Beth Hammack’s Post

Break barriers in our Justice System to create a future defined by opportunity, not past convictions. Stephanie Lomibao, Philanthropy Program Executive at Bank of America, sheds light on the daunting challenges faced by individuals reentering society post-incarceration. The cycle of poverty and limited access to essential resources such as safe housing, education, and employment opportunities often continues unabated, affecting families and perpetuating intergenerational poverty. Bank of America's commitment to bettering the financial lives of marginalized communities represents a crucial step towards breaking this cycle. By leveraging its vast network and resources, the bank aims to provide meaningful support in overcoming barriers to employment, education, and economic opportunities, demonstrating that a better financial future is within reach for everyone, regardless of their past. This initiative aligns with the broader efforts of partnerships like the Los Angeles Rams and Bank of America's Fellowship Program, highlighting the power of corporate responsibility in fostering social and economic equity. 🎧 Explore the impact of these initiatives and more on The Last Mile Radio, dropping this Saturday, 4/6/24. #EconomicOpportunity #SocialEquality #BankOfAmerica #LosAngelesRams #RamsHouse

My teammate Stephanie Lomibao discusses the barriers individuals face after incarceration and how Bank of America is partnering with organizations like The Last Mile to help make a difference!

Check out our 2023 Impact Report and see why where you bank matters!

#ICYMI Addressing the US wealth gap: Financial institutions hold the key! 📊 The top 10% own 69% of the wealth, while the lowest 50% have <3%. Disparities between #Black and white Americans intensify the issue. Our President & CEO, Tonita Webb, DBA, CCE, CUDE, SPHR, emphasizes understanding #community needs as a starting point. Listening, feedback, and co-creating solutions are crucial. Here are a few takeaways: ✜ Historic loan denial for Black people widens the gap. Webb advocates #recalibrating credit scores. Verity CU's AI-based model factors in #reputation, job stability, rent payment, and boosting previously denied loans. ✜ #Homeownership programs are vital. Low/no down payment and interest rate assistance can empower families to own homes, aiding wealth #accumulation. ✜ Empower families to leave legacies for their children, bridging the wealth gap. Verity works directly with members to make this a reality. Thank you to Eric Tegethoff with Public News Service for this publication. Discover how Tonita Webb and the entire Verity team are shaping supportive financial systems for your aspirations at veritycu.com. Verity Credit Union | Your Future. Your Partner. 🧡 #VerityCommunityLove #SupportLocal #StrongerTogether #MicrograntOpportunity #CommunityEmpowerment #WashingtonNonprofits #microgrant #funding #CommunityGrowth #yourpartner #VerityCreditUnion #CommunityEmpowerment #SocialImpact #GivingBack #ChangeMakers #CommunityPartnership #MakingADifference #CreditUnionPride #opportunity #future #yourfuture Credit Union National Association Ballard Food Bank Beacon Business Alliance 

#Banking is one of the integral components in closing the #wealthgap. We'd like to say #thankyou the Star Tribune for recently publishing a powerful editorial from our Chairman and CEO Kenneth Kelly on how #FirstIndependence is striving to provide everyone with opportunities to live the life they envision! Read some of his words below: "Last year, we opened our first of two #FirstIndependence Bank (FIB) branches in Minneapolis, becoming the only Black-owned, minority depository institution in the state of #Minnesota, uniquely suited to bringing long-needed representation to urban economics. While "we are "Black-owned," we are not "Black-only." Our customer base and employee teams represent many ethnic and racial backgrounds to demonstrate the best of America. In Minnesota and across the country, FIB is seeking to close the wealth gap by focusing on increasing #homeownership among Black residents as the statistics above demonstrate an extraordinary opportunity. Another way FIB is seeking to increase homeownership is by partnering with nonprofits like Operation HOPE to conduct financial education initiatives that include credit improvement coaching, as well as referrals to first-time homeowner programs." To continue reading this editorial, click here: https://shorturl.at/vAW47

Community Development Financial Institutions (CDFIs) play a critical role in getting capital into underserved communities. Findings from the Fed’s 2023 CDFI Survey, discussed at the Opportunity Finance Network annual conference, highlight opportunities and challenges facing the industry. Carrie Cook, community affairs officer at the Federal Reserve Bank of Richmond, and team members contributed to the conference by sharing data from the Fed’s 2023 CDFI Survey and discussing the results with other leaders of CDFIs. Read on to learn how CDFIs are continuing their purpose of investing capital in people. #CDFIs #CommunityFunding https://lnkd.in/eipaKEek

Today, economic empowerment is more important than ever. Since 2020, we've seen a growing conversation about investing in creating wealth and prosperity for the Black community. Instead of waiting for handouts from corporations, Black-owned financial institutions like OneUnited Bank and Carver Federal Savings Bank are pushing to make economic justice and accessibility a reality, rather than just abstract ideas. But there's still a challenge to overcome - how can they gain the trust they need to thrive within the community they want to serve? When we look at the state of banking in Black communities, we see a changing landscape. The number of Black-owned banks has declined significantly, from 48 in 2001 to 23 in 2018, according to FDIC records. This drop, combined with the staggering racial wealth gap highlighted by the Brookings Institute, makes it clear that change is not just necessary, but imperative. In 2016, the median wealth of White families was $171,000, compared to just $17,600 for Black families. Did you read that? We control ONE-TENTH of the median wealth of our counterparts. This stark contrast calls for endorsement and engagement with our community's financial institutions like never before. They are the ones who are lending to us for homes and businesses without the shame and discrimination we've historically faced. But still, so many of us would rather trust a big-name bank over them. The reasons for this financial distrust are complex. They range from systemic discrimination in traditional banks to a lack of transparency in financial processes or access to locations and services. So, what more can these institutions do to bridge this divide? The National Bankers Association has been at the forefront, advocating for trust-building initiatives such as community outreach and financial literacy programs. National Urban League made a clarion call just yesterday about fair access to financial services. Yes, building trust and financial fortitude takes time and requires a long-term commitment to transparency, community investment, and fair practices. But we've been talking about this for a while. Now, let me ask you: What concrete steps do you believe Black-owned financial institutions must take not only to earn but also maintain the trust of their community? Is it on them or on us? Do you bank with a Black-owned institution? Why or why not? What would move the needle to get you to move your dollars? Share your thoughts and let's move forward together.

In presenting this work, Suparna Bhaskaran of the Institute on Race, Power and Political Economy made such an important point about how we got here: it's not just that segregation made it difficult to build wealth in majority Black and Latine spaces. It's that wealth and power were systematically transferred OUT of those spaces to white people and majority white spaces. Through mob violence, arson, restrictive covenants, selling on contract, extractive labor and current-day predatory lending or very little mainstream lending at all, the transfer of wealth has also meant a transfer of power. It is right to feel upset and unsettled by the numbers in this report. As @alwaystheself puts it, ideally everyone should be uncomfortable with collective suffering and injustice. Our work at The Chicago Community Trust is to partner with others to do something about it. In a world where so many of us are understandably paralyzed by all that is wrong and unjust, I am grateful to be at a place where this is our fundamental work.

"You have to address the fear of loss, not fear they don’t know what they’re doing.” Victoria Zhuang reports on how advisors can help bridge the racial wealth gap, with comments by Michelle Singletary of The Washington Post, Marla Bilonick of the National Association for Latino Community Asset Builders, Cy Richardson of the National Urban League and CFP Board and Reginald Lillie II of Merrill Wealth Management. #wealthmanagement #financialadvisors #financialplanning #Blackwealth #wealthgap #Latinowealth #diversity #DEI #legacy #probono

Business owners should understand their credit picture and that of their co-owners from inception. What a great way to get some free education on the issue.