By Tashi McQueen
AFRO Staff Writer
tmcqueen@afro.com
In honor of National Economic Education Month, the Maryland Bankers Association, in partnership with Coppin State University’s (CSU) Center for Strategic Entrepreneurship, hosted a Community Conversation on Credit Equity on Oct. 24 at CSU.
The event brought together leaders from banking, education, nonprofits and government to discuss ways to ensure all Marylanders have access to economic opportunities and can improve their financial capabilities. The program was inspired by an AFRO article about the importance of credit education in Baltimore and reports highlighting the impact of poor financial literacy on Marylanders.
“Credit is not just about borrowing, it’s about creating a track record of trust, unlocking opportunities for homeownership, education and entrepreneurship and shaping a future where your financial goals become achievable realities,” said Tisha Edwards, president and CEO of the Maryland Bankers Association. “A report released by the Federal Reserve of St. Louis last month highlighted that 12.7 million Americans do not have a credit score. This is a staggering statistic given that utilizing credit wisely is a powerful tool for building financial freedom.”
“Opportunity Insights, a Harvard-based research group, released a report in July highlighting not only gaps in credit score by race and parental income, but by location,” she added. “Baltimore has the lowest average credit score among the top most populated counties in America.”
Sponsored by the Annie E. Casey Foundation, the event featured a moderated panel and roundtable discussion on financial literacy’s role in the workforce and community growth. Panelists also discussed collaborative solutions for Maryland’s economic future.
“Financial literacy is key, and it doesn’t start with the young folks, it starts with the older folks,” said Mwaura Muroki, vice president of commercial lending at the Harbor Bank of Maryland. “It starts with grandmother, mother, father and trickles down. Everything that you do matters. Every decision you make with your name and your Social Security number on it matters. It’s going to stay with you.”
Elisa Robin, co-founder and CEO of Diamonds on the Rise, emphasized a trauma-informed approach to credit education.
“Both community organizations and financial institutions have to create a trauma-informed approach,” said Robin. “A lot of individuals often feel embarrassed about their credit, their debt and how they are going to take care of their families. We really need to create safe spaces for people to have these open conversations.”
Robin added that collaboration between financial institutions and local nonprofits can help support individuals who may not qualify for traditional banking. Joel Gamble, community manager for JP Morgan Chase, echoed that point, saying more bank branches in Black communities are needed to off-set the many check-cashing locations.
Looking ahead, Karen Zuccardi, ecosystem director for the Maryland Technology Development Corp. (TEDCO), said she hopes everyone will have access to opportunity, no matter where they come from.
Several Coppin State students attended, including sophomore accounting major Tatyana Pankey of West Baltimore.
“It was a great opportunity for the students of Coppin,” said Pankey. “It was empowering.”
Pankey said she hopes there will be more events like this in the future, open to those who need financial education the most and held in accessible locations. She also plans to share what she learned about better credit habits with her mother.
Edwards left students with a word of encouragement.
“You have to understand your value, and you have to be able to talk openly and freely and unapologetically about wealth creation. You came here to experience intellectual freedom and financial freedom.”