The Wealth Gap Between Black and White Families Is Getting Worse

The U.S. Constitution was ratified a full 228 years ago.  The cutting edge technology that year was the steamboat, and the country had not yet even had a presidential election. If 228 years seems like a really long time, that’s because it is. But if current trends continue, that’s how long it will take for the average black family to reach the level of wealth the average white family has today. The average Latino family fares slightly better—if the current trend continues, it would take them a little more than 80 years to amass the same amount of wealth white families have today. Racial discrepancies in income and wealth are nothing new in this country. The troubling thing is that... Read more

Latinos and Financial Freedom: NCLR Launches “Community Insights” Series

Many of the Latino community’s struggles recently have centered around economic stability in the wake of the Great Recession. The Hispanic community lost more than 66 percent of its wealth in the recession and has not yet recovered lost ground. In order to understand more about Latino households’ ongoing economic challenges and how they’re overcoming them, NCLR established a Financial Services Advisory Council with the support of Citi Community Development, the Ford Foundation, and Master Your Card: Oportunidad. The Financial Services Advisory Council is composed of a group of 10 NCLR Affiliates who serve more than 40,000 clients annually and provide input on how their clients are interacting with financial institutions, what products and services are most useful to them, and... Read more

CFPB’s Proposed Payday Lending Rules Are a Significant Step Towards Protecting Financially Vulnerable Communities from Predatory Wealth-Stripping Products

The proposed rules released by the Consumer Financial Protection Bureau (CFPB) this morning marks a significant step towards protecting consumers of small-dollar credit products from unscrupulous and predatory practices that are responsible for compromising the financial well-being of millions of low- and moderate income borrowers. As a coalition committed to improving the opportunity for economic progress low‐ and moderate-income communities of color – The Asset Building Policy Network believes that vulnerable communities seeking to weather a short-term financial emergency should not be preyed upon, instead these communities should be provided with access to responsible and safe credit that does not put them into unwanted, long-term debt. The CFPB’s long-awaited proposed rules take an important, and much needed, step toward achieving... Read more

Marc Morial: The Homebuyers’ Bill of Rights 2.0

In the aftermath of the Great Recession, the tragic loss of wealth, and the bailout of the big banks, our national government must continue to play a central role in the housing market to right previous wrongs, ensure access to all qualified borrowers, and keep the housing finance system afloat for future generations. The National Urban League’s Homebuyers’ Bill of Rights 2.0, proposed below, is a roadmap to help all Americans—with a targeted emphasis on African Americans and people of color—live the American Dream and attain wealth through homeownership. As president and CEO of the National Urban League, the nation’s largest historic civil rights and urban advocacy organization focused on economic empowerment, I lead a dynamic team of economic first... Read more

How Much Should Taxpayers Spend to Help Millionaires Grow Their Wealth?

How much do you think the millionaires should get in public benefits to grow their wealth? If you answered less than $145,000…prepare to be disappointed. The Turn it Right-Side Up team is out with a new infographic using new data to illustrate just how much millionaires got from these upside-down tax programs compared to working families last year. Short version: this is how extraordinarily expensive and lopsided tax programs are actively growing wealth inequality every year. You’re helping end that. Good idea, unfair outcome. It’s not that these tax programs have bad overall goals. These tax programs are aimed at increasing savings and investments, boosting homeownership and higher education and strengthening retirement security. These are great goals—goals that we as... Read more