Over the past few years, the U.S. banking system has developed several financial tools to help families save and build wealth through affordable and convenient means, including automatic savings transfers, direct deposit, and mobile banking. Unfortunately, many households of color do not benefit from these advancements due to their reliance on payday lenders and other alternative financial arrangements, which frequently come with costly fees and high interest rates. These arrangements reduce financial security, limit economic mobility, and make it more difficult for those hit hardest by the recession to rebuild wealth.
The Closing the Racial Wealth Gap Initiative, a national collaboration between the Center for Global Policy Solutions and the Insight Center on Community Economic Development, hosted a webinar to discuss the importance of financial inclusion, consumer protection, and the innovative strategies that government leaders and advocates are implementing to help communities of color improve their financial stability and build wealth.
- Marisabel Torres, Policy Analyst, Wealth-Building Policy Project, National Council of La Raza
- Dedrick Muhammad, Senior Director of the Economic Program, NAACP
- Melanie Kwon Duch, Innovations Strategist, Doorways to Dreams (D2D) Fund