#BankBlack

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.

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.

"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