BUSINESS briefs

“In a time when you can move money with a simple click of a button, it makes no sense that it can still take days for deposited funds to show up in Americans’ bank accounts,” said Van Hollen. “This bill will require banks to make cash deposits available immediately, so folks have access to their money in real-time, not on the banks’ time.”

Pressley said workers “deserve to access their hard-earned money in real time, not wait days to have their paychecks cleared.

“As we continue working to lower costs for families and implement the Fed’s real-time payments system, Congress must pass our bill so everyone can feel this relief without delay,” she said. WI

The Payments Modernization Act

U.S. Senators Chris Van Hollen (D-Md.) and Elizabeth Warren (D- and Reps. Ayanna Presley (D-Ma.) and Stephen Lynch (D-Ma.) have reintroduced the “Payments Modernization Act,” legislation to make Americans’ funds deposited in their bank accounts immediately available for withdrawal.

Presently, Americans lose billions of dollars each year in overdraft fees, driving consumers to turn to more costly financial products because of the country’s inefficient payment system. By updating the “Expedited Funds Availability Act,” and requiring financial institutions to recognize funds in real time, this bill will be the implementation of FedNow— the Federal Reserve’s real time payments system—by further improving American consumers’ access to their money.

Executive Leadership Council Defends Affirmative Action

The leaders of the District-based Executive Leadership Council (ELC) defended affirmative action in corporate America despite the recent negative ruling of the U.S. Supreme Court regarding the program. The ELC declaration comes as a letter was written by some Republican state attorneys general calling to company CEOs calling for them to disband their diversity, equity and inclusion (DEI) efforts.

The ELC letter was co-authored by the organization’s board chair, Gale V. King, CEO Michael Hyter and co-founders Milt Irvin and Jim Kaiser.

“As an organization that has worked over the past 37 years to help Corporate America navigate the challenges that come with dismantling the systemic issues that plague our society, the Executive Leadership Council believes that we are all better than the distractions and divisiveness of this moment,” said the letter sent to numerous CEOs. “We ask you to remain steadfast in your efforts and retain DEI initiatives within your organization.”

The letter said the high court’s action nixing affirmative action in higher education doesn’t apply to corporate affairs and encouraged

WABJ PARTNERS WITH D.C.’S BLACK DIGITAL GROUP

The Washington Association of Black Journalists (WABJ) announced recently that it entered into a strategic partnership with Black Digital Group, a District-based, certified Blackowned creative agency to revamp the organization’s digital strategy and marketing efforts.

“When searching for a marketing agency, it was imperative to find a company that supports our mission, shares our values and has a proven track record of building and amplifying Black excellence using modern-day digital platforms,” said WABJ President Khorri Atkinson.

“We look forward to Black Digital’s background and expertise as we serve our members, partners and supporters in the DMV.”

Black Digital is led by founder and CEO Mike Utaegbulam and has clients such as the Executive Leadership Council, Upwardly Mobile and Nationwide. Utaegbulam said he looks forward to working with WABJ in its programs and initiatives.

WI @JamesWrightJr10