Filed Under:Life Insurance, Life Planning Strategies

Urban League chief calls for 'game-changing' financial literacy solutions

National Urban League President Marc Morial with former CNN anchor Maria de la Soledad Teresa O'Brien at the Prudential Financial luncheon on Tuesday
National Urban League President Marc Morial with former CNN anchor Maria de la Soledad Teresa O'Brien at the Prudential Financial luncheon on Tuesday

Information and communications technologies could prove to be “game-changers” in transforming the level of financial literacy and personal savings in the African-African community, according to the National Urban League president.

Marc Morial, who heads the 102-year-old civil rights organization, offered this view as part of a wide-ranging talk at a luncheon in New York City on Tuesday hosted by Prudential Financial. Moderated by Maria de la Soledad Teresa O'Brien, a former CNN anchor and special correspondent, the luncheon presentation explored the economic opportunities and challenges facing African-Americans and other minorities, particularly those in underserved communities.

Turning to higher education, Morial urged adoption of programs that might lesson the financial burden on students pursuing a university degree. Among them: initiatives to reduce interest rates on student loans or restructure debt obligations.

When questioned about what can be done to promote African-American-owned small businesses that are starved for capital—many minority-run community banks that serve small business have closed or restricted lending since the recession—Morial said that capital reserve requirements imposed on large financial institutions should not be applied to community banks.

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Nichole Morford

Nichole Morford
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