Unfortunately for most African Americans, even the most sophisticated planning tools lead to the same result: retirement has fast become a pie-in-the-sky dream. (Photo: iStockphoto / NNPA)
#NNPA BlackPress

Despite Dreams of Prosperity, Many African Americans not Financially Ready to Retire

NNPA NEWSWIRE — “Caucasians didn’t lose as much wealth during the Great Recession and have recovered more of it, so white households now hold close to six times the wealth of African American or Hispanic households,” according to a recent MassMutual State of the American Family Study. […read more]

Advertisements
Congresswoman Maxine Waters (D-CA), Chairwoman of the House Financial Services Committee
#NNPA BlackPress

House Passes Four Financial Services Bills Including Waters/McHenry Flood Insurance Extension

NNPA NEWSWIRE — “Unfortunately, the National Flood Insurance Program is currently set to expire on May 31. My bill, which I have coauthored with Ranking Member McHenry, would extend the program to September 30 because we recognize that the NFIP is critical to ensuring access to flood insurance coverage across this country. And, this extension will afford the Ranking Member and I time to complete our work on a long-term bipartisan compromise.” […read more]

FedEx, which spent $9.5 billion with minority suppliers across the U.S. in 2018, is seeking to expand local minority supplier contracts since Memphis is home to FedEx headquarters and the expanding FedEx Logistics operation.
#NNPA BlackPress

FedEx partnership aims to grow 75 black businesses

NNPA NEWSWIRE — The capacity-building plan is the result of an alliance between FedEx, Regions Bank, City of Memphis and the Initiative for a Competitive Inner City (ICIC), a national driver of urban economic prosperity. ICIC began its Memphis work in 2014 with Regions Bank providing capital coaching. In 2015, the partnership expanded to include FedEx. […read more]

Photo by: jacksonvillefreepress.com
Financial Management

10th Annual Community Wealth Building Day Helps Jacksonville Residents Find Dream Home

JACKSONVILLE FREE PRESS — In honor of Fair Housing Month, the  (JAREB) hosted a free event aimed at empowering individuals and families through home ownership. Community Wealth Day was held at Edward Waters College. The day featured an interactive marketplace with educational and employment opportunities in home buying. Attendees received giveaways, hands-on learning about purchasing a home, including guidance in understanding credit, credit counseling, and credit repair.  […read more]

Congresswoman Maxine Waters (D-CA), Chairwoman of the House Financial Services Committee
#NNPA BlackPress

Waters: Buying A Car Should Be Fair, Transparent and Free of Discrimination

NNPA NEWSWIRE — “Buying a car is a significant purchase for many Americans and should be a fair and transparent transaction, free of discrimination. Unfortunately, this is not the case for persons of color. The National Fair Housing Alliance, in a test of auto lending discrimination, found that nearly two-thirds of minority loan applicants received higher cost financing options from automobile dealers than less qualified white applicants. […read more]

With the average borrower earning $25,000 to $30,000 a year, whatever difficulty led them to a payday loan store or web site, made their lives even worse. (Photo: iStockphoto / NNPA)
#NNPA BlackPress

COMMENTARY: Capitol Hill hearing takes up the war between the needy and the greedy

NNPA NEWSWIRE — “Any universe with payday lending is answering the question of how to make poverty a sustainable profitable enterprise,” noted Boston’s Rep. Ayanna Pressley (D-MA). “Well a lot of people are getting rich off of keeping people poor. And so how do we reform anything that’s based on that premise? The short answer is, we don’t.” […read more]

Photo by: rawpixel.com
Advice

Time to ‘Cycle’ through Some Investment Ideas

PASADENA JOURNAL — If you’ve noticed an increase in bicycle-related events lately, it may be because May is recognized as “Bike Month” – and some cities even observe a specific Bike Week. Of course, bicycling is good exercise and an environmentally friendly method of transportation, but it can also teach us some lessons about investing. […read more]

A staggering 43 percent of American households that can’t afford basics such as food, child care, health care, transportation, and a cell phone. (Photo: iStockphoto / NNPA)
#NNPA BlackPress

Disney, Stieglitz and Others Criticize Excesses of Billionaires and Uber-Wealthy

NNPA NEWSWIRE — “It is time to call out the men and women who lead us and to draw a line in the sand about how low we are prepared to let hard-working people sink while top management takes home ever-more-outrageous sums of money,” Disney Heiress Abigail Disney wrote in a recent op-ed in the Washington Post. “It is unreasonable to expect corporate boards to act as a check on this trend; they are almost universally made up of CEOs, former CEOs and people who long to be CEOs.” […read more]

Protesters march in 2015 past one of 17 predatory lending businesses in South Dallas, Texas. (Courtesy of Paul Malbrough)
Economy

Predatory Lending Rooted in Antebellum South: Study

WASHINGTON INFORMER — A doctoral student at the College of William & Mary in Williamsburg, Virginia, recently compiled evidence that traces predatory lending practices to the pre-emancipated South. In her research, Amanda Gibson found that in comparison to today’s standards, in the informal financial world of antebellum Virginia, African Americans were often as collateral for loans or sold to pay off debt. African-Americans were also sometimes participants in the personal side of pre-emancipation credit, usually taking out loans in pursuit of freedom. […read more]

Read below for 10 tough questions Committee Democrats asked the CEOs to answer during the hearing.
#NNPA BlackPress

ICYMI: At Hearing with Megabank CEOs, Committee Democrats Ask Hard-Hitting Questions

NNPA NEWSWIRE — WASHINGTON – Yesterday, at a hearing entitled, “Holding Megabanks Accountable: A Review of Global Systemically Important Banks 10 years after the Financial Crisis,” Committee Democrats asked the Chief Executive Officers (CEOs) of seven of the nation’s largest financial institutions tough questions on behalf of hardworking consumers. […read more]

Julianne Malveaux is an author and economist. Her latest book “Are We Better Off? Race, Obama and Public Policy” is available via www.amazon.com for booking, wholesale inquiries or for more info visitwww.juliannemalveaux.com
#NNPA BlackPress

COMMENTARY: Don’t Mess with Max: Mnuchin Madness

NNPA NEWSWIRE — Mnuchin is really above his Peter Principle as Treasury Secretary in any administration but 45’s. And those birds of a feather stick together because they share values and shady self-serving morals. Mr. Mnuchin boldly requested government planes to facilitate his honeymoon, is taking his cues from the man who has turned the Presidency into a profit center, operating government on a “pay-to-play” basis with possibly Russians, Saudis and who knows who else. […read more]

Congresswoman Maxine Waters (D-CA), Chairwoman of the House Financial Services Committee
#NNPA BlackPress

During Fair Housing Month, Waters Convenes Hearing on Housing Discrimination in America

NNPA NEWSWIRE — “Let’s not forget that Donald Trump and his father were once charged with violating the Fair Housing Act, for discriminating against African American and Puerto Rican renters. Given that Trump was engaged in housing discrimination himself, it is unsurprising that his Administration has been so hostile to fair housing protections.” […read more]

“How do we ensure that future generations of all backgrounds live in neighborhoods rich with opportunity?” said Debby Goldberg, Vice President of Housing Policy and Special Project with the National Fair Housing Alliance (NFHA). “Fair housing. Fair housing can ultimately dismantle the housing discrimination and segregation that caused these inequities in the first place.” (Photo: iStockphoto / NNPA)
#NNPA BlackPress

COMMENTARY: After 51 Years, Fair Housing Still an Unfinished Journey

NNPA NEWSWIRE — “According to the National Fair Housing Alliance, individuals filed 28,843 housing discrimination complaints in 2017,” said Waters. “Under the Trump Administration, fair housing protections are under attack…. According to news reports Secretary Carson proposed taking the words ‘free from discrimination’ out of HUD’s mission statement,” the Chair of the House Financial Services Committee, Rep. Maxine Waters (D-CA) […read more]

Black women sit at the nexus of race and gender and are buffeted by the twin spectres of these “isms”, and struggle upstream against a current of prejudice and bias which is compounded by gender and race. (Photo: iStockphoto / NNPA)
#NNPA BlackPress

The Fight for Equal Pay, Gender Parity Heats Up

NNPA NEWSWIRE — Black women sit at the nexus of race and gender and are buffeted by the twin spectres of these “isms”, and struggle upstream against a current of prejudice and bias which is compounded by gender and race. This intersectional discrimination exacerbates those gender and race gaps, stymies Black women’s ability to access educational opportunities, and has a pervasive and corrosive impact on their careers and career advancement, experts say. […read more]

Charlene Crowell is the Center for Responsible Lending’s communications deputy director. She can be reached at Charlene.crowell@responsiblelending.org. (Photo: iStockphoto / NNPA)
#NNPA BlackPress

COMMENTARY: Education Department helps loan servicers instead of borrowers

NNPA NEWSWIRE — …a newly-released audit report finds fault with how the Department of Education (Department) is managing both its loan funds and its 15 contract student loan servicers. According to an Office of Inspector General (OIG) report released on February 12, “borrowers might not have been protected from poor services, and taxpayers might not have been protected from improper payments.” […read more]

Charleston Chronicle

Increasing H.O.P.E. Announces Annual Free Financial Literacy Month Event

CHARLESTON CHRONICLE — The Increasing H.O.P.E. Financial Training Center is pleased to announce its 14th presentation of Money Fair Saturday, April 13, 2019, from 10:00 am – 2:00 pm at the Royal Life Center at 4750 Abraham Avenue in North Charleston. In addition to providing financial literacy and education during its annual community outreach, the non-profit organization will host the 2nd Annual Pastors & Leaders Money Roundtable at 11:00 am. […read more]

Dr. Harry L. Williams is the president & CEO of Thurgood Marshall College Fund (TMCF), the largest organization exclusively representing the Black College Community. Prior to joining TMCF, he spent eight years as president of Delaware State University.
#NNPA BlackPress

OP-ED: Student Loan Debt is a Crisis!

NNPA NEWSWIRE — Finances should never be a barrier to graduation, nor should the financial impact of earning a college degree be a barrier for buying a home, saving money, starting a family, and having a good credit score. TMCF prides itself on building pipelines into good paying jobs but we also have to work to ensure that those students are able to truly reap the financial benefits of their achievements without having to pay off years of student loan debt. […read more]

The Center for Advancing Opportunity (CAO) commends the Education Freedom Scholarships and Opportunity Act unveiled today by Education Secretary Betsy DeVos, and bill sponsor Senator Ted Cruz (R-TX) and Representative Bradley Byrne (R-AL), during an event at the U.S. Department of Education. (Photo: iStockphoto / NNPA)
#NNPA BlackPress

The Center for Advancing Opportunity Commends the Announcement of New Federal Scholarship for K-12

NNPA NEWSWIRE — Under the proposed Education Freedom Scholarships and Opportunity Act, individuals, married couples, and businesses can invest their tax dollars in a K-12, nonprofit 501(c)(3) scholarship granting organization (SGO) and receive a non-refundable, dollar-for-dollar federal tax credit in return. An SGO must spend at least 90 percent of revenue on student scholarships, with the remaining balance available for program evaluation, program administration, or other things. […read more]

Julianne Malveaux is an author and economist. Her latest book “Are We Better Off? Race, Obama and Public Policy” is available via www.amazon.com for booking, wholesale inquiries or for more info visitwww.juliannemalveaux.com
#NNPA BlackPress

COMMENTARY: Toward a Living Wage

NNPA NEWSWIRE — The poverty line for a family of three (a working mom and two children) is $16,910. A woman working full time at the minimum wage is living below the poverty line. She qualifies for SNAP (food stamps), and possibly for federal housing aid if she can get it. All too often, the list for housing subsidies is full, as is public housing, so assistance is not an option. What is a woman earning such a low wage to do, then, living at the economic periphery? She house-shares lives with family or endures homelessness. She lines up to get food at food banks or from other charities. She struggles to make ends meet, while her Congressional Representative earns $174,000 a year whether they produce or not. […read more]

The letter was signed by House Committee on Financial Services Chairwoman Maxine Waters, Judiciary Committee Chairman Jerrold Nadler, Committee on Oversight and Reform Chairman Elijah E. Cummings, Permanent Select Committee on Intelligence Chairman Adam B. Schiff, Committee on Ways and Means Chairman Richard E. Neal and Committee on Foreign Affairs Chairman Eliot L. Engel.
#NNPA BlackPress

Congressman Maxine Waters Calls on Consumer Bureau Director to Explain Anti-Consumer Actions

NNPA NEWSWIRE — “Mulvaney closed the Office of Young Consumers, stripped the Office of Fair Lending of its ability to enforce fair lending laws, cozied up to payday lenders, gave lenders a free pass to abuse active-duty servicemembers and their families, and fired the Consumer Bureau’s consumer advisory board. His mission was to dismantle the agency from within and he leaves behind no less than 12 political appointees who are continuing to cause damage.” […read more]

The letter was signed by House Committee on Financial Services Chairwoman Maxine Waters, Judiciary Committee Chairman Jerrold Nadler, Committee on Oversight and Reform Chairman Elijah E. Cummings, Permanent Select Committee on Intelligence Chairman Adam B. Schiff, Committee on Ways and Means Chairman Richard E. Neal and Committee on Foreign Affairs Chairman Eliot L. Engel.
#NNPA BlackPress

Congresswoman Maxine Waters Pens Open Letter to CFPB Employees

NNPA NEWSWIRE — “Let me assure you that actions to weaken the Consumer Bureau from within as Director Mulvaney attempted to do will not go unchecked or unnoticed. As Chairwoman of the House Financial Services Committee, I will fight against any and all efforts to weaken the Consumer Bureau and make sure that your important work to protect consumers, as Congress intended, can continue.” […read more]

Bill Fletcher, Jr. is the former president of TransAfrica Forum. Follow him on Twitter, Facebook and www.billfletcherjr.com. He is the author of the new mystery The Man Who Fell From the Sky.
#NNPA BlackPress

COMMENTARY: The Tax Surprise

NNPA NEWSWIRE — “…when it comes to taxes, much of the public hears what it wants to hear. If someone says that there will be a cut and they can provide minimal evidence to that effect, such an argument can be a winner. Even when one demonstrates that it is a lie, the possibility of tax relief serves as a seductive song that softens the brain.” […read more]

A relatively small component of the federal Tax Cuts and Jobs Act, passed in December of 2017, was the creation of Opportunity Zones in every state in the U.S., as well as in the District of Columbia and five U.S. territories. (Photo: iStockphoto / NNPA)
Business

The “Tax Cuts and Jobs Act” Creates Opportunity Zones to Spur Economic Development

NNPA NEWSWIRE — Opportunity Zones have the potential to address many of the country’s most vexing economic problems, notes Tami Bonnell, CEO of EXIT Realty International. “One in six Americans lives in an economically distressed community,” said Bonnell. “There is something wrong with the way we’re operating when we have that much poverty in the United States.” […read more]

A new and independent research report entitled, Driving Into Debt, found that the money now owed on cars is up 75 percent since the end of 2009, an all-time record. (Photo: iStockphoto / NNPA)
Business

Auto loan delinquencies climbed to $9 billion in 2018

NNPA NEWSWIRE — … in April of last year, Congress used the Congressional Review Act to nullify the Consumer Financial Protection Bureau’s (CFPB) auto finance guidance that held auto lenders responsible for discriminatory lending practices prohibited under the Equal Credit Protection Act. This distorted use of the Congressional Review Act, sometimes known as another CRA, was never intended to overturn long-standing agency practices. […read more]

Kathy Kraninger, the Director of the Consumer Financial Protection Bureau (CFPB) announced the agency’s plan to repeal a rule aimed at stopping the payday lending debt trap. (Photo: iStockphoto / NNPA)
Business

CFPB Makes Move to Support Payday Lenders During Black History Month

NNPA NEWSWIRE — When given the chance at the ballot box, Americans overwhelmingly vote to impose a 36 percent or less rate cap. Today, 16 states and the District of Columbia have these rate caps in place, providing strong protection from payday loan sharks. In remaining states – those without a rate cap – interest rates run as high as 460 percent in California, over 400 percent in Illinois and 662 percent in Texas. […read more]

Congresswoman Maxine Waters (D-CA), Chairwoman of the House Financial Services Committee, and Congressman Emanuel Cleaver (D-MO), Chair of the Subcommittee on National Security, International Development, and Monetary Policy
Commentary

Waters and Cleaver Express Concerns About Nomination of David Malpass to Lead World Bank

NNPA NEWSWIRE — “It’s difficult to believe that any serious effort to find a qualified candidate with a compelling vision for the mission of the World Bank and a belief in the legitimacy of international development finance would lead to the nomination of Treasury Undersecretary for International Affairs David Malpass,” said Chairwoman Waters. […read more]

For those of you that already have an estate plan, the question is whether it is suited to the facts of your current personal and financial circumstances.
#NNPA BlackPress

“Resolve to Make or Update Your Estate Plan

PASADENA JOURNAL — Estate planning is not difficult. It is simply creating documents to let people know what you want to happen to you and your possessions when you can no longer express those wishes. For some people a handwritten will, beneficiary designations on accounts and filling in forms available at a legal stationery store may be sufficient. […read more]

Congresswoman Maxine Waters (D-CA), Chairwoman of the House Committee on Financial Services, and Congressman Al Green (D-TX), Chairman of the Subcommittee on Oversight and Investigations, wrote to Consumer Financial Protection Bureau Director Kathy Kraninger (Photo: Wikimedia Commons)
Business

Representatives Waters and Green Request Documents from Consumer Bureau on Recent Settlements

NNPA NEWSWIRE — “The Consumer Financial Protection Bureau (“Consumer Bureau”) has recently announced several settlements against entities for engaging in unlawful practices without requiring the payment of redress to consumers harmed by the illegal conduct,” the lawmakers wrote. “This stands in stark contrast to the Consumer Bureau’s practice under the leadership of former Director Cordray. During Director Cordray’s tenure, the Consumer Bureau recovered nearly $12 billion in relief for harmed consumers over its first six years.[1] American consumers deserve a Consumer Bureau that will fight to recover their hard-earned money when they are cheated.” […read more]

Congresswoman Maxine Waters (D-CA), Chairwoman of the House Committee on Financial Services, delivered the attached remarks during her first policy speech in the 116th Congress.
Business

Waters Outlines Agenda in First Policy Speech as Committee Chairwoman

NNPA NEWSWIRE — “…Millions of families that rely on HUD rental assistance programs are perilously close to losing their homes due to projected lapses in funding. What’s more, it was recently reported that HUD, under Secretary Carson’s leadership, has failed to follow its own contingency plan, and as a result 1,150 project-based rental assistance contracts have expired, with hundreds more hanging in the balance if this shutdown does not end.” […read more]

The fiery and bold Black lawmaker who earned a reputation for challenging Wall Street and major lenders during the housing crisis will now set the direction for a range of financial players, regulators, and institutions.
Black History

COMMENTARY: California Congresswoman Maxine Waters Makes History

NNPA NEWSWIRE — Congresswoman Maxine Waters is now the first Black and the first woman to chair the powerful House Financial Services Committee. Having served on this committee since 1995, and its Ranking Member in the previous Congress, Waters will set the committee’s agenda in key areas affecting the economy, banking, housing, insurance and securities. […read more]

“I am committed to holding the Trump Administration accountable and ensuring that the Consumer Bureau can resume its important work protecting American consumers.” — Congresswoman Maxine Waters (D-CA43)
Commentary

Congresswoman Maxine Waters Statement on Proposal to Weaken Enforcement at the Consumer Bureau

NNPA NEWSWIRE — “Trump and his appointees have done everything in their power to undermine the Consumer Bureau. Mick Mulvaney, who Trump installed to serve as Acting Director of the agency, dropped lawsuits and investigations into abusive payday lenders, took away the Office of Fair Lending and Equal Opportunity’s enforcement powers, fired the members of the agency’s Consumer Advisory Board, scaled back enforcement actions against bad actors, sought to slash the agency’s budget, and apparently made it his mission to help out bad actors….” […read more]

“…the fact that these beverage taxes are masquerading as public health initiatives means that they can often come at the expense of effective community health programs that have a positive impact on the lives of working-class people.” (Photo: iStockPhoto / NNPA)
Commentary

OP-ED: Beverage Taxes Are Not the Health Solution that Working Families Need

NNPA NEWSWIRE — Despite being portrayed as public health solutions, [beverage taxes] end up harming the exact residents that they are supposed to help – primarily working-class African-Americans and Latinos. There are no health benefits to making someone a dollar poorer, and the fact that beverage taxes overwhelmingly affect minorities only makes them more dangerous and disingenuous. […read more]

Community

With “Add-ons,” Blacks Often Pay Higher Fees for Car Purchases than Whites

SPEAKING OUT WEEKLY NEWS — “…NCLC cites previous research by the Center for Responsible Lending (CRL) that determined car buyers who financed vehicles at the dealership in 2009 paid $25.8 billion in interest rate mark-ups. That same study also found that more than half of Black car purchasers (54 percent) were also charged loan kickbacks, compared to only 31 percent of Whites.” […read more]

Wells Fargo has been in Washington, D.C., since 1914, with its first location on G Street NW. Since then, local investments in the District have included support for education, the arts and neighborhood revitalization, among other community needs.
Business

PRESS ROOM: Wells Fargo Invests $1.6 Billion to Help Revitalize D.C.’s Minority Neighborhoods

NNPA NEWSWIRE — The bank’s new commitment includes a five-year, $16 million philanthropic commitment more than triples Wells Fargo’s local giving, with a specific focus on Ward 7 and Ward 8. This philanthropy includes $4 million for Community Development Financial Institutions to grow the small business community and $6 million for nonprofit housing initiatives like down payment assistance and development of affordable rental properties. […read more]

Financial Management

Prepare to Prosper Part 4: Get Smarter About Credit

Today, most people carry some amount of debt. This may include student loans, personal loans, or credit card bills. And sometimes it may be challenging to prioritize these debts over other everyday expenses. But making a plan to manage your payments and balances can help. These nine tips may help you prepare to take small steps to managing your debt and improving your credit. […read more]

Financial Management

Prepare to Prosper Digital Exclusive: Saving & Investing

Lately, it seems like everyone is talking about investing. But if you’re not sure whether it’s time for you to start investing, or if you should focus on saving, the answer depends on your goals, risk tolerance, and financial situation. In this article, we’ll help you determine whether you should focus on building your saving or starting to invest. So no matter where you are in your financial journey, we’d like to help you prepare to reach your specific goals. […read more]

#NNPA BlackPress

Government-sponsored race discrimination has suppressed Black homeownership and generational wealth

JACKSONVILLE FREE PRESS — An example of “de facto” segregation would be white concentration in a particular school district, simply because the surrounding neighborhood is predominately white. “It’s a myth that  unlike all the other segregations I’ve described, segregation in housing wasn’t created by government. And we tell ourselves that residential segregation will happen by accident; unlike the other kinds of segregations I’ve described.” […read more]

Christopher G. Cox, publisher and managing editor, www.realesavvy.com
Commentary

PRESS ROOM: Fannie Mae, Freddie Mac Offering Mortgages for as Little as 3 Percent Down

PASADENA JOURNAL — One of the biggest obstacles confronting low- and moderate-income home buyers is coming up with the 20 percent down payment that many financial advisors recommend they have in the bank prior to entering the housing market. Under Fannie Mae’s Home Ready and Freddie Mac’s Home Possible programs, it might be possible to obtain a mortgage with substantially less cash on hand. […read more]

Business

Black Wealth Still Plummeting

PRECINCT REPORTER NEWS — “For households of color, the Great Recession erased the economic progress made over the past three decades in their entirety,” said Astrada. “If current trends continue, it will take 228 years for the average Black family to reach the level of wealth White families own today. For the average Latinx family, matching the wealth of White families will take 84 years.” […read more]