In October, Woodstock Institute co-hosted a leaders’ forum with Illinois State Senator Christopher Belt, Capital One, Community Organizing & Family Issues, Parents United for Change and United Congregations of Metro East in East St. Louis, Illinois. The event brought together a diverse group of community leaders, policymakers, consumer advocates and Capital One representatives to discuss ways to address pressing banking and community needs in Metro East.
Research Findings Set the Stage: Woodstock Institute provided handouts detailing the decline of bank branches in Metro East from 2019 to 2022 and the ongoing disparities in small business loans for communities of color and lower income areas. These findings were crucial in framing the conversation and remain central to Woodstock’s advocacy for economic justice. [View the handouts here.]
Commitment to Accessible Financial Services: Capital One representatives highlighted the importance of accessible and easy-to-use financial services for underbanked communities, educating attendees on current offerings like its flagship checking product, which is fully “Bank On” certified with no overdraft fees or minimum balance requirements, and “Add Cash in Store,” which allows Capital One customers to add cash to an account at local CVS and Walgreens locations—something many attendees hadn’t previously known was an option.
Capital One’s commitment to financial inclusion and economic opportunity is the driving force behind the $265 billion community benefits plan it developed in partnership with Woodstock Institute and other leading community groups as part of its proposed acquisition of Discover Financial Services. The Plan, which is contingent on regulatory approval of Capital One’s acquisition of Discover, would bring new investments in community development financing, small business lending, and enhanced access to banking products and services as well as increased philanthropy and pro bono assistance to communities like Metro East.
Creating Space to Share Ideas and Work Together: The takeaway from the discussion was clear: the more a community’s critical needs are supported—including access to financial services—the more it can grow. Dialogue and direct engagement with local leaders are essential to building trust and understanding which, in turn, facilitate the delivery of community services and support.
Woodstock Institute remains committed to driving progress in these areas and looks forward to hosting future events that continue to advance our mission of economic justice and racial equity within financial systems.
Stay tuned for more updates and upcoming events!
