Bank Merger Will Provide Opportunities for Working Class Families and Entrepreneurs

It is critical that we protect the next generation’s ability to achieve financial freedom and stability, and young people of color are far too often left out of this conversation. As someone who has served on the Hamden Board of Education and campaigned to uplift every community in Hamden, I see Capital One’s proposed $265 billion Community Benefits Plan (CBP) as a major step toward achieving economic and social equity, especially for communities often left behind by traditional banking.

The $200 billion in lending that Capital One has pledged for low- and moderate-income (LMI) communities could be a game-changer for young people, families, and small business owners. For Hamden’s small businesses—particularly those owned by Black and Latino entrepreneurs—access to fair lending isn’t just about starting up; it’s about staying competitive, hiring more locally, and bringing resources back into our communities. This is significant– it’s an investment in people who have historically been excluded from such opportunities, and it’s a commitment to fostering real and sustainable economic growth.

Equally vital is the plan’s $15 billion allocation for small business lending in LMI areas. Countless entrepreneurs possess the talent, drive, and community spirit to succeed, but they often face higher barriers when trying to secure funding. This funding could be what allows them to realize their visions, create jobs, and inspire the next generation of entrepreneurs, a vision I have for Hamden itself. Moreover, the CBP’s dedication to supplier diversity—with $5 billion set aside for spending with diverse suppliers—will open doors for minority-owned businesses to secure meaningful contracts and grow in competitive industries, leveling the playing field in ways our community has long needed.

“When people have secure, affordable housing, they are better able to invest in their families, education, and businesses, ultimately contributing to a more vibrant local economy.”

But perhaps the most compelling part of this initiative is its commitment to affordable housing with a $35 billion investment. By addressing critical needs like down payment assistance, home repairs, and foreclosure prevention, the CBP tackles housing stability—a major foundation of individual wealth and community resilience. When people have secure, affordable housing, they are better able to invest in their families, education, and businesses, ultimately contributing to a more vibrant local economy.

This merger comes with a community-centered strategy, crafted with input from partners like the National Association for Latino Community Asset Builders, and it’s clear Capital One has put real thought into addressing the needs of underserved communities. As the economic landscape of these nations continues to sway, I urge federal regulators to consider the long-lasting impacts this CBP can have on places like Hamden and cities across the country. This merger offers the kind of transformative power that could strengthen the financial backbone of working-class families and entrepreneurs across Connecticut and beyond.

Walter Morton is a former member of the Hamden Board of Education and candidate for Mayor.