Author Archives: Brady

FSIC Housing Task Force – Blog Post – GAO: Alternative Data Is Rare but Could Improve Mortgage Terms for Disadvantaged Communities

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One issue our Housing Task Force aims to address is the lack of credit too many consumers face due to the limited information that credit bureaus collect. A recent report from the U.S. Government Accountability Office adds some fresh findings that illuminate the problem.

FSIC Sends Letter to Congress – Don’t Hurt Marginalized Voices with Antitrust Internet Bills

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We, the undersigned, request that the House Judiciary Committee antitrust bills, H.R. 3849, the Augmenting Compatibility and Competition Enabling Service Switching Act; H.R. 3826, the Platform Competition and Opportunity Act; H.R. 3816, the American Choice and Innovation Online Act; and H.R. 3825, the Ending Platform Monopolies Act, not be brought to the floor for a vote without serious changes.

AIOF MISBEF Microloan Program Helps Entrepreneur Launch Small Business

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AIOF is pleased to announce Telia Garry of Richmond, VA as its first MISBEF Microloan Program Awardee.  As a Kiva Trustee, AIOF’s partnership with KIVA US, was launched earlier this year to enhance the ability of entrepreneurs to secure microfinance for the creation of small businesses.  Ms. Garry’s company, WERKitRVA, has developed an innovative approach, which will bring dynamism and innovation to the “Selfie Museum” concept. 

CRYPTOCURRENCY AND CONFLICTS OF INTEREST AT THE SEC:  The Case for an Investigation

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As has been true in the past with other innovations, regulators have struggled with how to handle this new technology. This could not be any more evident than the actions taken by former Securities and Exchange Commission (US) Chairman Jay Clayton and his chief lieutenant, the former Director of Corporation Finance William Hinman. They were put in charge of the agency that possesses the most power to regulate such companies, but given no specific regulatory framework on how to treat cryptocurrencies – the asset class which powers this new technology. The result was a free hand for Clayton and Hinman to pick winners and losers at whim, which opened the door for potential abuse and self-dealing.

Artificial Intelligence and Algorithmic Lending Have the Potential to Reduce Discrimination in Mortgage Lending – White Paper March 2021

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It is widely accepted that the key ingredient to accumulating wealth in the U.S. is home ownership.
Unfortunately, racial discrimination in the housing and lending industry has limited the ability of minority populations, particularly African Americans, to participate in this traditional means of wealth-building.
While the traditional housing finance system has a long history of discriminatory actions against African Americans and other minorities, the creation and deployment of technologies that remove much of the human element has been a path toward reducing discrimination in the system.
But, the question remains, can evolving artificial intelligence (AI) and algorithmic lending help address the systemic challenges of discrimination in the housing sector by shrinking and potentially eliminating racial bias in mortgage lending?

Leading Ladies of Richmond and FSIC Black History Month Event: African American Women Small Business Lending Workshop

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FSIC American Innovation and Opportunity Fund (AIOF) in association with the Leading Ladies of Richmond and the SCL Global Policy Initiative are excited to announce the date for their “Small Business Lending Workshop”.   The event will be held via webinar on February 25, 2021 at 7:00 pm ET.

Press Release – FSIC Dream Creators Workforce Development Program Graduate Starts New Job

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FSIC American Innovation and Opportunity Fund (FSIC) congratulates graduate Jordan Fitts from its most recent Dream Creators Workforce Development cohort. All program participants/students in the FSIC program receive advance training and incidental support prior to attended the Nash Community College Underground Electrical Line Construction program. Mr. Fitts recently received his graduation certificate and started his new job with Pike Energy in Raleigh, NC.

Op-Ed – Professional Sport Team Owners in US Prove Socialism Can Work

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These “capitalists” [professional sport teams owners] understand that in order to have a thriving, competitive marketplace, a winner take all “laissez faire” economic approach does not work. In order to support a 30-40 team league, owners understand that the wealthier markets must support the smaller, poorer markets.

Brown, Booker, Harris Introduce Senate Resolution Declaring Racism a Public Health Crisis

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“We will not make progress until we acknowledge and address all of the ways that centuries of racism and oppression have harmed Black and brown Americans,” said Senator Brown. “This resolution is an important step toward recognizing the racial disparities in healthcare that have existed for far too long while also outlining concrete action we can take now to help reverse them. Though this resolution is not a solution in and of itself, it will help to lay the foundation for change that is continually subverted by and for the status quo. I am proud to join my colleagues in introducing this important resolution.”

The Looming Real Estate Crisis Plus Opportunity Zones Will Exponentially Expand the Wealth Gap

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It is not a secret that the real estate market is suffering during this COVID-19 pandemic. Social distancing has caused businesses to shutter which has led to a decline in commercial real estate values. With workers forced to stay home, many people are unable to pay their rents and mortgages. These delinquencies will eventually lead to a large number of evictions and foreclosures. Opportunity Funds are poised to take advantage of this suffering.

FSIC Releases White Paper – The Marshall Plan for the Economic Recovery of Black America

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As Americans deal with the ramifications of the Corona virus, the great racial disparities that have plagued African Americans for centuries have become starkly and deadly visible for all to see. An imperative exists for Congress to achieve the spirit of the 14th Amendment, the Civil Rights Act and enact affirmative remedies abolishing the residue of systemic racism. This inevitably requires developing a plan to save African American institutions including businesses, non-Profits, HBCUs and other entities serving traditionally under-resourced multicultural neighborhoods and communities.

Why Congress Should Postpone Implementation of Opportunity Zones and Consider Other Options

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The Financial Services Innovation Coalition (FSIC) invites you to join us for a roundtable discussion titled: ” Why Congress Should Postpone Implementation of Opportunity Zones and Consider Other Options”. This discussion will be held Friday, December 13, 2019 at The Rayburn House Office Building, Room 2168, Washington, DC from 1:00 – 2:30 pm EST.

Opportunity Zone Fairness and Inclusion Act – Dear Colleague Letter – Congressman Hank Johnson

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Under current provisions for Opportunity Zones, investors, developers, and their financial advisors benefit at the expense of communities the law is designed to help.
The Tax Cuts and Jobs Act of 2017 established the Opportunity Zones Program as a tax benefit to incentive development in poor neighborhoods. By providing this preferential tax treatment to investors, economically-distressed communities were intended to benefit through job creation, new housing, and community development.

Letter to Jamie Dimon of JPMorgan re: segregated investment funds

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Dear Mr. Dimon,
We are writing you to express our concerns over your announced creation of your “segregated” fund for minority businesses. This effort concerns us greatly and we fear it sends the wrong message. We do not understand why you feel the need to segregate out your investments in minority businesses. Why is it you cannot invest in Black businesses as part of your regular business strategy?