During this month’s IMPACTeam meeting, we focused on inequality and discrimination in banking practices and loans – the history, how and where it shows up today, how it impacts families and communities for generations, and ways we can all be involved in recognizing and repairing barriers going forward.
We started by diving into The History of Lending Discrimination in the U.S. and statistics – “Black-owned banks are a shrinking part of the financial system. There are only 21 of them in the United States. A decade ago, there were 36. Collectively, these Black-owned banks control just $4.8 billion, which is less than 1% of this nation’s banking assets.” Listen to the full story here.
There are laws in place to protect minority borrowers, and yet, studies and first-hand experience reveal where and how issues are still prevalent. “Black borrowers and depositors face considerable challenges in accessing banking service,” says a Brooking Research Report.
To begin to understand the history of “redlining” and discriminatory banking practices that have been detrimental to Black families in Asheville, the Montford & Stumptown website is a great place to start. Learn ways to get involved and hear from local residents in their powerful “Stories from the Neighborhood” Series.
