NAACP Economic Department NEW ENGLAND NAACP STATE CONFERENCE SATURDAY, SEPTEMBER 27TH, 2014 LILLIAN D. SINGH DIRECTOR OF ECONOMIC STRATEGIC PARTNERSHIPS

NAACP Economic Department NAACP ECONOMIC DEPARTMENT 2 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 Game Changer

NAACP Economic Department NAACP ECONOMIC DEPARTMENT 3

Racial Economic Inequality NAACP ECONOMIC DEPARTMENT 4 Unemployment Wealth Gap Homeownership Lack of Education

Structural and Racist Barriers NAACP ECONOMIC DEPARTMENT 5 Source: Atlanta Constitution Journal

Wealth Inequality in America NAACP ECONOMIC DEPARTMENT 6

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. NAACP ECONOMIC DEPARTMENT 7 For the last 50 years, in good times and bad, African Americans have had about twice the unemployment of whites.

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

NAACP Economic Department Economi c Educatio n Fair Lending Diversity & Inclusion Community & Economic Development NAACP ECONOMIC DEPARTMENT 9

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 10

How You can Engage? Economic Education – How You can Engage? NAACP ECONOMIC DEPARTMENT 11  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 FDIC  Connect with our National Partners  Hands-on-bank Hands-on-bank  NID NID

NAACP ECONOMIC DEPARTMENT 12 Engage in the NEAC’s Financial Freedom Campaign WORKSHOPS Community Economic Development (Asset Development, financial planning, credit rehabilitation, retirement and savings, micro-lending and jobs) Fair lending and Home Ownership (Mortgage Foreclosure, Pay Day Lending, Micro-Lending) EXPOSURE Expose individuals to Economic Education information and resources in non-workshop events such as Freedom Fund Dinners, resource fairs, job fairs, etc. SUPPORT CAMPAIGNS Join and support a statewide economic campaign to advance fair lending and state budget fiscal policies.

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 13

 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   Read our reports, engage in the conversations, respond to our calls to participate in CFPB hearings, and/or white house fly-ins Read our reports NAACP ECONOMIC DEPARTMENT 14 How You can Engage? Fair Lending– How You can Engage?

COMMUNITY ECONOMIC DEVELOPMENT Wealth Creation Strengthening Community Assets Job Development 15 NAACP ECONOMIC DEPARTMENT 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 How You can Engage? Community Economic Development– How You can Engage? Tell us what is most important to you! Building a Strong Asset House!

Diversity and Inclusion 1.Opportunity and Diversity Report CardsOpportunity and Diversity Report Cards 2.NAACP and Dunkin Brands have partnered to strengthen diversity in franchising 3.The Professional Development Network (PDN) powers the NAACP JobFinder NAACP JobFinder 4.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.Gateway to Leadership 7 NAACP ECONOMIC DEPARTMENT

NAACP Job Resources: Job Finder to find the next job fair or the opportunities posted on the website. 18 NAACP ECONOMIC DEPARTMENT

Economic Opportunity Website: NAACP.org/econ NAACP ECONOMIC DEPARTMENT 19

NAACP ECONOMIC DEPARTMENT 20 Financial Freedom Campaign Media Presence

NAACP Economic Partnerships NAACP ECONOMIC DEPARTMENT 21

NAACP ECONOMIC DEPARTMENT 22 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 Equally important is taking action with our families we know how to communicate in times of a disaster for more informationwww.ready.gov Studies show African Americans are less prepared for disasters. Having a plan for your family is a great way to ensure you are ready!!

Thank You, Questions? LILLIAN D. SINGH