May 13, 2022, Kevin B. Kimble, Esq., Founder and CEO, FSIC, and Brady J. Buckner, President, FSIC interview with Thaddeus Dawson, CRA designated member with he National Society of Real Estate Appraisers. In this episode outlines the historical and current effects of systematic racism on property valuation and how it has impacted the long term wealth building prospects for communities of color. This is an FSIC Housing Task Force Project.
The film details the history of the Industrial Workers of the World — a radical union whose members are also known as Wobblies — and their inclusive fight to organize “unskilled” workers, secure fair wages and enshrine the eight-hour workday in the early 20th century before they were targeted and repressed by the FBI during World War I.
Today HLF released a analysis examining the cross-subsidy effect of the interchange fees, often called ‘swipe fees’ that retailers make to payment card networks for processing consumer purchases.
This paper examines the benefits of facial recognition technology, the danger of inaccuracies and human error, and the need for inclusion in the tech marketplace. While there is some evidence that FRT has benefited underserved communities, the bias built into these systems must be reduced for communities of color to realize their full advantages.
According to Kevin B. Kimble, Esq., Founder and CEO of FSIC, “As FRT becomes more and more prevalent in people’s lives in the U.S., it is important that disadvantaged communities enjoy the benefits of this technology and not feel the brunt of its disadvantages.”
The Artificial Intelligence (AI) and the emerging technology revolution have brought many incredible advances. From natural language processing to facial recognition technology to semantic analytics, there are many things to admire and appreciate. Because modern facial recognition technology (FRT) cannot exist without AI, much of the discussion in this area revolves around the accuracy of the AI component.
But, as with all things, there are cautionary issues to be taken into account. One of the most pressing issues is that of racial equity and diversity. Over the last few years, the US has become ever more aware of its problems with systemic racism and economic disparity. This awareness has spilled over into discussions about the regulations of the technology industry.
March 21, 2022, Kevin B. Kimble, Esq., Founder and CEO, FSIC, and Brady J. Buckner, President, FSIC Interview with Nicole Bachaud, Economist on the Economic Research team at Zillow. In this episode, the discussion centers on Nicole’s article titled “Black Mortgage Applicants Denied 84% More Often than White Borrowers”. The group discusses reasons why this alarming statistic is still possible in 2022 and policies that could help lawmakers close the gap in homeownership between white and minority communities. This is an FSIC Housing Task Force Project.
February 17, 2022 – FSIC’s Brady J. Buckner (President, FSIC) interviews Dr. Kortney Ziegler who is the 2021 CCSRE Race & Technology Practitioner Fellow at Stanford University and an expert on financial technologies like cryptocurrency and blockchain. Dr. Ziegler started WellMoney, a money sharing community program where participants can receive cash money through the WellMoney App for financial emergencies.
Today, the American Innovation and Opportunity Fund (AIOF), in conjunction with pharmacy benefit manager (PBM) EmsanaRx, announced a new initiative to help combat health disparities. Aimed at empowering communities of color and other underserved Americans to access and use the health care resources available in the U.S., this initiative comprises community leaders, academics and corporate leaders committed to this cause.
Recently, the director of the CFPB, Rohit Chopra, publically warned banks that depending too much on Artificial Intelligence (AI) and algorithmic lending during the mortgage application approval process might lead to fair lending violations. He contends that all AI-based algorithms have built-in bias and will always have some bias. Our question to the CFPB is, why haven’t they made the same warning to traditional lenders (banks) whose approval processes result in alarming levels of documented bias against disadvantaged and minority borrowers?
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.
Earlier this year President Joe Biden directed Department of Housing and Urban Development Secretary Marcia Fudge to oversee a cross-government task force
With a significant problem like this, many overhauls and improvements are required in the housing industry to achieve fairer economic opportunities. The growth of technology-based lending, or “fintech,” is one area that shows tremendous promise.
The COVID crisis has shed light on many systemic vulnerabilities in our country. Most notably, the unwillingness of many states to use federal allocations to help their citizens calls into question the reliance on block grants and state institutions to use the money.
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.
The legislation targets a critical problem. Too often lenders deny credit access to those who don’t have an extensive credit history, which can unfairly penalize these consumers and perpetuate the problem. With little to no credit, Americans are denied the opportunity to begin building credit and wealth for themselves.
According to Kevin B. Kimble, Esq., Founder and CEO of FSIC – Predictions that urban centers are in an inevitable downward spiral may be overblown, but legitimate concerns about their future prosperity certainly do exist. With smart policy, however, life in America’s cities can continue to flourish.
FSIC is pleased to announce the creation of its Housing Task Force. It is no secret that housing is the key to economic stability for most Americans, but African Americans and other minorities have been systematically excluded from full participation in the marketplace.
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.
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.
States should not be constructing artificial roadblocks to restrict the voting rights of millions of Americans primarily in communities of people of color.
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?
Lack of diversity in technology is a problem that persists. Most experts confirm – minorities experience bias in AI related economic outcomes. Learn how we can solve these problems and achieve equitable outcomes for all communities.
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.
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.
The next event in the #FSICHealth Series of Webinars
Please see posted video of recent #FSICHealth event addressing Football and the dangers of COVID for all involved.
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.
“THE STATE OF HEALTH FOR BLACK MEN IN AMERICA” SERIES: COVID – MYTHS, FACTS & FEARS
FSIC is proud to host the next in a series of meetings on the State of Health for Black Men in America. This event will focus on COVID – Myths, Facts & Fears.
FSIC hopes through the continued support of economically responsible companies like Dominion Energy, some of the poorest and underserved communities in the country can start to participate in the new economy and strengthen the economy for all Americans.
“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.”
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.
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.
A lot has been made of the way banks have prioritized loan applications, choosing to help
customers who have credit accounts first.
It is clear small business owners were NEVER supposed to get any of the PPP Funding.
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.
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.
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?
WASHINGTON — (July 24, 2012) Today, a national coalition of financial services innovators, policy analysts and consumer advocates expressed strong support for recently introduced legislation to create a federal non-bank charter. The Consumer Credit Access, Innovation and Modernization Act would establish a common, national standard for non-depository financial services providers who, once freed from conflicting states’ lending laws, could provide bank-like credit products to a growing number of Americans largely abandoned by traditional banks.