By Nyia Hawkins, Ambitio US Fellow
I recently had the profound pleasure of attending the 2024 Just Economy Conference hosted by the National Community Reinvestment Coalition in Washington, DC. This dynamic gathering brought together 1,200 leaders from community organizations, policymakers, and professionals, all dedicated to fostering equitable economic development. The energy was palpable, with sessions filled to standing-room-only by attendees eager to translate discussions into actionable change.
One of the highlights for me was “The New CRA 101,” a session that delved into the recent updates to the Community Reinvestment Act (CRA) , introduced in late 2023. These significant changes have the potential to redefine how financial institutions can collaborate with us as funders to support and grow our communities substantially. Banks are now encouraged to form partnerships with non-profits and community groups, gaining deeper insights into the needs of the communities they serve. This shift is a game-changer for those of us in the philanthropic sector, as it means our on-the-ground knowledge and experience can now directly influence where and how bank investments are made.
One particularly memorable part of the session was the discussion of historical practices like redlining and community disinvestment that underscored the necessity for modernizing the CRA. Understanding the history of community reinvestment is crucial for anyone looking to drive positive societal change through investment. This knowledge is essential for developing more effective and empathetic investment strategies that genuinely meet the needs of these communities.
The Just Economy Conference was more than just an event — it was a powerful reaffirmation of our shared values and commitments to creating a just economy. I left inspired and motivated, ready to leverage the insights gained to enhance our philanthropic efforts and ensure that our investments make a meaningful impact on those who need it most.
This article was originally published on Medium. Read it on Medium →