Financial Management

The racial homeownership gap is as large today as it was during the days of segregation, with the white homeownership rate roughly 30 points higher than Black households. New Urban Institute analysis shows that the gap may continue to grow absent intentional action. This has lasting implications: when one generation misses the wealth-building opportunities of homeownership, successive generations feel the impact as well.

ATLANTA DAILY WORLD — The newly revamped Public Service Loan Forgiveness program will eliminate federal loans for all applicants after borrowers make 10 years of payments. An estimated 22,000 borrowers are eligible to get their loans canceled and an additional 27,000 borrowers could be deemed eligible if they get their past payments certified. Overall, a total of 550,000 borrowers are expected to be positively impacted by these changes.

GREENE COUNTY DEMOCRAT — “The USDA has a documented history of discriminating against Black people and communities of color. The federal government’s attempt to rectify this injustice should be applauded, not stopped,” said Damon Hewitt, president and executive director of the Lawyers’ Committee for Civil Rights Under Law. “If this critical assistance is not provided soon, Black farmers and other farmers of color who have struggled to overcome decades of discrimination and the economic impacts of the global pandemic will face the threat of losing their land and their livelihoods.”

NNPA NEWSWIRE — In total, the Department estimates that over 550,000 borrowers who have previously consolidated will see an increase in qualifying payments with the average borrower receiving another two years of progress toward forgiveness.

NNPA NEWSWIRE — We must channel our consumer buying power of $1.4 trillion to create the new Black Wall Street. Now is a great opportunity for us to embrace what Tulsa’s Black Wall Street symbolized: Black excellence; the power of community; and the importance of unity. Ever since the death of George Floyd, we are realizing that we have to fight for social justice, but we also have to do what our predecessors did in Tulsa: They created a blueprint for wealth creation within our community. BankGreenwood.com reports that, a dollar circulates six hours in the Black community, 20 days in the Jewish community and 30 days in the Asian community.

NNPA NEWSWIRE — “The American Fintech Council is excited and grateful that each of these women are joining our effort to help build a financial services industry that is more inclusive and diverse,” said Garry Reeder, AFC CEO. “Their leadership will benefit the fintech industry and the consumers that we serve.”

NNPA NEWSWIRE — Led by Mr. Shawn Rochester, Minority Equality Opportunities Acquisition Inc.'s Chairman and CEO, and Ms. Robin Watkins, its Chief Financial Officer and Secretary, the blank check company will focus its business combination search and transactions on historically undercapitalized minority-owned/controlled businesses in various industry sectors across the country.

NNPA NEWSWIRE - “Systemic racism has fostered a debt collection landscape in which people of color are more likely to be contacted by collectors and more likely to be impacted by lawsuits resulting in wage garnishment and bank levies,” states CRL. “State laws differ in terms of how much money is “protected,” or is unable to be seized by a debt collector, to leave money for a family’s basic needs. Federal protection is urgently needed.”

ORLANDO ADVOCATE — “Under Governor DeSantis’ leadership, our state’s economy has bounced back tremendously from the impacts of the COVID-19 pandemic,” said Dane Eagle, Executive Director of the Florida Department of Economic Opportunity. “Floridians are resilient, and it is impressive to see Florida’s unemployment rate plummet as they return to work and more jobs are created.”

NNPA NEWSWIRE — Greenwood, the digital banking platform for Black and Latino individuals and business owners, will feature best-in-class online banking services, innovative ways to support Latino and Black-owned banks and give-back programs focused on Black and Latino causes and businesses. “We think it is critical that our actions live up to the promise of our name,” said Ryan Glover, Chairman and Co-founder of Greenwood, referring to Tulsa, Oklahoma’s Greenwood District of the early 20th Century, which included the prosperous “Black Wall Street.”