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By Eileen Auld, New York Tri-State Market Manager, Citi Community Development September 14, 2016 10:00 AM
About two years ago, Bob Annibale, Global Director of Citi Community Development, and I met with Nisha Agarwal, Commissioner of the New York City Mayor’s Office of Immigrant Affairs, to discuss an innovative idea to advance financial inclusion in America’s cities: Cities for Citizenship.
At the time, we were collaborating on a New York-focused program that connected eligible immigrants to naturalization resources through their public-school aged children. But we wanted to think even more broadly, because the stakes across the country are high.
There are almost 9 million immigrants eligible to naturalize today, more than half of whom are living on low incomes. But due to financial, legal and language barriers, they have not become citizens. Their situation is limiting economic opportunities not just for them but for their families and the cities where they live. Foreign-born residents who naturalize see up to an eleven percent boost in personal incomes due to access to better jobs, social benefits and educational opportunities. Naturalized citizens are also over four times more likely to have a bank account than non-citizens, providing them with financial security and the ability to more fully participate in the economy. The U.S. is missing out on billions of dollars in tax revenues and earnings due to this naturalization gap. For example, if all eligible immigrants naturalized in Los Angeles, tax revenues would increase by $364 million dollars.
By Brandee McHale, President of the Citi Foundation and Director of Corporate Citizenship, Citi September 13, 2016 05:00 PM
Service has the potential to transform communities and bring people from all walks of life together through a common purpose and a shared goal. This weekend, I saw that potential activated when a new class of ServiceWorks AmeriCorps VISTAs began their work in support of the economic progress of young people as the country remembered those we lost 15 years ago on September 11.
On Saturday, September 10 in New York City, Citi joined volunteer service champion General Stanley McChrystal to help kick off another year of ServiceWorks as part of the Citi Foundation’s Pathways to Progress initiative. General McChrystal administered the pledge of service to 72 ServiceWorks AmeriCorps VISTAs at the National Opportunity Summit, a convening focused on expanding economic opportunities for youth with an emphasis on making civic engagement opportunities more accessible.
ServiceWorks AmeriCorps VISTAs receive the pledge of service from General (Ret) Stanley McChrystal at Opportunity Nation’s National Opportunity Summit.
The VISTAs will dedicate one year of their lives to service by teaching young people across the nation the crucial workplace and leadership skills necessary to compete in this economy, while also working to connect them to their communities through service projects that address pressing issues, from homelessness and hunger to violence and bullying. Since launching ServiceWorks in 2014, 7,500 young people across the United States have been impacted by the program. Additionally, Citi employee volunteers have also supported ServiceWorks in a variety of roles, from participating in youth-led, AmeriCorps-VISTA-supervised service projects to more intensive mentoring and skills training sessions with youth participants.
By Ed Skyler, Executive Vice President for Public Affairs, Citi August 26, 2016 01:00 PM
Citi brought the excitement of Rio to life in NYC at Pier 26 (right across from our Global Headquarters at 388 Greenwich Street), with a free public event from August 5 -11. This event marked the Opening Ceremonies of the 2016 Rio Summer Olympic Games with the lighting of our own Olympic Cauldron by Head of Global Public Affairs Ed Skyler (pictured left). Team USA fans and Citi colleagues gathered along Hudson River Park for an opportunity to experience and share Olympic spirit with Brazilian cuisine and culture, creating their own Rio on the Hudson.
By Candi Wolff, Executive Vice President and Head of Global Government Affairs, Citi August 19, 2016 03:00 PM
Today, Consumer Financial Protection Bureau (CFPB) Director Richard Cordray announced the appointment of Will Howle, Citi President of U.S. Retail Banking, to the CFPB Consumer Advisory Board, a panel of consumer experts and industry leaders created to advise CFPB leadership on a broad range of consumer financial issues and emerging market trends.
By Kristin Solheim, Director, Global Government Affairs, Citi August 18, 2016 11:00 AM
In the midst of the thrilling tennis action on display at the 2016 Citi Open in Washington, D.C. this year, Citi hosted an exciting new event to benefit the Washington Tennis & Education Foundation (WTEF), the tournament’s non-profit owner and beneficiary.
Citi is proud to be the title sponsor of the Citi Open, which has provided Citi with a unique opportunity to give back to Washington, D.C. community for the last five years. We are proud to partner with the WTEF, an incredible organization that supports the DC community and has worked to improve the lives of underserved children in the nation’s capital through athletic and academic enrichment for more than 60 years.
By Candi Wolff, Executive Vice President and Head of Global Government Affairs, Citi August 04, 2016 12:30 PM
Last month marked the fifth summer that Citi served as the title sponsor of the Citi Open Tennis Tournament in Washington, D.C., which raises funding and awareness for the Washington Tennis & Education Foundation (WTEF), the tournament’s non-profit owner and beneficiary. Our sponsorship of this event provides us with a unique opportunity to show our support for a city and a community where we have maintained a strong presence for more than century.
The WTEF is a remarkable organization that has been improving the lives of underserved youth in Washington, D.C. for 60 years. As one of the few tournaments in the world operated by a non-profit organization, The Citi Open is a noteworthy example of how a corporation and a charitable group can work together towards the common goal of improving people’s lives.
By Ruth Christopherson, Senior Vice President, Citi Community Development and Citi Salutes, Retired Colonel, U.S. Air National Guard August 04, 2016 09:30 AM
At Citi, we’re working to respond to the complex challenges faced by military families, and to the unique needs of America’s uniformed men and women who are transitioning out of the military in large numbers. With almost every aspect of their lives up in the air -- securing a job, finding housing, and establishing financial plans -- many individuals and families struggle to prepare for the future.
Every service member’s journey is different. Some transition out after one enlistment, some retire after 20 years of service, while still others are National Guard Members or Reservists leaving a full time position to reenter the civilian workforce. These differences in experience can make it difficult for transitioning service members to locate the knowledge, tools and resources they need to become financially successful in the civilian world. I am familiar with this challenge firsthand.
By Jonathan Brereton, CEO, Accion Chicago July 29, 2016 10:30 AM
Nearly five years ago, the City of Chicago launched the Chicago Microlending Institute (CMI), a program established to train new lenders to make targeted loans to small businesses. For the first time, a city took action to directly invest in the creation of a more robust microfinance ecosystem that could deliver the financing needed by entrepreneurs to spur small business growth.
After estimating an unfulfilled demand for nearly $28 million in microloans annually -- a funding gap that threatened jobs and economic stability in already vulnerable areas – CMI’s goal was to increase the capital access needed for small businesses to create jobs in communities that needed them most: the low-and-moderate income and communities of color on the south and west sides of Chicago.
Since its establishment, more than 250 businesses have received loans from the CMI, for a total of $2.6 million, creating or preserving more than 1,000 jobs. Nearly 70 percent of those loans have gone to communities that have historically seen below- average lending activity. Just as importantly, more than 90 percent of those loans supported women and minority entrepreneurs.
July 26, 2016 10:00 AM
Jason Fedash, Director of Business Banking for Philadelphia and Washington, D.C.
Mindy Mercaldo, Managing Director, Market President, Central Southeast Division
Diana Meyer, Sr. Vice President, Metro Washington Marketplace Manager
Courtney Ward, Managing Director, Markets and Securities Services
Candi Wolff, EVP, Head of Global Government Affairs
The City Profiles series is dedicated to highlighting Citi’s history in some of our key markets around the world. We spoke to five Washington, D.C.-based leaders to get their perspectives on Citi’s ongoing involvement in the Greater Washington community.
What is your favorite milestone from Citi’s history in Washington, D.C., and how do we continue to enable progress in Greater Washington today?
Courtney: My favorite milestone is our 1976 financing of bonds for the Metropolitan Transit Authority – the Metro. Now, the Metro operates the second largest heavy rail transit system, sixth largest bus network and fifth largest paratransit service in the U.S.
Diana: In recent years the city of Washington, DC has made a concerted effort to be more inclusive – to be a city where everyone has the opportunity to contribute to and benefit from the local economy. Promoting entrepreneurship, especially in low-income neighborhoods and communities of color, is central to that objective. Citi Community Development has been front and center of these efforts and has built long standing relationships with the City and local community organizations to ensure that all entrepreneurs have access to the capital and assistance they need to start businesses and create jobs. For example, Citi has provided significant financial support and expertise to the Latino Economic Development Center (LEDC), which has made hundreds of loans to small and micro businesses in Greater Washington, creating new jobs in the communities that need them the most.
Mindy: In 2016, we opened a Citi Smart Banking branch at Dupont Circle. The branch is one of the first in the country to feature state-of-the art technologies like a digital merchandise wall and a workbench concept. Plus, the smart branch staff is equipped to deliver a more engaging experience to our clients.
Candi: I’m particularly proud of our support for the Washington Tennis & Education Foundation through our title sponsorship of the Citi Open tennis tournament. Every year in July, the WTEF hosts some of the top-ranked players in the world at the Citi Open. A portion of the proceeds from the Citi Open benefits WTEF’s education and tennis programs, which help underserved children and youth in the city. This year, Citi is also providing a new opportunity for the WTEF called “Citi Open Professional Development Day,” an event that will enable a group of WTEF children interested in the inner workings of the sports and entertainment industry to have an opportunity to shadow a series of professionals behind the scenes at the tournament.
By Ed Skyler, Executive Vice President for Global Public Affairs, Citi and Chairman of the Citi Foundation July 19, 2016 11:00 AM
The following blog post is part of the City Accelerator initiative, a collaboration between the Citi Foundation and Living Cities that aims to speed the adoption of innovative local government projects within and across cities that will have a significant impact on the lives of their residents, especially those with low incomes.
In a period of polarized national politics, citizens are increasingly looking to mayors to solve challenges and get things done. As a financial services institution focused on cities, Citi cares deeply about urban areas and we are proud of our efforts, through our Citi for Cities initiative along with Citi Foundation programming, to help cities manage their growth and thrive. We also know that the challenges facing cities are complex, and that it will take the input and best practices from the public, private and nonprofit sectors to successfully identify and implement innovative solutions.
For 18 months, the cities of Louisville, Nashville, and Philadelphia have been working to address some of their toughest challenges — from the impact of fires in abandoned buildings to low enrollment in taxpayer benefits to homelessness. While the issues are unique to each city, these cities have a common goal to provide quality services that are accessible to all of their citizens. Each city has collaborated with the City Accelerator to construct tailored strategies to approach their specific challenges. Along the way, they have also had an opportunity to share their obstacles and learnings so that these cities – and many others across the country – can benefit from the process.
Ahead of their final City Accelerator convening in Philadelphia in July, Nashville Mayor Megan Barry, Louisville Mayor Greg Fischer and Philadelphia Mayor Jim Kenney reflected on the changes underway in their cities, and how the initiative has helped their cities to lay the groundwork to ensure their cutting-edge efforts can be sustained.