopes will address racial disparities.

Upcoming Events

Boost Your VITA Volunteer Base: Partnering with AmeriCorps NCCC| Prosperity Now| August 4, 2022| 2:00-3:00 pm ET

Income Tax Assistance (VITA) volunteers have decreased in recent years. To assist organizations in rebuilding their volunteer base, the Tax Opportunity Network at Prosperity Now will be convening representatives from the Pacific, Southwest, and Southern regions of AmeriCorps National Civilian Community Corps (NCCC) to deliver, “Boost Your VITA Volunteer Base: Partnering with AmeriCorps NCCC.” This virtual event is an opportunity to learn more about a great way for VITA sites to bolster their volunteer corps.

2022 Prosperity Summit| Prosperity Now| September 19-21, 2022

Prosperity Now will host the biannual Prosperity Summit from September 19-21 in Atlanta, Georgia. The three-day conference is an opportunity for racial equity advocates to present, network and workshop with 1,500+ fellow attendees around the year’s theme of Marching On: Reimagining Economic Justice for All. Register today to access the early bird rate before August 6! 