The main discussion in regards to the present racial reckoning in america amid the Black Lives thing movement surrounds injustice that is economic. Inequity in home ownership between white and Black Americans, a scarcity of banking options obtainable in Ebony and communities that are brown and also the difficulty Black business owners face securing loans to finance small enterprises — are among the issues over economic inequality.
A bill a year ago had been introduced in Congress by a few Senate Democrats which will make discrimination within the banking industry clearly unlawful when it comes to very first time. The bill is sitting within the Committee that is congressional on, Housing, and Urban Affairs.
Those issues over financial injustice have actually led Ebony monetary entrepreneurs to produce economic solutions and banking institutions for communities of color.
There are numerous Black-owned banking institutions which were founded through the entire years: OneUnited, Broadway Federal Bank, CitiFirst Bank are one of them, plus the nation’s earliest bank that is continuously-Black-owned Citizens preserving Bank and Trust business, created in 1904.
While these banks that are black-owned as physical, alleged “brick-and-mortar” buildings, they have launched electronic components supplying for online banking included in their profile of services.
But, one banking that is black-owned, poised to introduce later this current year, is positioning itself as a fully 100% electronic Black-owned bank, and it has drawn Ebony celebrity star power so that you can attract those wanting to help Black-owned businesses and keep bucks in communities of color. Continue reading “Digital Black-owned bank aims to tackle economic injustice”