ABC conference: Greenlining a necessary tactic to mitigate ‘pandemic of inequities’

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Simeon Banister knows that a person’s zip code can have a direct impact on one’s opportunities.

“Where you live, your background, your race, are all determinants of your ultimate outcomes in life,” said Banister, executive vice president of Rochester Area Community Foundation and leader of the North Star Coalition initiative.

Banister gave the opening keynote speech at Action for a Better Community’s virtual signature conference series entitled “Economic Justice for an Inclusive Recovery,” which began on Jan. 13. The series continued and concluded on Jan. 20.

The event addressed the laws and policies needed to repair the historical injustices done by racism, redlining and other forms of economic marginalization.

For the event, ABC convened New York state lawmakers, local legislators, leaders from the health care and human service industries, business and industry leaders and representatives from the financial sector to determine the best ways to enable equity and justice for all on the way to a new normal.

At the event, Rochester City Mayor Malik Evans spoke of the importance of equity in the city’s recovery efforts, while Monroe County Executive Adam Bello said the community is not only grappling with COVID-19, but a pandemic of inequities, as well.

In his keynote, Banister spoke about what an inclusive and equitable recovery means, highlighting the need for greenlining in the city.

Greenlining is the business practice of investing energy, products and services in low-income, minority and disabled communities to increase profits and expand the economic pie.

Banister said greenlining could help provide economic opportunities directly into communities of color.

He referred to the standards for equitable community investment from the Greenlining Institute as a resource. The standards include, emphasizing race conscious solutions, prioritizing multi-sector approaches, being community driven and establishing paths toward wealth building.

“The income disparities existing are undermining our growth,” Banister said, but noted that they can be overcome. “The challenges can be changed, affected and confronted.”

Greenlining was among the topics addressed by a panel of local banking executives at the event.

The panel consisted of: Dan Burns, M&T Bank regional president; Marty Birmingham, president and CEO of Financial Institutions Inc. and Five Star Bank; Faheem Masood, president and CEO of ESL Federal Credit Union; and Phil Muscato, Rochester market president and commercial sales leader at KeyBank.

Each spoke of several products and programs their financial institutions offer for those who are interested in home ownership, including minorities and low-to-middle income individuals.

Muscato said information on such programs and products is easily accessible, noting information can be found on a financial institution’s websites, at individual branches and through word of mouth.

Birmingham agreed, noting that Five Star also works with several area nonprofits that reach a broad community about Five Star’s resources.

Burns said closing the racial wealth gap starts with education.

“Education leads to workforce, which leads to housing,” he said, adding Rochester has the resources in place to move forward. “We are well positioned to create what could be one of the best greenlining communities in the country.”

Masood said housing is fundamental to wealth creation, dignity, safety and confidence.

He added that the credit union’s relationship with the customer should be ongoing, with the financial institution acting as an educational resource for homeowners — especially first-time homebuyers — to ensure homes are appreciating in value and building equity.

The banking leaders also spoke of the importance of internal education at their financial institutions to foster a culture of inclusivity.

Masood said ESL focuses on seven areas when it comes to inclusivity, from hiring practices to philanthropic endeavors, adding that the efforts need to be on-going.

“It can’t be a ‘one and done,’” he said. “We’re all in this for the long haul.”

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