Thursday, March 12, 2020

Charles Barkley calls for cancellation of NCAA Basketball Tournament

CBS March Madness analyst and NBA great Charles Barkley appeared on ESPN's "Get Up" and called for the cancellation of the NCAA Tournament due to the Coronavirus outbreak.

...I'm gonna say this and I'm probably going to get in trouble because I work for Turner, March Madness and CBS. I think Turner Sports and CBS need to close down March Madness, man...Because, even if there's no fans in the stands, you can't have these players breathing on each other for two weeks. Even if they had a hotel, they're going to be in different cities around the country. I hate to say it...like I said, I probably shouldn't say it because I work for CBS, I think we’re going to have to shut down March Madness until we know more."

As of right now, the NCAA men's and women's Division I basketball tournaments will be played without spectators. The men's tournament will be played in 14 cities.

Wednesday, March 11, 2020

HBCUs still ‘woefully underfunded,’ according to UNCF president

One could argue it’s been a victorious year for historically Black colleges and universities (HBCUs). The FUTURE Act – legislation sustaining federal funding for minority serving institutions — made a fraught, winding journey to President Donald J. Trump’s desk, where it was signed into law in December.

But during a recent event, Dr. Michael Lomax, president and CEO of the United Negro College Fund (UNCF), discouraged unbridled optimism.

“I cannot stand before you here today and say only that the state of HBCUs is strong or only that HBCUs remain resilient,” he said at the organization’s second annual “State of the HBCU Address” where HBCU leaders and allies gathered in Washington D.C. “As you know, those truths are only part of the story.”

He argued that the permanent annual $255 million in federal funding for minority serving institutions, with $85 million designated for HBCUs, marks progress, but it isn’t enough to solve the “HBCU paradox” – the fact that HBCUs enjoy broad bipartisan support but continue to be “woefully underfunded.”

The support that exists, though it spans party divides, is “too often a mile wide and an inch deep,” Lomax said. “Too often it creates an all too convenient gap between rhetoric and reality. It makes it easy for people to look and sound like they are HBCU boosters without having to take the hard steps and make a deep-seated commitment to eradicate decades of disparate treatment of HBCUs.”

He directed a few pointed comments at Trump, who claimed at the Davos economic conference in January that his administration “saved” HBCUs.

Lomax acknowledged that HBCU leaders “deeply appreciate” that the president signed the FUTURE Act, forgave the loans of HBCUs impacted by Hurricane Katrina and offered capital finance loan deferment for 13 HBCUs. But he also noted that the FUTURE Act wasn’t included in Trump’s 2021 federal budget and Trump’s efforts to remove programs like federal work study would hurt HBCU students if successful. Meanwhile, most Democratic candidates — Joe Biden, Sen. Bernie Sanders, Sen. Elizabeth Warren and Michael Bloomberg – have proposed more extensive plans for funding HBCUs.

“We know the president wants the bragging rights for having done ‘more than any other president’ to support HBCUs, so there’s still time for you to claim that mantle,” he said, addressing the president and prompting laughs from the audience. “We hope you will propose in the coming months investments that rival or exceed those of your Democratic opponents.”

Lomax laid out several ongoing policy goals like lobbying for a $1 billion grant for HBCU infrastructure, doubling the Pell grant and tripling Title III funding, the funds guaranteed in the FUTURE Act.

But the federal government isn’t the only sector responsible for the inequitable funding of HBCUs, he said, pointing to “subtler forms of disparate and unfair treatment” by philanthropists, accreditors, corporations and lenders.

Notably, he cited a recent report from the Student Borrower Protection Center called “Educational Redlining,” which found that Upstart, an online lending platform, offered HBCU graduates higher interest rates, costing them thousands of dollars more than similar graduates from predominantly white institutions.

“Let’s make this year the year inequitable treatment of HBCUs is named and shamed,” he said.

[SOURCE: LouisianaWeekly]

Wells Fargo to Invest in African American Owned Banks, Savings & Loans

SAN FRANCISCO--(BUSINESS WIRE)--Wells Fargo announced that it is seeking to invest up to $50 million in African American Minority Depository Institutions (MDIs). These investments are part of Wells Fargo’s commitment to supporting economic growth in African American communities where MDIs, often community based banks, provide mortgage credit, small business lending, and other banking services. Wells Fargo commends Congresswoman Joyce Beatty and Congressman Gregory Meeks for recently sponsoring legislation to enhance MDIs and these investments in African American MDIs will support the spirit of that legislation.

“Our industry is stronger when we work together, shepherding resources for underserved individuals and small businesses to create economic opportunities that will strengthen the long-term success of communities,” commented Jonathan Weiss, CEO of Corporate & Investment Banking and Interim CEO of Wealth & Investment Management at Wells Fargo. “MDIs are a key part of the lending ecosystem for underserved communities, playing an important role in neighborhood revitalization, and we look forward to helping African American MDIs grow, serve their communities, and expand their sphere of influence by providing capital, connections and expertise.”

MDIs play an important role in providing banking services to minority and low and moderate income (LMI) communities. Compared with other financial institutions, MDIs tend to serve communities in which a higher share of the population lives in LMI census tracts and in which higher shares of residents are minorities.

This investment complements Wells Fargo's Diverse Community Capital (DCC) program, a five-year, $175 million program to empower diverse small business owners with greater access to capital and technical assistance so they can grow and sustain local jobs. The DCC program is a collaboration with Opportunity Finance Network and CDFIs (Community Development Financial Institutions) across the country. To date, the CDFIs in the program have made 124,000 loans, delivered 322,000 hours of technical assistance, and benefited 49,000 small business owners who collectively sustain more than 183,000 jobs in rural and urban markets nationwide.

About Wells Fargo Wells Fargo & Company (NYSE: WFC) is a diversified, community-based financial services company with $1.9 trillion in assets. Wells Fargo’s vision is to satisfy our customers’ financial needs and help them succeed financially. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, investment and mortgage products and services, as well as consumer and commercial finance, through 7,400 locations, more than 13,000 ATMs, the internet (wellsfargo.com) and mobile banking, and has offices in 32 countries and territories to support customers who conduct business in the global economy. With approximately 260,000 team members, Wells Fargo serves one in three households in the United States. Wells Fargo & Company was ranked No. 29 on Fortune’s 2019 rankings of America’s largest corporations. News, insights and perspectives from Wells Fargo are also available at Wells Fargo Stories.

Rep. Lucy McBath endorses Joe Biden for president

Rep.Lucy McBath (GA 6th District) has endorsed Joe Biden for president. Read her statement below:

“As a two time breast cancer survivor and grieving mother who lost her child to gun violence, leadership is personal to me,” McBath said in a statement. “I know firsthand the painful experience when our laws fail to protect our families. I know how important it is that health insurance is accessible and affordable. And that is why I am endorsing Vice President Biden. He has a record of bringing people together and finding common-sense solutions, and I am proud to stand with him in this race.”

Tuesday, March 10, 2020

Rep. Bonnie Watson Coleman endorses Joe Biden for president


Rep. Bonnie Watson Coleman (NJ 12th District) has endorsed Joe Biden for president. Read her endorsement statement below:

“As a former Chair of the New Jersey Democratic State Committee, I recognize the importance of Primaries in allowing everyone’s voice to be heard, but as the party begins to coalesce around the Vice President, it’s time for us to unify and get on to our first priority as Democrats, which is to beat Donald Trump,” Watson Coleman said. “I am endorsing Joe Biden today because he is the best person to lead our country forward. I am also endorsing now because we cannot afford to allow Donald Trump to have another moment where he is allowed to build momentum unchallenged. The stakes for our nation’s future are simply too great.”

“I have known Vice President Biden for many years and consider him to be a friend and a strong ally in the fight to advance our Party’s progressive values,” said Watson Coleman. “Joe Biden was on the frontlines working for Democrats across the country well before he was Barack Obama’s selection for Vice President and his dedication and commitment to strengthening our middle class and lifting those who need our help has only intensified these past few years.”