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.
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.
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.
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.
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?