News

Carver Federal Savings Bank | Tuesday, October 2, 2018

Watch this short video which takes us through some of the crucial impact work Carver Federal Savings Bank does for its community. Carver reinvests more than 80 percent of deposits back into its community through loans that support local job creation, development, and revitalization. In this video you will learn about the work Carver does with four customers making tremendous cultural and economic contributions to their community. These customers include the influential Dance Theatre of Harlem, the historic Schomburg Center for Research in Black Culture, the entrepreneurial Classico Building Maintenance company, and the inspiring Brooklyn Free School.

The New York Times | Monday, October 1, 2018

New research shows that where children live matters deeply in whether they prosper as adults. On Monday the Census Bureau, in collaboration with researchers at Harvard and Brown, published nationwide data that will make it possible to pinpoint — down to the census tract, a level relevant to individual families — where children of all backgrounds have the best shot at getting ahead. Believing this, officials in the Seattle Housing Authority are offering families with housing vouchers extra rent money and help to find a home in these prosperous areas.

American Banker | Friday, September 28, 2018

Increasing diversity in the executive ranks of the banking industry requires the support of senior leadership and more determination from those looking to move up, according to presenters at a forum on minorities in banking hosted by the Federal Reserve. The two-day event featured speakers who provided advice on how to improve the experiences of minorities at banks of all sizes. The most concerning area was promotion. In the Chicago area, minorities make up a third of the nearly 88,000 banking jobs, but only 9% of the market's roughly 3,100 senior-level posts.

American Banker | Thursday, September 27, 2018

The Trump Administration recently proposed changes to the Community Reinvestment Act, a law initially intended to fix problems caused by redlining. Recent investigations show that redlining never went away, and these underserved areas continue to fall behind in racial and economic-equity indicators. So clearly, CRA could be improved. But it has been an important antidote to redlining and plays a critical role in increasing access to fair credit. Now advocates and bankers serving the public interest have the opportunity to make it better, with the Office of the Comptroller of the Currency's advance notice of proposed rulemaking out for comment. The author of this article presents three areas to consider when deciding how.

Virginia Community Capital | Tuesday, September 25, 2018

In an effort to foster more sustainable, responsible, and impactful investing outcomes, VCC's Virginia Impact Investing Forum has released its first Virginia Impact Report. This collection of 15 articles offers advisors, investors, philanthropists, and other stakeholders a platform for discussion and learning opportunities about impact investing across the state. The report provides perspectives, case studies, and covers many topics relating to mission aligned investing, reducing poverty, uncovering "blind spots" and much more.

Next City | Tuesday, September 18, 2018

In hopes of solving the issues which led to the financial crisis, a coalition of Californian cities has expressed interest in establishing locally-accountable, ethical banks owned by government bodies, known as public banks. Oakland joins San Francisco, Los Angeles, Seattle, Portland, Philadelphia, and New York City along with New Jersey and Michigan in the quest to establish socially-responsible, government-owned financial institutions that can fulfill public missions faithfully.

Afro | Sunday, September 16, 2018

Maryland has the highest representation of minority and women-owned businesses in the nation. However, those enterprises suffer disproportionately from being denied access to funding. And when they do access capital, much less is typically offered at higher interest rates, according to the U.S. Department of Commerce Minority Business Development Agency. How do we address this? Well, John Lewis, Executive Vice President of the Harbor Bank of Maryland, testified recently to the Senate that "community banks are the solution as they are essential to small business asset development."

The New York Times | Friday, September 14, 2018

The Community Reinvestment Act, passed in 1977, has encouraged investment in previously neglected neighborhoods, specifically helping minority communities. Now, the Trump administration is proposing changes to that law in the hopes of simplifying it. While many in the industry do welcome change, the NCRC's Jesse Van Tol explains how all this may be for the worse.

Urban Institute | Thursday, September 13, 2018

The Urban Institute invites you to watch a special live webcast led by Washington Post syndicated columnist Michelle Singletary. During the session, researchers, practitioners, and policymakers will delve into the myths and facts about credit, why those views are so persistent, and why credit building should be expanded for low-income Americans. The session will also debut a new video and fact sheet dispelling the myths of credit. The webcast will be live on September 18th from 2:30 PM-4:00 PM EST.

Booneville Democrat | Tuesday, September 11, 2018

On the morning of Saturday, September 15th, FBT Bank & Mortgage hosted its second annual Give 'N' Get Outdoors event to support the White Hall Food Pantry. The drive encouraged attendees to donate food items for those in need. The joyous event featured many fun activities such as a raffle giveaway, free sandwiches, a bounce house for children, and music. Last year's event was a great success, with community residents donating six truckloads of non-perishable food items.

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