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Showing posts with the label Black business

Bill to Support Black and Community Banks

New federal banking legislation,"H.R.41 - RESCUE Act for Black and Community Banks" was introduced by Congressman Bobby Rush (D-Il) on January 3, 2019.

We worked, along with the Financial Services Innovation Coalition (FSIC), to draft this new legislation, which contains many of the ideas we have been working on for some time. Recently, FSIC sponsored a letter of support. To add your name, please see: https://lnkd.in/ejv9Ef6
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The bill is designed to take a focused approach to saving and expanding the number of Black-owned banks operating in the US. This legislation is designed to meet the needs of the Black community, not just serve bankers. Our contributions were part of a collaborative effort in the overall national interest.

The bill, which has just started the legislative approval process, contains the following provisions:

Black Business Index & Survey

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We are conducting a survey of Black Business Conditions as we prepare for our Texas Talks (see above). Note that you do not have to be either in Texas or a Black-owned Business to fill out this survey. In fact, we prefer to have a range of business owners respond. We are, however, specifically focused on the Black business sector in Texas.

To view and complete the survey, please go to: https://www.surveymonkey.com/r/NCVQLLL

Thank you!

State of Black Business Report - Dallas 8/22

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The State of Black Business will inform members and community leaders on the climate, condition, and trends of African American business.  The Keynote Speaker, Economist William Michael Cunningham, is the founder of Creative Investment Research and serves as Managing Partner for National Crowdfunding Services. The Forum is a critically important forum to discuss and design a plan for greater economic impact within our communities. You will want to join this discussion with black business leaders from around the city!
Invitees to this event will include elected officials, corporate sponsors, community leaders, DBCC Board of directors and select Chamber members.
August 22, 2017
Cityplace 2711 N. Haskell Dallas, Texas 75204 8:30 a.m. – 6:00 p.m.
State of Black Business Registration:  (Early Bird Special) $75 Member/$100 Non-Member http://dallasblackchamber.org/current-events/state-of-black-business-forum/

On Black Banks

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I saw an article recently on Black banks in the US that was filled with inaccuracies. It was a public relations piece for the banking industry, so I thought I would post something based on my 20 years of research experience in the sector.

1. What is the historical significance of Black banks?

They were created at a time when discrimination against Black peoplewas legal in the US. They served as the only financial serviceproviders to the community.

2. Do Black banks have the same level of significance to the Black community today? Why or why not?

No. They are too small to serve the community in any meaningful way. For example, they cannot serve as a line of defense against predatory lending. The result: banks like Wells Fargo are free to target black communities for shoddy loanshttp://www.washingtonpost.com/business/economy/former-wells-fargo-loan-officer-testifies-in-baltimore-mortgage-lawsuit/2012/06/12/gJQA6EGtXV_story.html

Some Black banks were trying to help: See:
http://twisri.blogsp…

Impact Investing