Systemic failures in the financial sector led to the financial crisis of 2007-2008 and the Great Recession that followed. These crises disproportionately impacted low- and moderate-income (LMI) communities of color through job loss, foreclosures and an unprecedented loss of wealth. During the recession, Latinos’ household wealth declined by 66%, and African Americans’ by 53%, while White households lost 16%. Ten years after the financial crisis, communities of color have yet to fully recover, and the financial system has failed to solve the problems that devastated communities of color. To help the most impacted communities recover and rebuild, the banking and financial services industry must increase their focus on serving LMI households, businesses, and communities of color. This report explores key opportunities within the banking industry, policy, and regulation that can lead to financial inclusion for all.

This is the first in a series of briefs that describe the changes, insights, and lessons when arts and cultural strategies are deployed in service of comprehensive community development and planning. During ArtPlace America's Community Development Investments initiative, six participating organizations developed creative placemaking projects that could help them more effectively achieve their missions. PolicyLink conducted a research and documentation project to measure the progress, immediate outcomes, and impacts of those projects. This brief examines how these organizations learned to work with artists and develop collaborative practices.

Explore more about our research and documentation project at communitydevelopment.art.

In California last year, the state intercepted over $300 million in child support payments that should have gone to low-income children and their families. Every year, hundreds of thousands of poor children across the state receive just a fraction of the child support payments made by their parents. That’s because, despite having the fifth largest economy in the world, California takes all but the first $50 of every child support payment made to children who receive public benefits and uses it to reimburse the government for the cost of providing those benefits. This report was a collaborative effort with organizations such as the Insight Center for Community Economic Development and Western Center on Law & Poverty to raise awareness of the unfair system that deprives poor children of critical resources, particularly children of color, and lift up recommendations for reform.

Mirroring national trends, Pinellas County in Florida is becoming more diverse. In the next few decades, the majority of the county’s residents will be people of color from a rich variety of racial and ethnic backgrounds. As a result, the success and prosperity of the county rely on dismantling unjust barriers and ensuring that everyone can participate in and enjoy the benefits of a thriving economy. This profile illustrates how disparities in income, housing, educational attainment, and many other areas are costing Pinellas County billions of dollars in potential economic growth each year. In addition, the accompanying summary offers several promising strategies that have been used across the country to eliminate barriers and advance equity. Both the profile and summary were developed by PolicyLink and the Program for Environmental and Regional Equity (PERE) at USC, in partnership with UNITE Pinellas. Read the profile and summary.

Media: Report: With Population Shifts on the Way, Pinellas Needs to Change (Tampa Bay Times), Study: Addressing Racial Inequities Would Boost Pinellas County GDP by $3.6 Billion (St. Pete Catalyst), First-ever Countywide Equity Assessment Spotlights Need for Change (Tampa Bay Newspapers), Insight Action, Not Data Collection, Required to Create Nutrition Equity in St. Petersburg (St. Pete Catalyst)

People of color in the United States experience poorer health and more premature, preventable mortality than their White counterparts. Although health care companies prioritize achieving health equity, their efforts often focus on disparities caused by poverty, education, and disability without explicitly addressing how structural racism significantly raises the risk of poor health for people of color. Corporate diversity and inclusion efforts, while helpful, are not sufficient to counter biases in clinical practice or access to health care. By better serving communities of color, health care companies can deliver better outcomes and strengthen their own economic performance.

A follow-up to The Competitive Advantage of Racial Equity, developed in partnership with FSG, this report focuses on actions taken by companies in the health care sector to create business value by addressing the unique challenges faced by communities of color. The companies featured in this report—ProMedica, Kaiser Permanente, Cigna, and UnitedHealth Group—have adopted several business strategies that improve health outcomes for people of color and create a competitive advantage through reduced costs, avoided readmissions, and greater member satisfaction.

Top Takeaways

1. For health care organizations to achieve health equity, it is essential to have an explicit focus on racial equity.
2. Leading health care providers and commercial insurance companies are redesigning the ways in which they provide core services to better meet the needs of people of color and they are making investments to improve community conditions that affect health.
3. These companies also have strong internal catalysts that enable them to implement strategies—including a diverse employee base that feels included, strong leadership that understands why race matters, and an organizational structure that connects equity to business goals.

Find all related material for The Corporate Racial Equity Advantage

Historically, financial institutions in the United States have not served people of color effectively or fairly. Even today, people of color have less access to credit, pay higher interest rates for loans, and are less likely to receive venture capital funding as compared to their White counterparts. Serving these markets effectively is not only a moral imperative, but also an economic opportunity to enhance a company’s bottom line.

A follow-up to The Competitive Advantage of Racial Equity, developed in partnership with FSG, this report highlights specific action steps leading companies in the financial sector have taken to create business value by using credit, savings, and investment products to address the unique challenges faced by communities of color. The companies featured in this report—Citi, Oportun, OneUnited Bank, Prudential Financial, and Impact America Fund—have found competitive advantage through their strategies to serve consumers who have historically been excluded.

Top Takeaways

1. With a deeper understanding of the impacts of structural racism, financial services companies can avoid one-size-fits-all approaches to product and service development and better serve historically excluded populations of color and thus reach expanded markets.
2. Leading financial services companies are reconceiving products and services to better meet the needs of people of color and are strengthening their external business environment by supporting public policies and norms that expand financial security.
3. These companies also have strong internal catalysts—including a diverse employee base and a culture of inclusion—that enable them to implement strategies that advance racial equity and business growth.

Find all related material for The Corporate Racial Equity Advantage. 

Like much of California, Orange County experienced demographic change ahead of national shifts and will continue to do so through at least 2050. Today about 58 percent are residents of color; however racial and economic inequalities persist, threatening future prosperity countywide. This profile examines demographic trends and indicators of equitable growth, highlighting strengths and areas of vulnerability in relation to the goal of building a strong, resilient economy. It was developed by PolicyLink and the Program for Environmental and Regional Equity (PERE) to support Orange County funders, advocacy groups, elected officials, planners, business leaders, and others working to build a stronger and more equitable region. Read the profile and summary, and see the press release.

Amid the worst renter crisis in a generation, it is time for policymakers to respond to the call for rent control to protect renters from skyrocketing rents and displacement. Rent control has tremendous payoff: if the rent control policies being debated right now in six states and two cities become reality, 12.7 million renter households will be stabilized. If adopted by states nationwide, 42 million households could be stabilized.

• Read the full report on how rent control can build stable, healthy communities. This report was produced by a collaboration between PolicyLink, the Center for Popular Democracy, and the Right To The City Alliance.
• Our Homes, Our Future: How Rent Control Can Build Stable, Healthy Communities (Executive Summary)
• Rent Control Myths Versus Reality: The Evidence on Unintended Consequences

Sarah Treuhaft highlights key findings from the report, and speakers from Oregon and New York will discuss their local campaigns and the growing movement led by renters to push for stronger tenant protection laws. View the webinar recording.

Winter 2014 edition of the National Civic Review features Judith Bell and Larry Cohen discussing the Convergence Partnership’s approach to place-based environmental and policy change, using the power of collaboration to create a “field of fields.”