Wells Fargo Makes Major Investment in Six Black-Owned Banks
By Stacy M. Brown The banking giant has selected six African American minority depository institutions (MDIs) for equity investments. Broadway Federal Bank in Los Angeles, Carver Federal Savings Bank in New York, Citizens Savings Bank & Trust in Nashville, Commonwealth National Bank in Mobile, Ala., M&F Bank in Durham, N.C., and Optus Bank in Columbia, S.C., are receiving critical equity capital, because of Well Fargo’s generous contribution. The financial commitment structure means that the investments are in the form of critical equity capital, which is foundational to the MDIs’ ability
How Can We Narrow the Black Homeownership Gap?
By Chuck Bishop, Head of Diverse Segments for Wells Fargo Home Lending Despite ongoing challenges due to the pandemic, Black Americans joined the many homebuyers looking for a space to call their own during the past year. But even against that backdrop, the homeownership gap for the Black community remains significant, and concerns remain about the overall effect the pandemic-slowed economy and historic challenges will have on long-term homeownership goals. During Black History Month, and throughout the year, it’s important to acknowledge the challenges the Black community faces when
Morehouse, Spelman and Bank of America launch Center for Black Entrepreneurship
Today, Bank of America, the Black Economic Alliance Foundation, Morehouse College, and Spelman College announced the development of the Center for Black Entrepreneurship (CBE), the first-ever academic center of its kind to assemble, educate, and empower a new class of Black entrepreneurial talent. The CBE will be located on the campuses of Spelman College and Morehouse College in southwest Atlanta. Spelman plans to house the CBE in its new academic facility, the Center for Innovation & the Arts, and Morehouse will house its CBE within a new
Black Investors Take Note: Reddit Rebellion Rescues GameStop Stock
By Stacy Brown The story of 10-year-old Jaydyn Carr and his mother, Nina Carr, is just one example of the impact of Wall Street’s ongoing GameStop rally. Their financial windfall came about as a result of a trading frenzy that was never witnessed before– and one that found even some of the most astute stock market experts struggling to explain. A band of amateur day traders that interacts with one another on the Reddit page WallStreetBets, encouraged whoever was listening to buy shares of the flailing GameStop, AMC, Macy’s and
NBA Star Chris Paul Launches Month-Long Initiative to Draft One Million Kids Into a Path of Financial Freedom and Generational Wealth.
NBA Star Chris Paul and Goalsetter, a Black-owned kids and family finance app that provides a next-generation, education-first banking experience for U.S. kids and teens, today announced a full-court press initiative to “draft” 1 Million Black and Brown kids to become the next generation of savers and investors, kicking off during Black History Month. The initial round of the “Drafted” campaign will tip off on February 1 with NBA star and NBPA president Chris Paul “drafting” 100 kids who participate in his Club 61 Leadership Alliance from his
She Wins: Jennifer King Makes History as First NFL Black Female Assistant Coach
By Sherri Kolade Washington D.C.’s Washington’s Football Team did the thing recently by naming Jennifer King their assistant running backs coach for the 2021-2022 football season, according to an article from Essence Magazine. This hire resonated all the more because it made King the first Black female assistant in the NFL. King previously coached parts of three seasons as an intern, has a lengthy background working for the NFL, too. She was a participant in the NFL’s coaching clinics from 2015 to 2018, and she attended the NFL Women’s
L’Oreal USA Partners with NAACP to Launch Grant Program for Black-owned Small Businesses
L’Oréal USA today announced the creation of its Inclusive Beauty Fund, a new grant program presented in partnership with the NAACP, the largest and most pre-eminent civil rights organization in the nation. Through this inaugural round of funding, L’Oréal USA will award 30 one-time grants of $10,000 each to Black-owned small businesses, Black entrepreneurs, and professional services in all sectors of the U.S. beauty industry. As small businesses in America have been hit the hardest by the economic fallout of the pandemic and Black-owned businesses are shutting down twice as fast as others according to NBER, L’Oréal USA teamed up with the NAACP to identify the most promising Black-owned small businesses and
Black Women Keep Something Brewing: Rosalind Brewer named new CEO of Walgreens
By Ashley Stevenson On March 15th, 2021 Rosalind Brewer will be named the new CEO of Fortune 500 Company, Walgreens. Brewer, currently COO of Starbucks and former CEO of Sam’s Club is a graduate of Cass Technical High School, located in Detroit, MI. She went on to graduate from Spelman and then Stanford Law School before becoming the first Black Woman to serve as Starbucks’ CEO and sit on the board of Amazon. In 2018, I had the pleasure of meeting Mrs. Brewer during her address at the Sankofa
Biden supports releasing the Harriet Tubman $20 bill ASAP
By Roz Edward The newly installed Biden-Harris administration is looking for “ways to speed” the release of $20 bills featuring Tubman. The historic currency change would have been a huge boost to recognizing and celebrating the achievement of African Americans, in June of 2019, Trump administration dashed the hopes of millions when racially divisive and demeaning forces went to work in that doomed administration to squash the releasing the much-anticipated Harriet Tubman $20 bill. Trump era Treasury Secretary Steve Mnuchin announced then that the administration was delaying the release of
Real Times Media Unveils All-New Multimedia Studio Inside Detroit Headquarters
Named Studio 1452 to reflect the HQ’s address, the new studio will enable RTM to produce and distribute original digital content daily DETROIT – January 12, 2021 – Today, Real Times Media (RTM) unveiled its all-new multimedia broadcast studio named Studio 1452. The new facility features broadcast-production-quality cameras and livestream and podcast capabilities giving the company and its subsidiaries, most notably its co-located Michigan Chronicle nameplate, the tools to create a variety of high-end media projects in-house. Studio 1452 is on the ground level of the Real Times