The impact of COVID-19 on communities has spotlighted pre-existing financial and economic disparities faced by low-income communities, particularly communities of color. The Federal Reserve Bank of New York convened a dialogue with community leaders via WebEx on Thursday, April 23 to discuss:
- How the Coronavirus pandemic has disproportionally affected low-income communities and people of color;
- The current and imminent funding gaps for some underserved segments of the population; and
- The critical role that Community Development Financial Institutions (CDFIs) and other socially responsible capital providers can play to support an equitable economic recovery.
April 23, 2020
2:00pm - 3:15pm
This event was open to members of the public including nonprofit organizations, foundations, chambers of commerce, federal and local officials, community development practitioners and researchers, banks, impact investors and other capital providers.
A video will be available after the event.
|2:00pm-2:05pm||Brief Welcoming Remarks*
John Williams, President & CEO, Federal Reserve Bank of New York
David Erickson, Senior Vice President, Outreach & Education, Federal Reserve Bank of New York
|2:10pm-2:30pm||Session 1: The Impact of COVID-19 in Underserved Communities and the Funding Gaps in Current Recovery Efforts
Small Businesses and Nonprofit Organizations: Joe Neri, CEO, IFF
Housing: Judi Kende, Vice President and New York Market Leader, Enterprise Community Partners
Financial Security: Jonathan Mintz, Founding President and CEO, Cities for Financial Empowerment Fund
|2.30pm–2:50pm||Session 2: The Role of Socially Responsible Capital Providers in Addressing Funding Gaps and Ensuring an Equitable Recovery
Community Development Financial Institutions: Lisa Mensah, President and CEO, Opportunity Finance Network (OFN)
Nonprofit Organizations: Sheena Wright, President and CEO, United Way of New York City
Financial Institutions: Anna Fink, Executive Director, Amalgamated Foundation
|2:50pm–3:10pm||Session 3: The Federal Reserve’s Role in Building Equitable Economic Resiliency
Denise Scott, Executive Vice President for Programs, LISC and Chair, Board of Directors, Federal Reserve Bank of New York
Anna Kovner, Vice President and Policy Lead for Financial Stability, Research & Statistics Group, Federal Reserve Bank of New York
Kevin Stiroh, Executive Vice President and Head of the Supervision Group, Federal Reserve Bank of New York
Adrian Franco, Officer & Director of Community Development Finance, Federal Reserve Bank of New York
*Due to technical issues, President Williams was unable to join the call.
This event was open to the media. All remarks and panels were on-the-record, unless otherwise noted. Members of the press should contact Desmond Lee.