How The Change Company Is Working to Bridge the Racial Wealth Gap: An Inside Look with B.C. Silver

“When you hear “It’s Time For Change” or any news from us, we want you to be as excited as we are… because we’re not playing any games. We’re here to create lasting Change, right now!” -B.C. Silver-

B.C. Silver is the Chief Executive Officer of ChangeFi, President of Digital Banking, and Fintech Executive, and advocates for equal access to financial opportunity. ChangeFi is one of five businesses within The Change Company, a designated Community Development Financial Institution (CDFI). In his role with The Change Company, B.C. leverages his drive for equity and social justice to lead a business that offers banking services to communities with historically limited access to financial resources.

In an interview with B.C. Silver, we dive into The Change Company and ChangeFi, offering an inside look at how he is working with the company to bridge the racial wealth gap. They are making massive efforts to close this wealth gap and empower Black, Latino, and underserved communities. Of U.S. households, 18.7 percent (24.2 million) were underbanked, meaning that the household had a checking or savings account, but also obtained financial products and services outside of the banking system.

How and when, was The Change Company founded?
“The Change Company (formally known as The Capital Corps) was founded in 2017 as a California-based Community Development Financial Institution (CDFI) focused on providing access to capital to diverse homeowners and small businesses, including those with non-traditional prime credit needs currently unserved by banks and traditional financial institutions. I’m honored and proud to be a part of a company that is dedicated to disrupting banking and lending by helping Black, Latino, and additional overlooked families and business owners.”

What is the leading initiative for The Change Company right now?
“The leading initiative for the Change Company is to bring racial and social equity to Black, Latino, and additional overlooked communities by promoting homeownership through traditional and non-traditional loan products. We recently launched the Black Homeownership Initiative in partnership with Netflix. Our partners at Netflix donated $10M towards Black Homeownership. As an organization, The Change Company is committed to contributing a total of $2 Billion to help drive Black Homeownership. We’re also developing additional financial solutions to help our customers on their path to financial freedom.”

The Change Company has seen a major expansion in leadership in 2020 and 2021 with the joining of key figures such as Mayor Antonio Villaraigosa and Chris Gardner (Board of Directors), and B.C. Silver (President of Digital Banking and CEO of ChangeFi). What are the core values of The Change Company that are attracting such esteemed leaders to join the company?
“When we think about diversity, we don’t just think of our customers. Our leadership team is as diverse as the individuals and families that we serve. I’m proud to be on a team that values gender and racial diversity throughout the entire organization. The leadership team reflects the commitment, passion, and diligence in serving Black, Latino, and overlooked communities. This quality resonates throughout The Change Company and in the lives, careers, and dedication of our leadership team.”

How is The Change Company helping minority communities build generational wealth?
“A key focus in helping our communities build generational wealth is through homeownership. We have originated over 20,000 home loans; these loans help increase and create generational wealth through homeownership. The Change Company is committed to contributing a total $2 Billion to help drive Black Homeownership. We’re also planning on developing additional financial solutions to help consumers on their path to financial freedom.”

What types of lending opportunities does The Change Company currently offer?
“The Change Company empowers our members throughout their financial journey with Change Home Loans that makes the dream of homeownership possible through traditional and non-traditional mortgage products. Change Lending offers small business, renovation, and real estate investor loans to help expand minority business ownership in America. The Change Company also empowers ChangeFi, our mobile banking product built for Black, Latino, and additional overlooked Americans. We are currently finalizing a new lending feature that will disrupt the PayDay loan industry, and only be available to our ChangeFi members.”

What are the future goals for The Change Company as it expands into 2022 and beyond? Where do we see the company’s evolution over the next 2-3 years?
“The future goals for The Change Company as it expands into 2022 and beyond include our continued mission to bring social and racial equality to the Black, Latino, and overlooked communities through the continued efforts to offer best-in-class services to our customers and the continued expansion of financial products.”

What prompted The Change Company to bring ChangeFi to market?
“The Change Company believes in financial inclusion and offering exemplary services to our customers. So expanding our portfolio with a digital-first banking platform that levels the playing field for Black, Latino, and other overlooked communities by bringing social and racial equity to banking while also providing best-in-class product features was a natural extension of our mission.”

How is ChangeFi different from other banks? What, if any, novelty features do we have that other institutions do not?
“ChangeFi is different in our drive and passion to reshape the financial landscape and truly increase the wealth in the Black and Latino communities. ChangeFi makes sure that more of your money stays in your account so that you can spend it on what matters most. We also take pride in bringing equal access to banking not only for our customers but also through our diverse leadership and social good efforts.”

What banking features does ChangeFi currently offer?
“ChangeFi banking products are varied and are constantly evolving to meet our customers’ needs. Some of our offerings include: No Monthly Fees, Early Direct Deposit, 38,000 Fee Free ATMs, and additional financial services for obtaining a home loan and/or small business loan.”

What are some of the ways ChangeFi is addressing the specific needs of women in banking?
“There are many women; single or married who lead their household financially and desire more for themselves and for their family. The Change Company offers various financial services to assist in helping women meet their financial goals whether it’s their dream home through Change Home Loan or a small business owner seeking financing for their first business venture through Change Lending, we’re here to help.

“From an organizational standpoint, we also empower women working in banking. I’m proud to say that my team is majority female including several female executives. As a girl dad, gender equality is something I take very seriously. I’m honored to work for an organization that embraces diversity in the workplace which is highlighted in our Senior Executive leadership as well as within our Board of Directors.”

How important is female leadership within both companies, The Change Company and ChangeFi? What are some of the female executive roles?
“The Change Company and ChangeFi believe in inclusivity, diversity, and equality in all levels. This definitely translates in our company culture and having female leadership is critical to our success. Female leadership on the Company and Community Boards and Executive level is pervasive throughout The Change Company and ChangeFi. Our female leaders help drive our business and are extremely talented individuals.”

Based on research data provided by, consumers are searching for large legacy institutions (BofA, Chase, CitiBank) roughly half as frequently as they did back in 2011-2013. Research is showing that Neobanks are on the rise, while legacy banks are on the decline. Why do we believe that is?
“Neobanks and specifically ChangeFi have a nimble and fluid infrastructure that offers first-in-class innovative services to our customers with attractive products and low fees. Acquisition and operating costs are much lower than a traditional bank which allows us to pass these savings onto our members.”

What would you say is ChangeFi’s niche and what kind of user/customer experience are people to expect from the company?
“ChangeFi is unique because we don’t just provide banking solutions, we provide opportunities in hopes to help transform the financial future of our members. A major differentiator is that we promote homeownership through our mortgage loan services, which is a generational wealth builder for the Black and Latino community.”

B.C. also founded GRIND Finance, a debit card and mobile banking company providing accessible banking solutions to the Black community. He previously served as President and CMO of RushCard, Vice President of Green Dot Corporation, and currently serves on the Board of Directors for Rent-A-Center. In addition to his remarkable dedication to the cause of financial empowerment, B.C. has decades of experience leading innovative marketing and sales strategies at Procter & Gamble, Clorox Company, and Mars. Considered to be an agent of change, B.C.’s work is committed to creating opportunities for the underserved.

Contact Info:
Name: Blake Brooks
Email: Send Email
Organization: The Change Company

Release ID: 89014702