#BankBlack

project leader: Justin M
location: 125th Street
latest update rss: Our story on ioby's blog: Help BANK BLACK bring financial inclusion to our communities

the project

Bank Black USA is a grassroots organization with a goal to move $500 million in deposits and assets to black-owned banks by MLK Day 2018. By encouraging individuals and communities to #BankBlack we can help to support these important black institutions that have a track record for serving and investing in black people, businesses, and communities for generations. With the loss of these black-owned banks over the years, we have also lost some of our best resources for the betterment of black communities and support for black businesses, financial empowerment, local employment, and the building intergenerational wealth for black people that has been one of the most stubborn racial disparities in our country. Through our campaign, we will provide a grassroots-level and independent campaign to promote black banks and financial education to the general public. This will include a focus on black communities, but also allies and organizations interested in the social impact of their financial choices. Please donate today so that we can have a successful effort and make a sizable impact for these institutions so they can be strong and continue to do important work investing in communities across the nation.

Please donate today to support this effort and visit Bank Black USA for more information.

the steps

We have already begun with an online and media campaign that has gained national attention. We are working to build on that momentum by developing a sustained national campaign that includes online and in-person communication and collaboration to promote economic cooperation and financial education. We will begin by bolstering our online presence with visual and video content to promote the campaign. And we will develop a toolkit with various promotional and educational materials to distribute to partners to host #BankBlack #InvestInUs workshop events across the country.

why we're doing it

"Discrimination in financial institutions is real and affects many black people. In January, the U.S. Justice Department accused KleinBank of redlining for failing to make its services available in areas dominated by people of color in Minneapolis and St. Paul. A few days later, JPMorgan Chase paid a $53 million settlement over the bank’s brokers allegedly charging higher interest rates to minority borrowers than white borrowers. Just last year, BancorpSouth, a regional Mississippi bank, had to pay a $10.6 million settlement over allegations of discriminatory mortgage lending practices. Black-owned banks are significantly more likely to lend in low-to-moderate income communities and to borrowers of color than many major banks. Sixty-seven percent of home loans made to black borrowers in 2011 came from black-owned banks in comparison to less than one percent for other community banks, a 2014 FDIC Minority Depository Institutions study found."

By Taryn Finley Huffington Post Black Voices

budget

Disbursed Budget:

In addition to our original budget, the extra funds raised (thank you!) will be put towards additional online campaign materials.

RAISED =	$2,215.00
less ioby Platform Fee	$35.00
less ioby Fiscal Sponsorship Fee (5%)	$100.93
less ioby Donation Processing Fee (3%)	$60.56
TOTAL TO DISBURSE =	$2,018.52

Original Budget:

$500 online campaign materials and videos

$750 graphics, gear and promotional materials for #BankBlack #InvestInUs

$750 educational materials / kits for 3 #BankBlack #InvestInUs workshops (nationwide)

Subtotal $2000

Project Subtotal =	$2,000
ioby Platform Fee	$35
ioby Fiscal Sponsorship Fee (5%)	$100
ioby Donation Processing Fee (3%)	$60
Total to Raise on ioby =	$2,195

updates

Our story on ioby's blog: Help BANK BLACK bring financial inclusion to our communities

Posted 03/24/2017 - 10:10am

by ioby

March 24, 2017

Born in the wake of last summer’s shootings and out of Black Lives Matter, Bank Black is an increasingly high profile social movement that aims to bring the issue of financial inclusion to the forefront of the larger Black community’s awareness. Its message is this: why should we continue to put our money into the hands of large national banks that don’t speak for our Black community, don’t understand our needs, and don’t support us? There are relatively few Black-owned banks in the US – One United, Liberty, Industrial, Citizens Trust – But why not find them, get to know them, and put our money there?

“It’s not anecdotal,” says Justin Garrett Moore, a key Bank Black leader and Executive Director of NYC’s Public Design Commission by day (and an ioby board member), of the problem of the big national banks failing to support Black communities. “You look at the FDIC data, and 13-14% of people in America are Black, and these big banks loan 1% of their money to Black people. It’s not rocket science.”

Read and share the full article here.