Heard on the Street: new initiative to help black communities, new focus on community foundations, and CFPB rule proposals

By September 21, 2020 Heard on the Street

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

Mastercard Pledges $500 million to Help Close Racial Wealth and Opportunity Gap for Black Communities Across America: Furthering longstanding financial inclusion efforts to bring more people and small businesses into the digital economy, the company will bring equitable financial tools, investment and partnerships to cities across the U.S.

Report Puts Community Foundations in the Hot Seat on Race: Community foundations fund a bewildering variety of programs and organizations. But one thing they don’t fund enough are programs or organizations specifically targeting Black communities, according to a contentious new report from the National Committee for Responsive Philanthropy.

Google’s Latest Moonshot To Rebuild The U.S. Economy—One Small Business At A Time: A $200 million Grow with Google Small Business fund was launched in March in partnership with OFN with a mission to serve small businesses underserved by mainstream finance and a proven model for moving capital into the hardest to serve communities.

CFPB Publishes Proposals to Implement Small Business Lending Data Collection Rulemaking: The Consumer Financial Protection Bureau (CFPB) released a summary of the proposals it is considering to implement Section 1071’s mandate that the CFPB require financial institutions to “compile, maintain, and submit to the [CFPB] certain data on applications for credit for women-owned, minority-owned, and small businesses.”