Fintech Future brings together a wide range of leaders from across the country to support responsible innovation in financial services and advocate for greater access for communities historically excluded or left behind by the traditional banking and financial system
Founding members include US Black Chambers, Operation HOPE, Cross River, former SBA and Treasury officials, finance and philanthropy leaders
WASHINGTON, October 19, 2022 /PRNewswire/ — To advocate for policies that support innovation, equity and opportunity for all, leading community empowerment advocates and financial services innovators today announced the launch official of Fintech Future: Financial Innovation for Equity and Opportunity (“Fintech future“). Fintech Future supports responsible innovation that breaks down traditional barriers to wealth creation and bridges the access gap to modern financial services in historically excluded communities. Responsible fintech innovation is democratizing finance to build equity and give millions of Americans access to the resources they need to achieve their dreams.
Through advocacy, public policy, and coalition building, Fintech Future will work with community leaders and organizations, government partners, and regulators to support equal access to modern financial services while supporting policies and responsible efforts that ensure the highest levels of compliance, responsibility and consumption. protection.
“For too long, avenues to wealth creation have been closed to non-white and underserved communities. Innovation in the financial services industry has broken down these barriers, providing new opportunities for families and small businesses that have long been left behind. It’s critical that our community of responsible innovators come together and speak out for policies that preserve and protect opportunity for all,” said Tom Sotofounding member of Fintech Future and founder/managing partner at Latimer Partners, LLC.
“Rapid innovation in financial services has driven a generational shift in how non-white and low-income communities can access the resources they need to achieve their dreams. Responsible fintechs have also stepped up in times of crisis two years later , 1 in 4 Black-owned businesses have asked fintech lenders for the support they need to get through the crisis.Fintech Future will advocate for responsible policies that embrace this innovation and guide its growth to that it can benefit our communities across the country,” said Natalie Madeira Cofieldfounding member of Fintech Future and former deputy administrator of the US Small Business Administration.
As recently as 2008, when the system broke down with the Great Recession, it was primarily middle-class and low-income families, businesses and marginalized communities who bore the brunt of foreclosures and layoffs. Emerging from the then Great Recession and more recently from the global pandemic, financial and technology innovators saw an opportunity to disrupt a broken system and build a 21st century financial infrastructure with a mission to democratize, include and the removal of barriers that had traditionally ostracized many people. poor borrowers.
“It is time to enact policies that support safe and proven financial innovation so that communities can have access to fair financial services. Fintech Future is leading this mission and bringing to the fore a national debate to advance policies that embrace innovation and support economic opportunity for all,” said Gilles Gadefounding member of Fintech Future and founder and CEO of Cross River.
For generations, the big legacy banks have become guardians of wealth creation in America, and people of color have been systematically left behind financially. While some financial institutions have taken steps to invest in underserved communities, the fundamental business model of the 20th century financial system favored – and continues to favor – big business and the wealthy.
The story of innovation and disruption is the breakdown of old systems in favor of new paradigms to improve people’s lives. The transformation of the modern financial system
is no different. Although some traditional institutions fear change, policymakers must approach the rapid innovation fueling fintech as an opportunity to finally create real, lasting access and generational wealth for long-marginalized communities, and regulators must follow suit. .
We know that changes are long overdue. We support and fight for more digital banking solutions and avoid check cashing shops and predatory lenders, including those who use technology to lend irresponsibly.
With this in mind, our founding members have already come together at events from OUR KAIROS, from Tunica to DC, from the Mississippi River Cities Initiative to Smart City Expo. UNITED STATES lead the necessary dialogue on how fintech is meeting historically excluded communities where traditional industry has left them in search of modern solutions. There is now an urgent need to adopt responsible innovations and policies so that all communities can finally have access to equitable financial services.
Founding members include
Ashley Bell – CEO, ReadyLife. ReadyLife is a black-founded fintech that creates generational wealth for underserved communities.
Hon. Kevin L. Boyce, Franklin County (Ohio) Commissioner
Melissa Bradley – Managing Director and General Partner, 1863 Ventures
John Hope Bryant – Entrepreneur and philanthropist who has built more than 40 organizations, entities and businesses, including Operation HOPE, the nation’s largest nonprofit financial inclusion organization
JC Burton – Founder and CEO of Maven Construction, a women-owned company Boston, MAThis company provides comprehensive general construction management, energy solutions and energy retrofits in the built environment
Ron Busby Sr. – President and CEO of US Black Chambers
Natalie Madeira Cofield – Former deputy administrator of the US Small Business Administration.
Gilles Gade – Founder, President and CEO of Cross River
Harry Johnson, Sr. – President and CEO of the Memorial Foundation dedicated to the promotion of Martin Luther King jr. Memorial and its principles of democracy, justice, hope and love.
Jill L. Johnson – President and CEO, Institute for Entrepreneurial Leadership (IFEL)
Jade Melvin – National Minority Supplier Development Council
Ambassador Crystal Nix Hines – Partner, Quinn Emmanuel and former Permanent Representative of the United States to the United Nations Educational, Scientific, and Cultural Organization.
Tom Soto – Founder/Managing Partner at Latimer Partners, LLC and environmental justice activist, impact investor and leader in environmental technologies and renewable energy
Calvin Williams, Jr. – CEO and Founder Capital Freeman
SOURCE Fintech Future