How do Black-owned banks work and why is their survival so vital to the American economy? Watch the video find out.
The number of Black-owned banks has dwindled immensely over the years. Between 1888 and 1934, there wereBlack-owned banks to help the Black community. Today, there are only 20 Black-owned banks that qualify as Minority Depository Institutions, according to the Federal Deposit Insurance Corporation.
"I think part of it has to do with the broader trend in the banking community," said Michael Neal, senior research associate at the Urban Institute. "We're seeing the number of banks overall declining and assets being concentrated, particularly in your larger global and more complex financial institutions."
Black-owned banks lack the assets needed to compete against major players. For example, one of the biggest Black-owned banks in the U.S., OneUnited Bank, manages over
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