The Bronx

Seeds Of Economic Recovery Are Already Sprouting Roots In The Bronx

May 25, 2023 Oscar Perry Abello, Next City. Create! Credit Union, Finance and the Economy, Small Business, The Bronx

The Bronx - New York City, New York- It’s not common for bank CEOs to walk around a neighborhood in the South Bronx, knocking on doors of local businesses to say hello and start getting to know them and their owners or employees. But what if it was? That’s what Rachel Macarthy is looking forward to doing later this spring and over the summer. Born and raised in the South Bronx, with a business degree in finance from Howard University, she’s the CEO of New Covenant Dominion Credit Union. At 1185 Boston Road, the Black and Hispanic-serving credit union sits at a busy crossroads in the heart of the borough.

Organizers Of Bronx Wide Plan Are Building A Movement Behind It

April 9, 2023 Oscar Perry Abello, Next City. Create! Community organizing, Economic Democracy, New York City (NYC), The Bronx

The Bronx, New York City - Even if all goes well, backers of the Bronx Wide Plan may not get everything they want all at once. But starting next year, budget bills at all levels of government will start citing the community-developed plan. Over the next few years, local banks will start funding some of the plan’s sundry proposals or initiatives, demonstrating their compliance with the Community Reinvestment Act. Philanthropic foundations of all sizes will begin making grants and other investments directly in alignment with the plan, and they won’t be shy about seeking credit for doing so. After three years of canvassing, workshopping, community listening and feedback sessions, the Bronx Wide Plan’s Leadership Team gathered a few hundred members in the South Bronx on April 5 to launch a public campaign in support of the plan, which is nearing its final form.

A Mobile Bank On Wheels Reaches Bronx Residents Where They Are

January 25, 2023 Emily Nonko, Next City. Create! Banking, Finance and the Economy, New York City (NYC), The Bronx

The Bronx, New York City, New York - At the height of the pandemic, bank after bank began shuttering across the Bronx — between 2019 and 2021, seven banks closed 17 branches, with more than half happening in 2020, according to The Association for Neighborhood & Housing Development. The closures exacerbated an existing problem: prior to COVID-19, the Bronx had the fewest bank branches and the most check cashers and pawnshops per household in the state, possibly the country. Community organizers in the Bronx had spoken out about the closures since 2019. But they weren’t making headway with the banks, who claimed they lost money on those branches, or banking regulators, as both state and federal agencies claimed they lacked enforcement power to stop the closures. So those same organizers found a solution to address the problem themselves: a mobile banking branch, free to travel the 42-square-mile borough.

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