PNC Convenes Inaugural Community Leadership Symposium to Understand Needs - Seite 2

Exploring Actionable Solutions

Invited members from more than 100 community organizations attended the symposium sessions designed to inspire deeper discussions and present actionable solutions to advance financial inclusion within communities of color.

Noted financial journalist and New York Times bestselling author Lynnette Khalfani-Cox, also known as The Money Coach, led a discussion on inclusive banking, the racial wealth gap, homeownership and student loan debt.

"Housing wealth comprises 70% of the typical American's wealth, so we can't have any conversation about equity without talking about housing," says Khalfani-Cox, CEO and co-founder of financial education company TheMoneyCoach.net LLC.

The personal finance expert points to Federal Reserve Bank numbers that indicate the average white household has a net worth of $188,200 while the average net worth of Black households stands at $24,100.¹.

"We can all do much better financially if we provide access and opportunity for all," she adds. "A McKinsey report looked at what could happen if we actually closed the wealth gap by 2028. What they found was that we could add about a trillion-and-half dollars to GDP just by closing the Black-White wealth gap."

The symposium's final day featured breakout sessions, thought leadership content and a diverse slate of researchers and expert panelists offering best practices and data-driven solutions to help promote economic opportunities and address financial inequalities in local communities.

Increasing Access, Reducing Inequities

Rapper, activist and entrepreneur Michael "Killer Mike" Render, co-founder of Greenwood Bank, joined several other financial technology entrepreneurs in a panel on "Reducing Inequities Through FinTech" moderated by Mike Lyons, head of corporate and institutional banking at PNC. Greenwood Bank, a Black-owned financial institution and mobile banking platform, was established to meet the needs of Black and Latino individuals and businesses that have been traditionally underserved by banking institutions. PNC is an investor in the Atlanta-based digital banking platform.

"I'm a part of the financial sector because Greenwood is a new and innovative idea that's working to help people save money and better understand money," Render says. "I think PNC gets it. PNC isn't organizing for communities of color. It is organizing with the people."

Render adds that financial literacy and responsibility are vital to generational wealth transfer and banking relationships are key in communities of color.

Bynum agrees and sees the symposium discussions as key to improving access to financial resources and the Bank's effort to advance economic empowerment in the communities it serves.

"These important discussions will help inform how PNC's regional presidents and Community Development Banking teams advance affordable housing, economic development and financial health initiatives in local markets," he says.

View additional multimedia and more ESG storytelling from The PNC Financial Services Group on 3blmedia.com.

Contact Info:
Spokesperson: The PNC Financial Services Group
Website: https://www.3blmedia.com/profiles/pnc-financial-services-group
Email: [e-mail]

SOURCE: The PNC Financial Services Group

View source version on accesswire.com:
https://www.accesswire.com/736087/PNC-Convenes-Inaugural-Community-Lea ...


The PNC Financial Services Group Stock at the time of publication of the news with a raise of +2,05 % to 151,1EUR on NYSE stock exchange (20. Januar 2023, 18:45 Uhr).

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