© 2017 by COWRIE Initiative

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WE PROMOTE BLACK ECONOMIC COOPERATION

& FINANCIAL EDUCATION  

THE #BANKBLACK MOVEMENT

Many have already heard of the #BankBlack movement. In the wake of more deadly police violence against the black community last year, Killer Mike went on air and encouraged people in the black community to move their money to black-owned banks. Thousands acted on the challenge and deposited in excess of $50 million into black banks across the nation. But with billions in financial assets and power, people in the black community can do more. There are multiple billion-dollar Asian- and Latino-owned banks. There is not a single black-owned bank with at least one billion in assets.

 

According to a FDIC Minority Depository Institutions Research Study, minority depository institutions (MDIs) are significantly more likely to lend in low- to moderate-income communities and to minority borrowers than non-MDIs. The study shows that the share of home loans made to black borrowers in 2011 was 67 percent for black-owned banks, compared to less than 1 percent for other community banks in that year.

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Angela Rye recently joined the Breakfast Club radio show to promote the Bank Black Movement. See the video below. 

WHY BANK BLACK?

59% OF BLACK BANKS HAVE BRANCHES IN BLACK COMMUNITIES

<1% OF OTHER (NON-BLACK) COMMUNITY BANKS LOANS ARE MADE TO BLACK BORROWERS

67% OF BLACK BANKS LOANS ARE MADE TO BLACK BORROWERS

Bank Black USA is a resource for people to compare the banks and services, and also the financial health and community impact of various black-owned banks so that they can make an informed decision about their choice to move their money.