Author: minoritybank
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 […]
Wells Fargo Consent Decree Average Penalty: $336 Per Account
According to the Consumer Financial Protection Bureau (CFPB), Wells Fargo Bank (WFB) “incorrectly applied loan payments, erroneously imposed certain fees and charges, incorrectly repossessed customers’ vehicles, and failed to refund certain unearned fees on debt cancellation products; (ii) with respect to home mortgage servicing, incorrectly denied mortgage loan modifications to certain qualified borrowers; and (iii) […]
What is the State of Black Maternal Mortality? How can we improve it?
Research firm Creative Investment Research launched an impact investing vehicle calling on the Federal Reserve to create a funding facility to reduce Black maternal mortality. Almost $35 million in venture capital funding has gone to Black women-founded maternal health startups, but the number is negligible compared to investment in overall healthcare technology. Maternal healthcare startups […]
Lakeland Bank Shows Signs of “Redlining” Newark
Provident Financial Services has entered a $1.3 billion deal to buy Lakeland Bancorp, which disclosed an ongoing fair lending investigation by the U.S. Justice Department. Provident Financial Services in Iselin, New Jersey, is pursuing a $1.3 billion deal for a rival, Lakeland Bancorp, despite concerns over commercial real estate concentrations and an ongoing fair-lending investigation […]
REPORT: INFLATION REDUCTION ACT COULD BRING BLACK AMERICANS $22.3 BILLION ECONOMIC IMPACT
According to The Inflation Reduction Act and the Black Community, August 2022 report by Creative Investment Research, the figure represents spending and tax rebates that could flow back into the Black community over nine years. The nearly $740 billion health care, tax, and climate bill became a law after President Joe Biden signed it last […]