Partnership for Financial Equity

This week, Vermont State Treasurer Mike Pieciak announced the formation of a Vermont Baby Bonds Advisory Committee. The Committee will convene local and national experts, including the Institute's State and Local Policy Director David Radcliffe, to support the development of a?#BabyBonds?pilot program in Vermont. “Across the board, we’re seeing a concentration of wealth at the top, while opportunities for working people to get ahead are few and far between,” said Treasurer Pieciak. “A Vermont baby bonds program will ensure every child born into poverty has a fair shot at success and hope for the future.” Read the news via Bennington Banner: https://lnkd.in/gFvjb_2i Learn more via the Office of the State Treasurer:?https://lnkd.in/gccKdaym

Our final nugget from National Community Reinvestment Coalition - NCRC Just Economy conference this week is from close to home. Great to see Anthonina Fenelon and Jen Gordon from Massachusetts Affordable Homeownership Alliance bring the nation’s first-ever first-generation homebuyer program to a national audience. ?? #PFEinDCweek

Federal Reserve Governor Michael Barr spoke at an Aspen Institute event this week on helping small businesses reach their potential. In that speech, he recognized the importance of CDFIs and community based programs in supporting entrepreneurs. "The most successful of these types of programs deliver practical technical assistance and education while fostering collaboration within local entrepreneurial ecosystems." That's the work of a #CDFI! Take action to protect the CDFI Fund: https://lnkd.in/gXZzzvti #ProtectTheCDFIFund

“We have to earn the right to get their (unbanked and underbanked households) business,” said Mike Keegan from M&T Bank at National Community Reinvestment Coalition - NCRC Just Economy conference. #PFEinDCweek

Have clarity in what you stand for. Know who you are. Keep faith with your mission. Some of the messages from M. Allyn Brooks-LaSure from RWJF at National Community Reinvestment Coalition - NCRC Just Economy conference. But his best line was from Mike Tyson, “everyone has a plan until you get punched in the mouth.” #PFEinDCweek

Federal Reserve Governor Barr called on "banks, small-business advocates and industry stakeholders" to support policies "Addressing the Need for Financial Transparency" in small business financing. And he highlighted some examples of solutions: "Some states are moving forward with policies that protect small businesses. California and New York, for example, now require many lenders to offer clear disclosure of the APR and estimated monthly payments."

“Transparency builds trust. It’s almost impossible for small business owners to determine what APR they are paying,” said Steve Allocca from Moxie during National Community Reinvestment Coalition - NCRC Just Economy conference. #PFEinDCweek

Great event in DC yesterday co-sponsored by The Aspen Institute and Responsible Business Lending Coalition on the need for truth-in-lending legislation to rein in certain fintechs and merchant cash advance companies that prey on small business owners with undisclosed high APRs. Thank you Louis Caditz-Peck Awesta Sarkash, M.P.S. Small Business Majority for your leadership. #PFEinDCweek

At Interise, we’re committed to supporting and empowering women-owned businesses all year round—and our latest data shows it: 62.5% of our 2024 alumni identify as women. Here’s to breaking barriers and building thriving businesses together! #InteriseStrong #WomensHistoryMonth #WomenEntrepreneurs #InclusiveEconomy

The Biden Administration, including through its PAVE taskforce (Property Appraisal and Valuation Equity), made rooting out #appraisal discrimination a priority. ?? No-one should get a lower valuation for their home, just based on who opens the door when the appraiser shows up. The new administration has since disbanded PAVE and this week withdrew some of its implementation, notably the “reconsideration of value” process,. ??? This process helps consumers request a second opinion, if they believe their appraisal was inaccurate. ?? Accurate, fair appraisals not only benefit consumers, but also help lenders: they will want to originate #mortgages and #refinance loans based on accurate assessments of the collateral’s value. And equally important, they do not want deals to fall through just because an appraiser has discriminated against a consumer, and unfairly low-balled the value of someone’s house. At Consumer Federation of America, we hope that even with this current rollback, #lenders will keep following the standardized process for reconsideration of value and protect this important #consumerright – both for themselves and for consumers. Great summary of the issue by Brad Finkelstein at National Mortgage News: https://lnkd.in/eeEDBXD4