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College Accounts at Birth: State Efforts Raise New Hopes

Patricia Cohen

April 27, 2021 |

The New York Times |

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1500-3000 Words

Response Location: United States, Oklahoma

SEED for Oklahoma Kids is a statewide effort to help newer generations climb the educational ladder and build assets. Parents are offered $1,000 in their newborn's name and set aside in a college savings account, destined to be used for pursuing college or trade school education. The concept of the program is not unique to Oklahoma. Other states like Nebraska, Illinois, Maine, Pennsylvania, and more have implemented similar programs. "Automatic enrollment in a saving program, with the ability to opt out, turns out to have a much higher participation rate than relying on individuals to take the initiative."

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How Chinatown's Community Bank Has Survived Crisis After Crisis

Oscar Perry Abello

March 30, 2021 |

Next City |

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1500-3000 Words

Response Location: United States, New York, New York

Community banking empowers marginalized communities that are not able to secure financing for homes and businesses through traditional financing. Establishing community banks allows members of these communities to bypass structural and institutional barriers in order to invest in themselves. Abacus Bank has a long history of advocating for businesses and families in Chinatown.

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Obawole: Neglected by banks, rescued by PoS agents

Samson Akintaro

March 25, 2021 |

New Telegraph |

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1500-3000 Words

Response Location: Nigeria, Obawole, Lagos State

Agency banking and point-of-sales terminals provide financial services to Obawole, a community under-served by banks despite its proximity to Nigeria's banking center. Agents are third parties representing banks. They provide services such as accepting deposits and making withdrawals, replacing often-decrepit and unreliable ATM machines. Technical failures and distrust can mar relationships with the banking public, but the services provide a needed convenience, and create jobs as well.

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Gen Z Angels: How A Younger Generation Of Investors Is Getting In On Deals

Sophia Kunthara

March 16, 2021 |

Crunchbase News |

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800-1500 Words

Response Location: United States

Gen Z VCs supports early-career and aspiring venture capitalists who want to become angel investors. The group was founded in November 2020, after the Securities and Exchange Commission loosened the rules about who can invest in early-stage startups and allowed start-ups to raise money through crowd-funding. The group, which has grown to more than 6,000 members, moderates Slack channels where members can post deals, help make connections, and share information to demystify the world of angel investing.

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CHOP financial wellness program helps local families recoup $700K

Jessica Blatt Press

January 07, 2021 |

The Philadelphia Citizen |

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1500-3000 Words

Response Location: United States, Boston, Massachusetts

A pediatric care center in Philadelphia has partnered with a nonprofit that "helps people with tax prep and asset-building" as well as an organization that provides financial counselors to offer young patients free, on-site help with their taxes. The initiative is modeled after Boston Medical Center' StreetCred program which has "returned more than $5.3 million to more than 2,700 low-income families since 2016."

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Akron wants to help small business owners grow, but officials say they need more help from banks

Abbey Marshall

October 12, 2020 |

The Devil Strip |

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1500-3000 Words

Response Location: United States, Detroit, Michigan

Motor City Match is an entrepreneurial development initiative that provides grants for historically marginalized business owners in Detroit. It also matches minority entrepreneurs with empty retail space in addition to providing business coaching and planning services. The program depends on nontraditional lenders to provide the funding. Motor City Match inspired the formation of Rubber City Match in Akron but that program has faced financing hurdles due to a lack of nontraditional lenders in the city.

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What Kenya can teach its neighbors — and the US — about improving the lives of the "unbanked"

Kelsey Piper

September 11, 2020 |

Vox |

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Over 3000 Words

Response Location: Kenya

Mobile banking in Kenya has increased economic mobility for families living in poverty. The mobile money system is not connected to bank accounts, making it accessible to the overwhelming majority of Kenyans who don't have bank accounts but do have cell phones. Mobile banking allows deposits and withdrawals as well as transfers, and has allowed families to save money to use when their income, often from farming, takes a hit thus creating a security net for themselves and allowing them to receive funds from friends and family. Savings allow families to meet basic needs and access medical care if necessary.

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Investors Want to Align Their Dollars with Racial Justice Demands

Oscar Perry Abello

September 08, 2020 |

Next City |

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1500-3000 Words

Response Location: United States, Chicago, Illinois

Investors are using their clout to call for racial justice through the investment consulting firm Activest. The firm is attracting millions of dollars from companies that want to make fiscal justice investments. In a bid to use investments to fuel the grassroots criminal justice movement, Activest is alerting municipal bond investors when the city of Chicago uses those bonds for police brutality settlements. Activest has lined up $100 million from investors who want to make fiscal justice investments through municipal bonds which would then allow them to have a say over how it is, or is not, spent.

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How investor pressure prompted oil majors to wake up to climate change

Attracta Mooney

August 31, 2020 |

Financial Times |

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800-1500 Words

Response Location: United Kingdom

Due to pressure from shareholders and asset managers to invest sustainably, there has been a rapid growth in environmental, social, and government investing. Assets in sustainable mutual funds globally reached $1 trillion in the second quarter of 2020 and fund managers rolled out 107 new sustainable funds in Europe. Despite this increase in interest, shareholders continue to grapple with balancing sustainable considerations with investment decisions.

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We Know How to Fix Student Debt

David Byrne

July 31, 2020 |

Reasons to be Cheerful |

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1500-3000 Words

Response Location: United States

A study found that students without debt ended up with a higher income than students with debt, an overall benefit to the larger economy. In the U.S., "44.7 million American adults are saddled with student debt totaling $1.6 trillion.” This article explores what other countries like Germany, New Zealand, and South Korea, among others have done to lower the cost of university tuition and thus student debt.

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