New Report Outlines How Race Determines Well-Being in U.S. Cities
Navigating the Community Reinvestment Act
According to “Bound: How Race Shapes the Outcomes of American Cities,” a new study from Prosperity Now which uses the most recent city-level data from the Prosperity Now Scorecard, more than 80 percent of U.S. residents now living in a metropolitan area. However, the benefits of living in these densely populated areas are not shared equally, especially when it comes to the economic well-being of different racial groups.
Researchers discovered that residential segregation remains one of the main forces driving disparity amongst racial groups
The Importance of Fair Housing in Asset Building
Join the Indiana Assets & Opportunity Network for a webinar featuring A&O Steering Committee Member Jake Brown, Assistant Vice President and Manager, CRA at First Merchants Bank, for a discussion on getting the most out of the community reinvestment act (CRA), the changes being discussed at the federal level, and more.
Standing In Opposition to Senate Bill 613
With the month of April denoted as Fair Housing Month, I found it important to note the close ties between fair housing and asset building. Homeownership is one of the key ways families build assets. In order to lead strong, stable lives, families need to be able to buy or rent stable housing, which is the fundamental purpose of the fair housing laws.
In the News: Hoosiers Standing Up Against Payday Lenders
Dear Members of the Indiana General Assembly,
The undersigned organizations ask for your support to establish a 36 percent APR cap on small loans in Indiana. These loans are currently offered at rates of up to 391 percent APR. We also ask you to reject any bills establishing new loan products or expanding the allowable fees or interest on existing loan products if they exceed this 36 percent threshold, and apply the 36 percent threshold only to small loans.
Case Study: The African-American Financial Capability Initiative
In the wake of the defeat of SB 104 and the state senate’s passing of SB 613, Hoosiers from around the state have been standing up and voicing their concerns. Here are a few of the articles we’ve compiled (listed in order of publication date):
Median Wealth of Millennial Women Lagging Behind Millennial Men, GenX
In cities across the nation, the racial wealth gap is increasing each day, and marginalized communities are being left behind. According to the African-American Financial Capability Initiative, a coalition comprised of more than 30 organizations across the nation, the racial wealth gap has grown three-fold in the past 25 years.
Hoosiers Reject Senate Bill 613
According to a new Asset Funders Network report, Millennial women represent more than 30 percent of the U.S. female population but, unfortunately, are not receiving the benefits from current economic policies and systems despite rising college attendance rates and career opportunities.
Midwest Asset Building Conference 2019: Request for Presenters
On March 11, Prosperity Indiana and the Indiana Assets & Opportunity Network were joined by dozens of military and veterans’ groups, faith-based organizations and churches, social service providers, community organizations, concerned citizens, and more at the Statehouse for a Reject Senate Bill 613 press conference.
In the News: Effort to legalize 'loan shark' rates could bring a new breed of lender to Indiana
The members of the Midwest Asset Building Conference Planning Committee [The Community Economic Development Association of Michigan (CEDAM), Illinois Asset Building Group, Prosperity Indiana/the Indiana Assets & Opportunity Network, Ohio CDC Association and Minnesota Asset Building Coalition] are currently seeking innovative and engaging speakers and presenters focused on asset building and financial empowerment in the Midwest.
In the News: Will Indiana payday loan rates remain above state's 'loan shark' threshold?
The Indiana Senate is poised to vote on a measure Tuesday that would allow payday and subprime lenders to charge interest rates on small loans at levels currently classified as felony loan sharking.
The payday loan industry has pushed for similar legislation for the past three years, only to be rebuffed amid concerns from social service organizations and others who see such high-interest rates as predatory.
The 2019 Prosperity Now Scorecard Is Available Now
In the wake of the SB 104 committee hearing on January 23, 2019, the Indianapolis Star wrote an article discussing both sides of the payday loan argument, featuring interviews with A&O Steering Committee member Erin Macey, Senior Policy Analyst at the Indiana Institute for Working Families, and other friends of the Network.
Meet the Breakfast Presenters
Combining robust data at the national and state levels, an interactive map and relevant policy information, the 2019 Prosperity Now Scorecard is a powerful tool for revealing the financial lives of Americans beyond the headlines.
Financial Literacy 101: College Savings, Loans, and More
During the Indiana Assets & Opportunity Network Breakfast on January 30, attendees will be the first to learn of new changes that are coming to the Network. They will also have a chance to hear from multiple A&O Steering Committee members. Meet the breakfast presenters by reading their bios below:
Consumer financial protection bureau Expected to Revise Existing Payday Rule
Welcome to the start of a new semester…one ripe with opportunity, learning, social awkwardness - if you’re anything like I was in college – and, of course, all of the costs associated with it.
If you’re like a lot of people in the United States, you’ve probably thought a lot about having to pay for you, your child, your grandchild, and/or anyone else close to you, to go to school. I’ll admit that it’s a pretty daunting thing to deal with, especially when you look at how it will affect your financial life. While I’m not going to attempt to write something that will make all of your worries go away, I wanted to take this opportunity to talk about various ways you can pay for school and mention a few things you should not do.
Despite Being Born Into Similar Finances, Black Children Earn Less Than White Counterparts
The Consumer Financial Protection Bureau is expected to gut the existing payday rule by removing the Ability-to-Repay provision, which required short term, small dollar lenders to take a borrower’s ability to repay a loan into account before issuing it. According to Prosperity Now, this revision would be a huge blow to advocacy efforts to stop the debt trap.
Asset Building Opportunities Lag for 15 Million Single Women
The Indianapolis Business Journal’s analysis of the latest U.S. Census Bureau data that tracked children born from 1978 - 1983 found that even when born into households of similar income levels, black children earn considerably less as adults than their white counterparts.
How to Develop Work Based Learning Experiences
According to a new brief from the Asset Funders Network, women age 45 - 65 represent the first generation to benefit from expanded access to higher education, credit, and other asset building opportunities. The opportunities stem from policy changes that came about as part of the civil rights and women’s movements in the 1960s and 1970s.
However, although record-breaking numbers of women are graduating from college and starting businesses, 15 million single women - namely Black and Latin women - have experienced substantial wealth loss in the past 20 years.
United States Senate Committee on Banking, Housing, and Urban Affairs Releases Minority Staff Report Grading CFPB
With a projected million middle skills jobs opening up in Indiana by 2024, skills-based/work-based learning is changing the way educators and employers are training, recruiting, and retaining talent to fill future workforce needs.
Work-based learning (WBL) offers a unique opportunity for individuals from diverse backgrounds to develop first-hand knowledge and skills beyond the classroom environment through industry exposure and on the job training. It provides employers with a platform to align their training needs with the actual skills necessary to be successful on the job.
Here are a few guidelines to use when building successful work based learning experiences:
New Joint Study Reveals Employees are Financially Stressed, Distracted in the Office
U.S. Senator Sherrod Brown (D-OH) – ranking member of the U.S. Senate Committee on Banking, Housing, and Urban Affairs – released ‘Pushing the Envelope: The Consumer Financial Protection Bureau Under the Trump Administration’ report to Congress.
According to a joint report from the Asset Funders Network (AFN) and the University of Wisconsin Center for Financial Security, more than half of all employees in the United States say they are financially stressed, with nearly one-in-three employees admitting to being distracted in the office due to personal finance issues.