Recent events have unveiled a deeply unsettling truth within the intricate fabric of American society and law: the once-revered cloak of justice is marred by visible signs of distress. At the forefront of this narrative, a legal battle unfolds that sheds light on the broader challenges facing marginalized communities. On one side, several financial institutions […]
Category: minority business
S&P Joins Moody’s In Cutting Ratings for U.S. Banks
On August 22, two weeks after Moody’s Investors Service sent shockwaves through the financial sector by downgrading numerous U.S. banks, S&P Global Ratings has taken a similar stance, citing a challenging environment for lenders, downgrading banks including KeyCorp, Comerica Inc., Valley National Bancorp, UMB Financial Corp., and Associated Banc-Corp. The move comes as a stark […]
ONE OF THE LARGEST BLACK-LED BANKS IN AMERICA LAUNCHES NATIONAL SEARCH FOR CEO
According to MinorityBank.com banking analyst William Michael Cunningham, Carver’s new CEO will face a challenging business environment, including the impact of AI on banking and new potential capital rules that will require the CEO to raise capital immediately. Further, he says the CEO will have to manage the impact of the potential elimination of all minority business […]
Investments in Minority Depository Institutions
To genuinely address the needs of the Black community, it is essential to be critical of JPMC’s commitment. The real test lies in how JP Morgan Chase addresses complex issues such as Black maternal mortality. Mere financial support is insufficient; substantial efforts are needed to tackle systemic problems disproportionately affecting minority communities. See: https://www.impactinvesting.online/2023/07/critical-reflection-on-jpmorgan-chases.html. Also see: […]
2022 Financial Institution Diversity Self-Assessments: Accepted through 9/30/23
FDIC-supervised financial institutions are encouraged to voluntarily conduct and submit self-assessments of their diversity policies and practices by September 30, 2023. The diversity self-assessment form is fully automated and accessible online through the secure FDICconnect portal.
BLACK BUSINESSES TO SEE $1B IN LOANS FROM THE SMALL BUSINESS ADMINISTRATION
Based on a calculated analysis by Creative Investment Research, the SBA’s 7(a) Loan Program, the agency’s main and most common lending program, is projected to lend Black firms and businesses $1 billion this year, a whopping jump from $599 million in 2017. The Washington, D.C.-based firm figured 7.76% of SBA loans were issued to Black […]
Black Entrepreneurs and SBA Lending
A groundbreaking new study reveals a remarkable increase in SBA 7(a) loans, both in count and total value, to Black or African American entrepreneurs from 2017 to 2023. The data underlines significant strides in fostering greater small business lending equity. We predict 7(a) lending to African American firms will reach $1 billion in 2023, up from $599 […]
The NFL And Minority-owned Banks: A Good Match
The National Football League (NFL) recently announced its plans to secure a loan worth $78 million from 16 Minority Depository Institutions (MDIs), Community Development Financial Institutions (CDFIs), and banks focused on minorities and women. This move is a small step in line with the League’s ongoing efforts to enhance business opportunities with diverse enterprises. The […]
Three years after George Floyd’s murder, is America in a better place?
“After the initial excitement around the corporate pledges, they basically have petered out,” CIR chief executive William Michael Cunningham told Financial Times. “They haven’t really done anything that would lead one to believe that they are committed, with some exceptions.” See: https://news.yahoo.com/george-floyd-three-years-anniversary-murder-america-minneapolis-police-090046153.html
Black Americans May Suffer a $132 Billion Dollar Loss
Offering a potentially stormy outlook, Black Americans could face an economic loss totaling a whopping $132 billion if the U.S. government goes into default for a protracted period. According to an analysis from Creative Investment Research, the largest financial blow for Black Americans could come from the nation’s housing market totaling $60.9 billion. The findings […]