Since assuming office, President Joe Biden has implemented an economic agenda known as Bidenomics, aiming to replace the dominant Chicago-school approach to the American economy with a more effective and inclusive set of economic principles. The link below is to an article that examines key elements of Bidenomics, comparing it to past policies and exploring its […]
Category: Federal Reserve
Wells Fargo Consent Decree Average Penalty: $336 Per Account
According to the Consumer Financial Protection Bureau (CFPB), Wells Fargo Bank (WFB) “incorrectly applied loan payments, erroneously imposed certain fees and charges, incorrectly repossessed customers’ vehicles, and failed to refund certain unearned fees on debt cancellation products; (ii) with respect to home mortgage servicing, incorrectly denied mortgage loan modifications to certain qualified borrowers; and (iii) […]
What is the State of Black Maternal Mortality? How can we improve it?
Research firm Creative Investment Research launched an impact investing vehicle calling on the Federal Reserve to create a funding facility to reduce Black maternal mortality. Almost $35 million in venture capital funding has gone to Black women-founded maternal health startups, but the number is negligible compared to investment in overall healthcare technology. Maternal healthcare startups […]
Lakeland Bank Shows Signs of “Redlining” Newark
Provident Financial Services has entered a $1.3 billion deal to buy Lakeland Bancorp, which disclosed an ongoing fair lending investigation by the U.S. Justice Department. Provident Financial Services in Iselin, New Jersey, is pursuing a $1.3 billion deal for a rival, Lakeland Bancorp, despite concerns over commercial real estate concentrations and an ongoing fair-lending investigation […]
REPORT: INFLATION REDUCTION ACT COULD BRING BLACK AMERICANS $22.3 BILLION ECONOMIC IMPACT
According to The Inflation Reduction Act and the Black Community, August 2022 report by Creative Investment Research, the figure represents spending and tax rebates that could flow back into the Black community over nine years. The nearly $740 billion health care, tax, and climate bill became a law after President Joe Biden signed it last […]
The U.S. Economy Improved in the Second Quarter of 2022
The U.S. economy improved in the second quarter of 2022. Real GDP fell by 0.9% in Q2 after falling 1.6% in the first. Personal consumption expenditures (PCE), the value of the goods and services purchased by, or on the behalf of, “persons” who reside in the United States, increased $181.1 billion (1.1 percent). The PCE […]
Fixing Abortion And Black Maternal Mortality Is NOT Up To the Supreme Court. It’s Up to the Fed…
Black women die in childbirth at disproportionate rates compared to their white counterparts. Research conducted by the Centers for Disease Control and Prevention (CDC) clearly shows that social determinants – access to nutrition, transportation, and healthcare——are crucial factors. See: https://www.impactinvesting.online/2022/06/fixing-abortion-and-black-maternal.html
Repeal the Community Reinvestment Act
BankThink. American Banker Newspaper, June 22, 2022 Repeal CRA The Community Reinvestment Act was enacted in 1977 “to address inequities in access to credit for low- and moderate-income individuals and communities.” The law should be repealed and replaced. Like hanging a crystal chandelier in a lean-to shack, any efforts to revise the law are a […]
Black communities need more help from the Fed
Black people need a truly collaborative and cooperative effort — in and by the Black community — a community often trained to be cutthroat to each other given the paucity of resources at its disposal.