“After the initial excitement around the corporate pledges, they basically have petered out,” CIR chief executive William Michael Cunningham told Financial Times. “They haven’t really done anything that would lead one to believe that they are committed, with some exceptions.” See: https://news.yahoo.com/george-floyd-three-years-anniversary-murder-america-minneapolis-police-090046153.html
Author: minoritybank
Financing For Electric Vehicle Infrastructure
The Asia-Pacific Economic Cooperation (APEC) Transportation Ministerial Meeting: Minority Bank EV Financing Roundtable took place in Detroit on May 15, 2023, and brought together industry leaders, government officials, and experts to discuss financing electric vehicle infrastructure development. The event was organized by the Asia-Pacific Economic Cooperation (APEC) to be a platform to address key challenges […]
Black Americans May Suffer a $132 Billion Dollar Loss
Offering a potentially stormy outlook, Black Americans could face an economic loss totaling a whopping $132 billion if the U.S. government goes into default for a protracted period. According to an analysis from Creative Investment Research, the largest financial blow for Black Americans could come from the nation’s housing market totaling $60.9 billion. The findings […]
Closing the Gap: Black Unemployment Reaches Lowest Rate Ever
The latest employment data released by the Labor Department on Friday, May 5, shows the U.S. job market growing at a strong pace. Employers added 253,000 jobs in April on a seasonally adjusted basis. The overall unemployment rate also decreased to 3.4 percent, down from 3.5 percent in March, matching the lowest since 1969. Black […]
Impact of Regional Bank Troubles on Black People
The impact of regional bank troubles on Black people will likely be multifaceted, since this is a group with a higher proportion of underbanked and unbanked individuals. Some potential consequences include: It is crucial for policymakers and financial institutions to address the challenges faced by regional banks to minimize the potential negative consequences on Black […]
Bank Failures, 2000-2023
Bridging the Racial Wealth Gap: The Role of Black-Owned Banks and Financial Institutions
In recent years, Creative Investment Research has delved into various initiatives and strategies aimed at tackling the wealth gap, economic disparities and financial inclusion. In 2022, CEO William Michael Cunningham released a book examining the unique challenges faced by minority-owned businesses in accessing financial resources and support (Thriving As a Minority-Owned Business in Corporate America: […]
New Fund for Black Community in Portland
According to the Wall Street Journal, Nike founder Phil Knight “are set to announce they’re donating $400 million to rebuild Portland’s Albina area, a historically Black community whose residents have experienced decades of disruption and displacement. Rebuild Albina will be a project of the newly established 1803 Fund, a nonprofit that aims to combine elements […]
Black-owned Bank in Iowa?
According to The Afro, Iowa native and entrepreneur Reshonda Young is working to open the state’s first Black-owned bank: “The Bank of Jabez, which is set to open this year, will be a community development financial institution (CDFI) and will work to prepare and empower people to create generational wealth.” For more, see:
Recent Activity in the Black Banking Sector
We’ve seen a lot of changes in the Black banking sector of late. With the announcement that a Black-led investor group plans to acquire Holladay Bank & Trust in Holladay, Utah, the proposed creation of a credit union by Alpha Kappa Alpha, the nation’s oldest Black sorority, the public debut of a Black-owned bank (Adelphi Bank) in Columbus, Ohio, and […]