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Celebrating Financial Literacy Month: Lendistry CEO Everett Sands Pioneers with Scientific Brilliance
NNPA NEWSWIRE — Lendistry CEO Everett K. Sands is motivated to do more than just get the word out; “One of the things that’s been part of my career is thinking about access to capital as skill and thinking about access to capital that for underserved communities. I think about it in three different ways. I think about it as Product, a process and a policy question, and those are the three things that I am typically working on.”
The post Celebrating Financial Literacy Month: Lendistry CEO Everett Sands Pioneers with Scientific Brilliance first appeared on BlackPressUSA.
By Kenneth Miller, Inglewood Today
“Bringing the gifts that my ancestors gave,
I am the dream and the hope of the slave.
I rise”—I Rise (last verse) Maya Angelou
Everett K. Sands, the Chief Executive Officer of Lendistry, life began as a small child with a brain that imagined a lot of what ifs.
What if his grandfather had the money to keep his tailor shop open? What if his parents did not start college at Howard University in Washington, DC when they were older?
And so, when a young Everett set off on a path to solve complicated financial puzzles that drive most people crazy, it tuned his competitive mind similar to the way a Michael Jordan or a LeBron James trained their body to become the greatest basketball players in history.
The wisdom he accumulated would lead this son of a doctor to earn a scholarship to a prestigious boarding school in the Washington DC area where he met the heir twin granddaughters of the Walmart Family, the richest family in America. The by chance meeting was enough for him to realize that he belonged.
His mother prayed for him to become a trailblazer and while he admitted that he does sometimes think about what causes him to think the way he does, he has not fully embraced pioneer status.
On Zoom, he sat isolated on a multicolored striped couch, wearing a purple polo with Lendistry stitched across his heart and a white Nike check on the left sleeve, expanding on how he became arguably one of the most impactful men in finance and lending for 58 minutes.
His laser eyes adjusted the computer for better concentration and his mind races to perfect his illustration of the next question.
Where does the foundation of Everett K. Sands begin?
“I don’t think there is a single thing. Like anybody else. We are all a series of events. The way I best describe it which is probably not perfect, but is what’s in my mind. I grew up as a kid with a lot of what ifs. I have parents that went to Howard, but they went late. They went to undergrad on time and went to graduate school kind of late. But you see your parents go late and you say oh that’s interesting, and then we drive past buildings and my mom would say that was your grandfather’s shop. The question is why isn’t it the shop now. And then you start to kind of just put the pieces together.”
He started to assemble the puzzle when he attended that boarding school and met really affluent people which also included the Walton granddaughters with whom he had a casual acquaintance.
They came to school in a limo, Sands did not show up in a limousine. When his friend asked if he knew who the twins were, he did not. He wasn’t poor, but certainly not as wealthy as his classmates. It didn’t take long for him to discover their grandfather is the founder of Walmart.
Sands got close enough to the twins to ask questions and discovered their grandfather got a loan for $30,000, but his grandfather did not gain access to capital and theirs did.
“I then started to put the pieces together. My parents went to school late because the money wasn’t there. We don’t have that building anymore because something happened with the business. Those moments and thoughts led me to ponder what if they had the access to capital?”
Sands contemplated what if he was there and what could he have done, his competitive juices flowing.
Lendistry, which he founded in 2015, is a byproduct of Sands looking at every business as if it was his grandfather’s, and it didn’t matter whether you were Black or white.
“I am a scientist by nature. I grew up Premed, my dad’s a doctor and so in science what you learn is A B testing. You learn how to look at a problem with multiple solutions because most scientist are trying to discover a cure for something, but I brought that into lending and that’s my process policy conversation,” he elaborated
Sands genius is a rare combination of renown scientist George Washington Carver and historical financier Maggie Lena Walker who was the first Black woman to establish and serve as president of a bank in the United States in 1903.
“I am a scientist and I am an individual who is extremely competitive and when you push all three of those together and you have me focus on underserved and undercapitalized communities that’s what you get. You get this guy that’s extremely determined to figure it out.” he said.
From the boarding school, Sands went on to University of Pennsylvania where he served as a board member for the Penn Institute for Urban Research and the Center for Strategic Economic Studies and Institutional Development.
While at Penn he met a mentor who tasked him to create a mortgage company. He was the person who did all of the research and did all of the things to figure it out. Although he and his mentor went their separate ways, Sands joined forces with a fraternity brother and the two of them developed one of the top 10 mortgage companies in America. Eventually, they earned a board seat on the first Black-owned bank in Maryland, Ideal Federal Savings.
That’s was at just 26-years of age and the two frat brothers have remained business partners since 1999.
The Ideal Federal Savings experience sparked something in him. He understood financing and subsequently sold the mortgage company and went to another Black bank as a leader.
“Those two experiences of sitting on the board of the bank are real life experiences that teach you things you don’t learn at Penn.”
By the time he went to Wells Fargo he was like an outlier because he could do almost everything.
“I ended up becoming the top one percent at Wells in terms of revenue and you name the stat from profitability which matters most to all of the other stuff.”
Although he was in the top one percent, he was just a token. Nonetheless what he managed to obtain levels of knowledge at Wells that he could not at the community bank.
The light bulb went on when he was introduced Corresponding banking which is the group that lends money to community banks.
He defined National Financial Literacy Month by merely prescribing solutions to the community it plagues.
“I think it means a couple of things. How do we think about deploying education and resources out to those who are looking to either expand their future, somewhat get a hold of their future and our lay the foundation,” he stated eloquently.
Sands is motivated to do more than just get the word out; “One of the things that’s been part of my career is thinking about access to capital as skill and thinking about access to capital that for underserved communities. I think about it in three different ways. I think about it as Product, a process and a policy question, and those are the three things that I am typically working on.”
When he thinks about financial literacy as a whole, process is the one that comes up.
“We’ve all said, hey… I wish would have learned more about credit in high school or how to balance my check book when I was a kid. I think where we have a challenge is we don’t always meet the user where they are at. The average kid is spending about two hours on Tic Toc right now, so are we creating a financial literacy that’s on Tic Toc? or, are we saying hey you should read this book? I am not saying there is anything wrong with reading, I am a reader, but I am also saying you have to have multiple ways to reach an audience and you have find ways to reach an audience where they are at.”
Sands admits that there are some structural issues, particularly legislatively, that seems to be stacked against Blacks and minorities.
“I think the first thing we need to look at is, have there been a higher number of Black politicians, and I think the answer to that question is yes. Are we, people on the ground helping them execute. At an eye level it’s about voting, but on a secondary level it’s about having conversations no different than if you were as going to address your neighborhood,” Sands added.
He educates politicians when he meets with them, and ask what the goal is from a legislative stand point and then he shares with them what’s happening from the street to bring about a resolution that benefits both the public servant and the community they serve.
Sands believes reason that Black communities suffer is because we are behind in the steps; “That doesn’t mean you don’t go through the evolution of the steps, that means you’re behind in the race, those are two separate things.”
The first step was to get our voices heard, then to elect officials who served our best interest and now, the responsibility of this generation is execution, which is what Lendistry did during the COVID pandemic.
“When it came time for the pandemic, we raised our hand and said let us be in the ball game of programming so that we could be the deployers of capital.”
That wasn’t easy because Lendistry had to assemble themselves very quickly and do all of the things the government required.
Lendistry became a one of the stars for the SBA during the pandemic, granting loans up to $10 million nationwide, and then because of determination and client focus, Lendistry lent upwards of $8 billion to more than half a million businesses across all 50 states.
Additionally, he was instrumental in the State of California non-profits receiving funding, the only state to do so.
Family is super important for Sands, most of them are here in Southern California but his mother is still in D.C.
“I work hard for them so that they don’t have to work as hard as I have to work,” he concluded.
Sands is very sensitive and protective of his family, especially his twin daughters.
“Like any parent I feel most helpless when they are sick or not feeling well.”
At his core he is a revolutionary teacher who has the uncanny ability to elucidate complicated financial widgets so the everyday consumer can comprehend.
Lendistry has mega clients as Amazon on its roster in addition to the myriad of banks and other financial institutions that relies on their services.
Everett K. Sands is a renaissance man, a revolutionary responsible for billions of dollars, also lives and futures of people like his grandfather.
Paving the way for perhaps another likeminded genius to evolve.
The post Celebrating Financial Literacy Month: Lendistry CEO Everett Sands Pioneers with Scientific Brilliance first appeared on BlackPressUSA.
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Reading and Moving: Great Ways to Help Children Grow
NNPA NEWSWIRE — In these formative years, your little one will learn to walk, learn how to grab and hold items, begin building their muscle strength, and more. Here are some ways to facilitate positive motor development at home:
Council for Professional Recognition
Before a child even steps into a classroom or childcare center, their first life lessons occur within the walls of their home. During their formative years, from birth to age five, children undergo significant cognitive, motor, and behavioral development. As their primary guides and first teachers, parents, and guardians play a pivotal role in fostering these crucial aspects of growth.
The Council for Professional Recognition, a nonprofit, is dedicated to supporting parents and families in navigating questions about childcare and education training. In keeping with its goal of meeting the growing need for qualified early childcare and education staff, the Council administers the Child Development Associate (CDA). The CDA program is designed to assess and credential early childhood education professionals. This work gives the Council great insights into child development.
Cognitive Development: Building the Foundation of Learning
Cognitive development lays the groundwork for a child’s ability to learn, think, reason, and solve problems.
- Read Together: One of the most powerful tools for cognitive development is reading. It introduces children to language, expands their vocabulary, and sparks imagination. Make reading a daily ritual by choosing age-appropriate books that capture their interest.
- Play Together: Play is a child’s entry to the physical, social, and affective worlds. It’s a critical and necessary tool in the positive cognitive development of young children and is directly linked to long-term academic success.
- Dance and Sing Together: These types of activities help young children develop spatial awareness and lead to improved communication skills. As a bonus, it’s also helpful for improving gross motor skills.
- Invite your Child to Help you in the Kitchen: It’s a fun activity to do together and helps establish a basic understanding of math and lifelong healthy eating practices.
- Encourage Questions: As children find their voice, they also find their curiosity for the world around them; persuade them to ask questions and then patiently provide answers.
Motor Development: Mastering Movement Skills
Motor development involves the refinement of both gross and fine motor skills, which are essential for physical coordination and independence. In these formative years, your little one will learn to walk, learn how to grab and hold items, begin building their muscle strength, and more. Here are some ways to facilitate positive motor development at home:
- Tummy Time: Starting from infancy, incorporate daily tummy time sessions to strengthen neck and upper body muscles, promoting eventual crawling and walking. You can elevate the tummy time experience by:
- Giving children lots of open-ended toys to explore like nesting bowls, a pail and shovel, building blocks, wooden animals, and people figures.
- Hanging artwork on the wall that appeals to infants, including bold colors, clear designs, and art from various cultures.
- Providing mobiles that children can move safely and observe shapes and colors.
- Outdoor Play: Provide opportunities for outdoor play, whether it’s at a park, playground, or in a backyard. Activities such as running, jumping, climbing, and swinging enhance gross motor skills while allowing children to connect with nature. Also, try gardening together! Not only does gardening promote motor skill development, but it offers many other benefits for young children including stress management, cognitive and emotional development, sensory development, and increased interest in math, sciences, and healthy eating.
- Fine Motor Activities: Fine motor skills relate to movement of the hands and upper body, as well as vision. Activities that encourage hand-eye coordination and fine motor skill development include:
- Drawing and coloring
- Doing puzzles, with size and piece amounts dependent on the age of the child
- Dropping items or threading age-appropriate beads on strings
- Stacking toys
- Shaking maracas
- Using age-appropriate, blunt scissors
- Playing with puppets or playdough
This is the type of knowledge that early childhood educators who’ve earned a Child Development Associate credential exhibit as they foster the social, emotional, physical, and cognitive growth of young children.
Supporting Early Childhood Educators
Recently, a decision in Delaware has helped early childhood professionals further their efforts to apply this type of knowledge. Delaware State University, Delaware Technical Community College, and Wilmington University have signed agreements to award 12 credits for current and incoming students who hold the Child Development Associate credential.
Delaware Governor John Carney said, “I applaud the Department of Education and our higher education partners for this agreement, which will support our early childhood educators. Research shows how important early childhood education is to a child’s future success. This new agreement will help individuals earn their degrees and more quickly get into classrooms to do the important work of teaching our youngest learners in Delaware.”
Council for Professional Recognition CEO Calvin E. Moore, Jr., said his organization is honored to be a part of this partnership.
“Delaware and the work of these institutions is a model that other states should look to. This initiative strengthens the early childhood education workforce by accelerating the graduation of more credentialed educators, addressing the critical need for qualified educators in early childhood education. We have already seen the impact the work of the Early Childhood Innovation Center has brought to the children of Delaware.”
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Student Loan Debt Drops $10 Billion Due to Biden Administration Forgiveness
NNPA NEWSWIRE — The Center for American Progress estimates the interest waiver provisions would deliver relief to roughly 6 million Black borrowers, or 23 percent of the estimated number of borrowers receiving relief, as well as 4 million Hispanic or Latino borrowers (16 percent) and 13.5 million white borrowers (53 percent).
New Education Department Rules hold hope for 30 million more borrowers
By Charlene Crowell, The Center for Responsible Lending
As consumers struggle to cope with mounting debt, a new economic report from the Federal Reserve Bank of New York includes an unprecedented glimmer of hope. Although debt for mortgages, credit cards, auto loans and more increased by billions of dollars in the second quarter of 2024, student loan debt decreased by $10 billion.
According to the New York Fed, borrowers ages 40-49 and ages 18-29 benefitted the most from the reduction in student loan debt.
In a separate and recent independent finding, 57 percent of Black Americans hold more than $25,000 in student loan debt compared to 47 percent of Americans overall, according to The Motley Fool’s analysis of student debt by geography, age and race. Black women have an average of $41,466 in undergraduate student loan debt one year after graduation, more than any other group and $10,000 more than men.
This same analysis found that Washington, DC residents carried the highest average federal student loan debt balance, with $54,146 outstanding per borrower. Americans holding high levels of student debt lived in many of the nation’s most populous states – including California, Texas, and Florida.
The Fed’s recent finding may be connected to actions taken by the Biden administration to rein in unsustainable debt held by people who sought higher education as a way to secure a better quality of life. This decline is even more noteworthy in light of a series of legal roadblocks to loan forgiveness. In response to these legal challenges, the Education Department on August 1 began emailing all borrowers of an approaching August 30 deadline to contact their loan servicer to decline future financial relief. Borrowers preferring to be considered for future relief proposed by pending departmental regulations should not respond.
If approved as drafted, the new rules would benefit over 30 million borrowers, including those who have already been approved for debt cancellation over the past three years.
“These latest steps will mark the next milestone in our efforts to help millions of borrowers who’ve been buried under a mountain of student loan interest, or who took on debt to pay for college programs that left them worse off financially, those who have been paying their loans for twenty or more years, and many others,” said U.S. Secretary of Education Miguel Cardona.
The draft rules would benefit borrowers with either partial or full forgiveness in the following categories:
- Borrowers who owe more now than they did at the start of repayment. This category is expected to largely benefit nearly 23 million borrowers, the majority of whom are Pell Grant recipients.
- Borrowers who have been in repayment for decades. Borrowers of both undergraduate and graduate loans who began repayment on or before July 1, 2000 would qualify for relief in this category.
- Borrowers who are otherwise eligible for loan forgiveness but have not yet applied. If a borrower hasn’t successfully enrolled in an income-driven repayment (IDR) plan but would be eligible for immediate forgiveness, they would be eligible for relief. Borrowers who would be eligible for closed school discharge or other types of forgiveness opportunities but haven’t successfully applied would also be eligible for this relief.
- Borrowers who enrolled in low-financial value programs. If a borrower attended an institution that failed to provide sufficient financial value, or that failed one of the Department’s accountability standards for institutions, those borrowers would also be eligible for debt relief.
Most importantly, if the rules become approved as drafted, no related application or actions would be required from eligible borrowers — so long as they did not opt out of the relief by the August 30 deadline.
“The regulations would deliver on unfulfilled promises made by the federal government to student loan borrowers over decades and offer remedies for a dysfunctional system that has often created a financial burden, rather than economic mobility, for student borrowers pursuing a better future,” stated the Center for American Progress in an August 7 web article. “Meanwhile, the Biden-Harris administration also introduced income limits and caps on relief to ensure the borrowers who can afford to pay the full amount of their debts do so.”
“The Center for American Progress estimates the interest waiver provisions would deliver relief to roughly 6 million Black borrowers, or 23 percent of the estimated number of borrowers receiving relief, as well as 4 million Hispanic or Latino borrowers (16 percent) and 13.5 million white borrowers (53 percent).”
These pending regulations would further expand the $168.5 billion in financial relief that the Biden Administration has already provided to borrowers:
- $69.2 billion for 946,000 borrowers through fixes to Public Service Loan Forgiveness (PSLF).
- $51 billion for more than 1 million borrowers through administrative adjustments to IDR payment counts. These adjustments have brought borrowers closer to forgiveness and addressed longstanding concerns with the misuse of forbearance by loan servicers.
- $28.7 billion for more than 1.6 million borrowers who were cheated by their schools, saw their institutions precipitously close, or are covered by related court settlements.
- $14.1 billion for more than 548,000 borrowers with a total and permanent disability.
- $5.5 billion for 414,000 borrowers through the SAVE Plan.
More information for borrowers about this debt relief is available at StudentAid.gov/debt-relief.
Charlene Crowell is a senior fellow with the Center for Responsible Lending. She can be reached at Charlene.crowell@responsiblelending.org.
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Congressional Black Caucus Releases Groundbreaking Corporate Accountability Report on DEI
NNPA NEWSWIRE — Most Fortune 500 companies participating in the CBC’s survey demonstrated their commitment to DEI even after the Supreme Court’s ruling. CBC members said this is crucial because conservative organizations, such as Stephen Miller-led America First Legal, are increasingly waging legal and political attacks against corporations’ diversity initiatives. These groups argue that DEI initiatives violate federal law, threatening legal action against companies that continue to promote workplace diversity.
By Stacy M. Brown, NNPA Newswire Senior National Correspondent
@StacyBrownMedia
Congressional Black Caucus (CBC) Chairman Steven Horsford (NV-04) and CBC members have released a first-of-its-kind report titled “What Good Looks Like: A Corporate Accountability Report on Diversity, Equity, and Inclusion.” The report aims to hold Fortune 500 companies accountable for their commitments to diversity, equity, and inclusion (DEI) in the wake of George Floyd’s murder and the racial justice movement that followed. This initiative comes as corporate America faces renewed scrutiny following the Supreme Court’s decision to overturn affirmative action in the Students for Fair Admissions v. Harvard case.
The CBC’s report highlights which corporations are making tangible progress in advancing DEI and offers a roadmap for other companies to follow. Despite efforts from right-wing groups to dismantle diversity initiatives, the report finds that many Fortune 500 companies are standing firm in their commitments. The report also examines DEI practices in manufacturing, finance, insurance, and technology sectors, providing industry-specific insights.
Most Fortune 500 companies participating in the CBC’s survey demonstrated their commitment to DEI even after the Supreme Court’s ruling. CBC members said this is crucial because conservative organizations, such as Stephen Miller-led America First Legal, are increasingly waging legal and political attacks against corporations’ diversity initiatives. These groups argue that DEI initiatives violate federal law, threatening legal action against companies that continue to promote workplace diversity.
The Findings
The CBC’s report offers a detailed analysis of diversity efforts across various industries, using data from the Global Industry Classification Standard (GICS) and the North American Industry Classification System (NAICS). Key findings include:
- Sector Representation: The bulk of the responses came from companies in manufacturing (31%), finance and insurance (25%), and information (16%).
- Best Practices: The report identifies 12 best practices, including leadership accountability, data disaggregation, talent retention, and pay equity. These examples provide a model for other companies to implement DEI strategies effectively.
- Progress and Challenges: While many companies have made significant strides, persistent gaps remain, particularly in leadership diversity and retention rates. The report encourages corporations to move beyond public statements and implement measurable DEI outcomes.
The CBC hopes the report will serve as a tool for corporations to benchmark their progress and adopt more robust DEI measures. “What Good Looks Like” outlines not only where companies are succeeding but also where opportunities for improvement lie, urging corporate leaders to align their actions with their stated DEI values.
Conservative Backlash and the Fight for DEI
Officials said the CBC’s efforts to hold corporations accountable come amid heightened political tensions. Since the Supreme Court’s ruling, Donald Trump and his supporters have escalated their attacks on DEI programs. Right-wing legal campaigns have targeted not only corporate diversity efforts but also federal programs aimed at leveling the playing field for Black and minority-owned businesses.
Conservative attorneys general from over a dozen states have warned Fortune 500 companies, threatening legal action over their diversity programs. Additionally, anti-DEI bills have been introduced in more than 30 states, aiming to restrict diversity efforts in college admissions and the workplace.
Despite the attacks, the CBC said it remains steadfast in its commitment to advancing racial and economic equity. In December 2023, the CBC sent Fortune 500 companies an accountability letter urging them to uphold their DEI commitments in the face of political pressure, which catalyzed the report.
Corporate America’s response has been overwhelmingly positive. Since the CBC’s letter, companies have held over 50 meetings with CBC representatives, affirming their dedication to diversity. The CBC has also convened discussions with industry trade associations and hosted a briefing with more than 300 Fortune 500 company representatives to strengthen collaboration on DEI efforts.
Moving Forward
The CBC’s report is not just a reflection on past efforts but a call to action for the future. It highlights the importance of cross-industry learning, encouraging companies to share best practices and build upon one another’s successes. The CBC also recommends that corporations adopt consistent performance metrics to track progress and foster accountability.
Looking ahead, the CBC plans to push for more economic opportunities for Black Americans, focusing on closing the racial wealth gap. Horsford emphasized that DEI is not only a moral imperative but also an economic one. Research from McKinsey & Company shows that racially diverse companies outperform their peers by 39% in profitability, further underscoring the business case for diversity.
The CBC’s report offers a roadmap for companies committed to fostering a more inclusive and equitable future despite political and legal challenges.
“Following the murder of George Floyd on May 25, 2020, we witnessed a nationwide response calling for long-overdue justice and accountability,” Horsford wrote in the report. “Millions of Americans flooded the streets in protest to advocate for an end to the cycles of violence against Black Americans that are perpetuated by systemic racism ingrained deeply in the United States.
“Now, in order to move forward and achieve the goals of these commitments, we must evaluate where we are and stay the course. We cannot allow a handful of right-wing agitators to bully corporations away from their promises.”
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