News Topic: Under-served populations
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Three reforms CDFIs need to help build stronger communities
Fulton Bank partners with Minority Mortgage Bankers on training
A new way for banks to think about supporting CDFIs
Wells Fargo invests in more Black-owned banks
AMOCO Federal Credit Union OK'd for field-of-membership expansion
How racial justice push sparked new CRA law in Illinois
10 ways to make investing more inclusive
Free investment education and testing for risk tolerance are among the ways financial firms can better reach underserved consumers, former SEC chief Jay Clayton and Operation HOPE’s John Hope Bryant say. ]] ... Read full article
Black-run bank channels capital infusion into digital upgrades
M&F Bancorp in North Carolina plans to use some of the $18 million it received from big banks to make overdue improvements to its commercial lending platform. ]] ... Read full article
Disclosure's great, but what consumers really need is protection
In "Democracy Declined," Duke public policy professor Mallory SoRelle argues that policymakers should be more aggressive in combating unfair lending practices. ... Read full article
Group looks to form bank to serve minority-owned businesses
Ingenious Financial in Arlington, Va., is raising $200 million in hopes of buying an existing bank. Bank of Ingenious would focus on professionals such as doctors, dentists and veterinarians. ... Read full article
Banks redouble efforts to aid Black-owned businesses
Several large and midsize banks are investing millions of dollars in Black-run banks, while four community banks have started a fund to make interest-free commercial loans in underserved communities. ... Read full article
Expand CRA to include nonbanks
If policymakers are serious about revitalizing low-income communities, they should require all fintechs and other nonchartered lenders to adhere to the Community Reinvestment Act. ... Read full article
Hope FCU, Goldman Sachs team up to help small busineses in the South
The Jackson, Miss.-based credit union is part of an alliance that also includes the megabank, seven cities and nine historically Black colleges and universities, and aims to provide investments of up to $130 million to help stabilize businesses and ... Read full article
Wells Fargo invests in six Black-owned banks
Aside from the cash infusions, the San Francisco-based bank will assign dedicated teams to provide the lenders with financial, technology and product expertise. ... Read full article
What bankers can do to close the racial wealth gap
Free financial education programs and easier access to safe small-dollar loans are among the ways banks could help put low-income minority households on a path to prosperity. ... Read full article
Immigrant-focused fintechs offer lessons for banks
Startups such as Majority, Sable and Simba were created by newcomers to the U.S. who learned firsthand which services, including global remittances and financial education, their audience values most. ... Read full article
Diversify your leadership before regulators do it for you
A voluntary effort to include more members of underepresented groups in the C-suite and on corporate boards would help banks avoid government mandates. ... Read full article
Behind the deal to form the biggest Black-run bank
Broadway Financial had hit a plateau and was in search of a successor to its longtime CEO Wayne-Kent Bradshaw. After the Los Angeles company rejected two buyout offers, Bradshaw reconnected with an old friend at CFBanc in Washington. ... Read full article
Inclusiv launches $20M capital fund to benefit communities of color
The project will deploy $20 million as secondary capital to expand economic relief and financial inclusion, and follows a $1 million project last summer aimed at helping low-income consumers in Rust Belt cities. ... Read full article