Less than 1% of all FDIC-insured banks are Black-owned, according to the FDIC
Publishing timestamp: 2022-03-03 16:47:23
Summary
Black-owned banks in the U.S. are struggling due to lack of assets and competition from larger banks, despite investments from big corporations. The decline in Black-owned banks reflects broader trends in the banking industry, and achieving financial equality requires addressing wealth disparities and discrimination in society.
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Keywords: social issues, racial discrimination, discrimination, auto loans, racism, fdic, business news, mortgages, bank of america corp, death of george floyd, netflix inc, george floyd, video first, yelp inc, banks, black history month, racial and ethnic discrimination, microsoft corp, united states government,
Source: https://www.cnbc.com/2022/03/03/whats-stopping-black-owned-banks-from-thriving.html