Heard on the Street: new equity fund to support credit unions, promises to support black businesses, and criticism of CRA revamp

By January 13, 2020 Heard on the Street

Heard on the Street – here’s what we were reading last week:

Inclusiv raises $45 million Southern Equity Fund to support credit unions: Nonprofit Inclusiv, which has supported community development financial institutions, including credit unions, for 45 years, closed its $45 million Southern Equity Fund to invest in member-owned credit unions in underserved areas in the southeast.

Trump’s Nominee to Lead SBA Commits to Expand Resources to Black Businesses Among Her Priorities if Confirmed: If confirmed, Carranza testified in hearings before the Senate Committee on Small Business and Entrepreneurship earlier in December that a priority for her will be to expand access to SBA resources among entrepreneurs in disadvantaged communities, including African American and Latino businesses, as well as businesses started by veterans.

Fed’s Brainard delivers sharp rebuke of CRA revamp plan: A Federal Reserve governor on Wednesday issued a rebuke of several key elements of a new proposal to overhaul enforcement of the Community Reinvestment Act, though she stopped short of criticizing its authors — the Federal Deposit Insurance Corp. and the Office of the Comptroller of the Currency — by name.

Governor Cuomo Unveils 21st Proposal of 2020 State of the State: Governor Cuomo unveiled the 21st proposal of his 2020 State of the State agenda – expanding access to safe and affordable financial services. He proposed creating the Excelsior Banking Network to provide $25 million in new seed funding over five years for New York’s CDFI Fund – to be used in accordance with State criteria to expand financial inclusion and access to affordable bank accounts and credit products.

What ‘Livability’ Looks Like for Black Women: Livability indexes can obscure the experiences of non-white people. CityLab analyzed the outcomes just for black women, for a different kind of ranking.