Had the honor of meeting with SEC Chairman Jay Clayton at U.S. Securities and Exchange Commission today. He was a very sharp guy that wants more clarity and simplicity for the average investor. While I was advocating for the fiduciary rule and also clarifying titles between financial advisors and salespeople, it’s a start. We have a representative with Chairman Clayton that does care about the average investor and also wants to see more diversity on advisory boards.
What a great honor to have met and discussed how we can make an impact in our community with Jerome Powell, Chairman of the Federal Reserve. The chairman of the Federal Reserve Board is the public face of the Federal Reserve Bank. Officially, the chairman is the active executive officer of the Federal Reserve Board. The main responsibility of the chairman is to carry out the mandate of the Fed, which is to promote the goals of maximum employment, stable prices, and moderate long-term interest rates.
With Comptroller of the Currency Joseph Otting. If you’ve never heard of the Comptroller before, he essentially is the head of all banking in the U.S. Our meeting was to discuss the changes coming to the Community Reinvestment Act (CRA) and give our feedback on what’s working and not working from the grassroots level. If you’ve never heard of CRA, it was enacted by Congress in 1977 and is intended to encourage depository institutions like banks to help meet the credit needs of the communities they serve. Mr. Otting was very open to feedback and also seems to have a strong understanding of some of the same shortcomings we see. We look forward to working with him after his organization releases his first draft for new CRA guidelines later this month!
Want to Make a Big Impact? Go out and Register to vote! There are so many pressing issues that need to be resolved, but Not many people are going out to vote on these important issues, please make sure to register to vote, your vote counts! Representative Lucille Royball-Allard is leading the way, by being a powerful voice for our community in DC!! Thank you Lucille for taking time out of your busy day to Meet with the Avance Latino IDEAL CDC Team. Let’s all work together to make some real change in our community!
Thank You Yves and Simon from Royal Business Bank for supporting the IDEAL Wealth Academy! Royal Business Bank is a minority owned bank, that serves its community by offering residential mortgages and small business loans.
Last week we got a wonderful surprise from our Friend Elsa Monte from Pacific Western Bank. Thank you for your generous support and contribution towards our Ideal Wealth Academy Program. We are grateful and excited to have friends like you that support our mission and vision as an organization!
Thanks to City National Bank who donated 14 laptops to the participants of our "wealth academy" program. A big majority of the participants do not have access to a computer at home so these laptops will serve greatly for each household. The Laptops will be used to give the students access to apply for College, apply for intenrhsips, grow their network, Financial Literacy, Simple Banking and much more. The students will now be motivated to finish their schooling, attend university and make an impact in their communities.
On October 21, 2017, Avance Latino Launched it's IDEAL Wealth Academy with 10 families. These 10 families have committed to a 1-year long journey to transform their lives. IDEAL Wealth Academy is a unique financial and life skills program that is designed for parents and high school seniors. Parents will be partnered with a financial coach over a 12-month period and receive coaching on a monthly basis to help them design and achieve financial goals. Each adult will have individualized goals for increased savings, debt reduction, and credit score improvement. High school seniors will attend monthly workshops and field trips to help them apply to college, develop life and job skills, and be ready to manage a basic financial budget when they leave home.