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Gusto Joins NCRC’s Innovation Council for Financial Inclusion

Gusto is the seventh tech company to join the NCRC Innovation Council since its inception in 2019.

Gusto, an all in one payroll and HR platform, has joined the National Community Reinvestment Coalition’s (NCRC) Innovation Council for Financial Inclusion. The Innovation Council is a forum to create collective action between the financial technology community and grassroot community leaders to advance financial inclusion and opportunities for low-wealth households and people of color.

Financial inclusion is centered around the premise that all people should have access to safe and affordable financial products, irrespective of whether they belong to traditionally underserved or underrepresented communities. This is particularly important given the growth of financial innovations and the ever-changing financial landscape. 

 “We’re honored to join NCRC’s Innovation Council for Financial Inclusion to eliminate predatory banking practices and put people on a path to better financial health, together,” said Alyssa Harvey Dawson, Gusto’s Chief Legal Officer. “At Gusto, we’re driven by the mission that work should empower a better and more prosperous life–for all. Creating products that are inclusive is core to our ability to do that. We look forward to collaborating with other council members to advance our shared goals of financial inclusion and health.”

“We are pleased to have Gusto join the fintech leaders on the council who are committed to ensuring their services are safe for consumers and that they don’t intentionally or implicitly discriminate against underserved or underrepresented communities,” said Jesse Van Tol, President and CEO of NCRC. “Cross sector collaboration is essential to addressing gaps in the financial marketplace.”

Council members exchange ideas, strategies and information on a variety of topics, including artificial intelligence, machine learning and data privacy. 

Most recently, Innovation Council members drafted a joint statement for guidance on the implementation of disparate impact rules under the Equal Credit Opportunity Act (ECOA). Council members found a shared interest in encouraging a fair lending regulatory framework to address the risk of digital discrimination, while also promoting technology and data innovation that has the potential to increase financial inclusion and lower prices for consumers.

Other members of the NCRC Innovation Council include: Affirm, Lending Club, Oportun, PayPal, Square and Varo Bank. 

For more information about the Innovation Council, contact Sabrina Terry at STerry@ncrc.org. For press inquiries, please reach out to Alyssa Wiltse at AWiltse@ncrc.org.

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About NCRC

The National Community Reinvestment Coalition and its grassroots member organizations create opportunities for people to build wealth. We work with community leaders, policymakers and financial institutions to champion fairness in banking, housing and business. NCRC was formed in 1990 by national, regional and local organizations to increase the flow of private capital into traditionally underserved communities. NCRC has grown into an association of more than 600 community-based organizations in 42 states that promote access to basic banking services, affordable housing, entrepreneurship, job creation and vibrant communities for America’s working families. More: www.ncrc.org

About Gusto

Gusto is a modern, online people platform that helps small and medium-sized businesses take care of their teams. In addition to full-service payroll, Gusto offers health insurance, 401(k)s, expert HR, employee self-onboarding, and team management tools. The company serves more than 200,000 businesses nationwide and has offices in Denver, New York City, and San Francisco.

Media Contacts:

NCRC

Alyssa Wiltse
202-393-8309
awiltse@ncrc.org

Gusto

Kelly Boytnon
kelly.boynton@gusto.com 

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Redlining and Neighborhood Health

Before the pandemic devastated minority communities, banks and government officials starved them of capital.

Lower-income and minority neighborhoods that were intentionally cut off from lending and investment decades ago today suffer not only from reduced wealth and greater poverty, but from lower life expectancy and higher prevalence of chronic diseases that are risk factors for poor outcomes from COVID-19, a new study shows.

The new study, from the National Community Reinvestment Coalition (NCRC) with researchers from the University of Wisconsin–Milwaukee Joseph J. Zilber School of Public Health and the University of Richmond’s Digital Scholarship Lab, compared 1930’s maps of government-sanctioned lending discrimination zones with current census and public health data.

Table of Content

  • Executive Summary
  • Introduction
  • Redlining, the HOLC Maps and Segregation
  • Segregation, Public Health and COVID-19
  • Methods
  • Results
  • Discussion
  • Conclusion and Policy Recommendations
  • Citations
  • Appendix

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