Here's how BankBlackUSA is helping empower Black-owned banks and credit unions:
. But the site and app also provide other resources that help consumers identify ways to establish financial health, develop economic stability and build wealth using Black-controlled financial institutions. This includes investment in Black-owned banks and company stocks, and access to Black-controlled investment platforms.$1.
This history of Black economic power is what Coward and his partners remember as they push forward with their work. “We don’t want to exclude any initiatives by those who were doing meaningful work before we came along,” he says. Coward believes Black-owned minority depository institutions play an integral role in closing the racial wealth gap and have since the end of enslavement. MDIs are institutions in which 51% or more of voting stock belongs to minority U.S.
An impending merger, announced on Aug. 26, 2020, will come close to the $1 billion figure, when Los Angeles-based Broadway Financial and Washington, D.C.-based City First join in a merger of equals with over $850 million in depository assets., of 580 minority-owned credit unions, 50% were Black credit unions, but they only held 15% of all assets held in minority credit unions.Lending is a major source of income for many banks.
“But, they’re not incapable of managing them,” he continues. “We need to change the negative narratives that identify Black people, as individuals, and MDI owners as inferior money managers.” He says giving Black banks the support they need to build capacity and compete as lenders is the answer, not abandoning them.BankBlackUSA is committed to helping Black-owned MDIs develop the capabilities they need to attract the support they require for growth.
But Coward eyes these opportunities warily: “We’re for partnerships with white-owned banks and tech companies, for example, as long as their objective is to support—not absorb—the banks.” His concern is legitimate since there are 50% fewer Black-owned banks today than in 2001. So, he says, BankBlackUSA will continue to track them carefully. One of the most disturbing trends Coward sees is the absence of banks in Black and Brown communities, creating what are known as banking deserts.
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