In the latest FSIC podcast, FSIC founder and CEO Kevin Kimble spoke with Thaddaus Dawson, a CRA-designated member with the National Society of Real Estate Appraisers. Dawson discussed his hometown of Cincinnati and how when thinking about value evaluation, it is important to first look at the market and the marketability of the neighborhood. Essentially, Dawson states, systemic devaluation starts even before the actual valuation process. Ultimately, as the conversation highlights, this affects the long-term wealth building prospects for communities of color.
Kimble and Dawson also discussed recent obstacles encountered by the Black community in receiving funds from government programs, including the $40 billion set aside for black farmers and special window during the PPP program for Black businesses as well as an SEC initiative to increase minorities on corporate boards. In the latter two cases, the programs faced lawsuits, despite their intent to increase black wealth.
Finally, Kimble and Lawson examined the recent proposed rulemaking for the Community Reinvestment Act from the FDIC and OCC to strengthen and modernize the CRA by expanding access to credit, investment and basic banking services. They stressed the importance of a policy that is substantive and is maintained into the next presidential administration.
Listen to the full podcast here.