NAACP Economic Department

1. NAACP Economic Department New England NAACP State Conference Saturday, September 27th, 2014 Lillian D. Singh Director of economic strategic partnerships

2. NAACP Economic Department NAACP Economic Game Changer Economic Sustainability A chance to live the American Dream for all. Every person will have an equal opportunity to achieve economic success, sustainability, and security. NAACP Economic Department

3. Three Pillars: • Empowerlocal communities with the necessary education, resources and partnerships to develop sustainable economic models that advance diversity and equity. • Ensure that government and industry are knowledgeable, and committed to bridging racial inequality particularly as it relates to employment, wealth, lending and business ownership. • Growa movement of concerned citizens and organizations who work together to produce an inclusive and strong middle class economy for the 21st century. NAACP Economic Department NAACP Economic Department

4. Unemployment Racial Economic Inequality • Lack of Education • Wealth Gap • Homeownership NAACP Economic Department

5. Structural and Racist Barriers Source: Atlanta Constitution Journal NAACP Economic Department

6. Wealth Inequality in America NAACP Economic Department

7. For the last 50 years, in good times and bad, African Americans have had about twice the unemployment of whites. Employment This unemployment rate hides the larger number of African Americans not working full time or “marginally” attached to the workforce, this is normally about twice the unemployment rate. As many as 27% of African Americans between the ages of 20 and 24 are not employed or in school. http://blogs.wsj.com/economics/2014/07/11/are-more-young-adults-falling-through-the-cracks/ NAACP Economic Department

8. FAMILIES ARE LIVING ON THE EDGE Liquid Asset Poor lack savings to cover basic expenses for three months if job loss, a medical emergency, or other crisis leads to a loss of stable income. 26% of households earning between $55,000 and $90,000 are liquid asset poor

9. Economic Education • NAACP Economic Department • Community • & • Economic Development • Fair Lending • Diversity & Inclusion NAACP Economic Department

10. ECONOMIC EDUCATION • Facilitates events around the country to educate local and state conference NAACP units on financial education topics • Provides grants to individuals to perform financial education at the local level NAACP Economic Department

11. Economic Education – How You can Engage? • Conduct financial education workshops at the branch level • Plug into Financial Planning Association (Free financial Planners) • Plug into community events and distribute economic education material • FDIC • Connect with our National Partners • Hands-on-bank • NID NAACP Economic Department

12. Engage in the NEAC’s Financial Freedom Campaign NAACP Economic Department

13. FAIR LENDING • Monitors state and federal policy related to mortgage, auto, payday, and small dollar bank lending • Performs analysis of Home Mortgage Disclosure Act (HMDA) for evidence of discrimination at the lender level • Meets with bank partners around fair lending issues, products, and initiatives to reduce the un- and under-banked population • Researches and evaluates data and reports to determine impact on racial inequality NAACP Economic Department

14. Fair Lending– How You can Engage? • Partner with Juan Cofield and the Mass Alliance Against Predatory Lending over the next year • Share concerns of predatory lending and foreclosures with the NAACP Economic Department • Jrichardson@naapcnet.org • Read our reports, engage in the conversations, respond to our calls to participate in CFPB hearings, and/or white house fly-ins NAACP Economic Department

15. COMMUNITY ECONOMIC DEVELOPMENT • The Community and Economic Development program focuses on wealth creation through asset development. • Wealth softens the blow of unexpected events, such as job loss or even a downturn in the economy and provides capital to take advantage of opportunity. • Assets are key drivers of wealth, community revitalization and personal financial freedom. • The Community and Economic Development Program establishes asset development infrastructure in communities of color leveraging the NAACP network and resources. NAACP Economic Department

16. Community Economic Development– How You can Engage? • Tell us what is most important to you! • Building a Strong Asset House! NAACP Economic Department

17. Diversity and Inclusion • Opportunity and Diversity Report Cards • NAACP and Dunkin Brands have partnered to strengthen diversity in franchising • The Professional Development Network (PDN) powers the NAACP JobFinder • Gateway to Leadership NAACP works with the United Negro College Fund (UNCF) to provide paid summer internships to students attending HBCU’s at Wall Street investment banks. NAACP Economic Department

18. NAACP Job Resources: Job Finder • How can you help? • Spread the word about the NAACP Job Finder Website. • If a Job fair is happening in your city participate by setting up a NAACP booth. www.NAACPJOBFINDER.COMto find the next job fair or the opportunities posted on the website. NAACP Economic Department

19. Economic Opportunity Website: NAACP.org/econ www.NAACP.org/econ NAACP Economic Department

20. Financial Freedom Campaign Media Presence NAACP Economic Department

21. NAACP Economic Partnerships NAACP Economic Department

22. Studies show African Americans are less prepared for disasters. Having a plan for your family is a great way to ensure you are ready!!  • The NAACP signed a memorandum of agreement with the Federal Emergency Management Agency in July of 2013 to help increase preparedness among communities of color • One area of partnership is promoting the importance of financial preparedness by using tools found on www.ready.gov/financialpreparedness • Equally important is taking action with our families we know how to communicate in times of a disaster www.ready.gov for more information NAACP Economic Department

23. Thank You,Questions? Lillian D. Singh LSINGH@NAACPNET.ORG 202-478-6403