Small Business Truth-in-Lending Bill Would Protect California’s Entrepreneurs of Color

Small Business Truth-in-Lending Bill Would Protect California’s Entrepreneurs of Color

California often acts as a trailblazer in national policy, and can earn that title yet again with SB 1235, authored by Sen. Steve Glazer (D-Orinda), the nation’s first small business truth-in-lending bill. Supported by The Greenlining Institute, SB 1235 would protect all small business owners in California, but especially entrepreneurs of color. This bill will empower entrepreneurs to compare financial products, their real cost and terms, and support the development of financially healthy businesses.  SB 1235 is on Gov. Jerry Brown’s desk right now, so our governor needs to hear Californians’ strong support for what could become one of the most important small business financial protection laws in the country.…
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Trump Administration War on CFPB Is Bad News for Communities of Color

Trump Administration War on CFPB Is Bad News for Communities of Color

Two years into the Trump administration, communities of color — and anyone using financial products, for that matter – are losing hope of finding an independent, dogged champion in Trump’s iteration of the Consumer Financial Protection Bureau. A brain-child of Senator Elizabeth Warren, CFPB was originally designed to protect consumers from fraudulent and abusive financial actors as a response to the 2008 financial crisis. In gutting the CFPB and corrupting its mission, the Trump Administration disregards struggling families, and how the crisis brought our economy to its knees. And Trump’s latest move will make things even worse. According to the Treasury, the crisis cost taxpayers and our workforce approximately $20…
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CRA “Reform” Is an Attack on Communities of Color

CRA “Reform” Is an Attack on Communities of Color

By this point, it’s no secret that the Trump administration is in open warfare with communities of color, the working class, and regulations that safeguard our interests. Now, it seems, they’re coming after the Community Reinvestment Act – CRA for short. Heads up: Trump’s administration is going after the Community Reinvestment Act, a bill that helps close the racial wealth gap. CRA, a civil rights law passed by Congress in 1977 to address redlining, is reportedly next on the administration’s hit list. The effects of redlining — the refusal of banks to lend and invest in communities of color and low-income areas for decades – linger today. By enacting the CRA,…
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Tax Cuts for One Percenters

Tax Cuts for One Percenters

According to a 2017 Federal Reserve Report, the U.S has reached record inequality: In 2016, the richest one percent of families controlled a record-high 38.6 percent of the country’s wealth while the bottom 90 percent of families held just 22.8 percent. In the face of record inequality, what’s the GOP’s response? Preparing to pass a tax plan that drops 60 percent of its tax cuts into the pockets of one percenters. This tax plan is a repeal of footholds to economic stability and wealth creation that will only grow the racial and gender wealth gaps. Wealth represents economic security, a safety net to weather emergencies, and economic mobility. Without wealth,…
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The Community Reinvestment Act at 40: It’s Hard to Fight Redlining If You’re Colorblind

The Community Reinvestment Act at 40: It’s Hard to Fight Redlining If You’re Colorblind

We recently marked the 40th anniversary of the Community Reinvestment Act, and as an economic equity advocate, I’d like to share some reflections on its ability to both provide and delay economic opportunity for communities of color. The law needs to be modernized on multiple fronts since it predates the internet and banking has changed a lot in 40 years. For now, I’ll focus on why a colorblind Community Reinvestment Act can’t completely overcome redlining. But first, what is the CRA? Following massive civil rights organizing by communities of color for social and economic justice, Congress enacted the Community Reinvestment Act in 1977 as a direct response to redlining —…
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