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Capital Commitments to Black Communities- Real Investment or PR Promise?: Robert E. James II, President & CEO of Carver Financial Corporation
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In the wake of George Floyd’s murder in 2020, we saw a significant rise in commitments to investing in Black communities and businesses. Now, two years later, where do those commitments stand? Did the CDFIs, corporates, banks, and philanthropies ever back up their promises? In Episode 7 we talk with Robert E. James, II, President & CEO of Carver Financial Corporation about what he’s seen as head of one of only 19 Black-owned banks in the US, as well as what is needed for sustainable future investments.
About Robert.
Robert leverages his experiences in banking, law, real estate development, and consulting to provide the building blocks to financial freedom at Carver Financial Corporation, and its main operating subsidiary, Carver State Bank in Savannah, GA. Robert, who was recently named to his current role with the holding company, has led the 95-year-old bank to several accomplishments over his fifteen-year tenure. This includes making Carver the first community bank in Georgia to ever win an allocation of federal New Markets Tax Credits (NMTC), which they have done twice in the past four years. Since October 2020, he has served as Chairman of the National Bankers Association, the leading advocacy group for the nation’s minority banks. Also a board member of the Community Development Bankers Association and National Black Bank Foundation, Robert is a sought-after Congressional hearing witness, speaker, and panelist. He also serves on the FDIC’s Advisory Committee on Community Banking and the Federal Reserve Bank of Atlanta’s Community Depository Institutions Advisory Council.
Renegade Tools and Tips.
A renegade not only listens but acts. We've consolidated a few tips from this episode to help you support Black-owned banks at any asset level.
- Bank Black: Find a Black-owned bank that you can meaningfully support. This looks like building a long-term banking relationship and considering the capacity and needs of the bank.
- Some of these banks are ready to take your deposits! Talk to the bank you’re considering to find out what options are available.
- Encourage your employer, particularly at large organizations, to bank Black. These organizations have the assets to provide ongoing capital flow to and support community growth.
- Be Accountable: We can all continue to look for ways to support Black communities, even when there is not a politically hot moment. By holding corporations and investors accountable to their commitments, we can ensure Black communities receive sustainable capital where it’s needed most.
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