Editorial Note: We earn a commission from partner links on Forbes Advisor. Commissions do not affect our editors' opinions or evaluations.According to the Federal Reserve, Black people are two times more likely to be denied credit than their white counterparts—regardless of income level. This discriminatory practice, also known as redlining, has contributed to disparities in wealth between Black and white households.that have long been underserved by financial institutions.
Black-owned banks have far fewer assets at their disposal than major players in the banking industry. OneUnited, the largest Black-owned bank in the U.S., manages around $625 million in assets. In comparison, Bank of America manages nearly $2.5 trillion.Rev. William Washington Browne, a former slave and Union Army officer from Georgia, founded the first Black-owned bank in America—True Reformers Bank—on March 2, 1888.
To avoid having the organization’s finances managed and scrutinized by white people, Browne decided to open a bank serving Black customers in Richmond, Virginia. After his death in 1897, the bank continued to thrive and operate in over 20 states.
Advisor WoW 😆
Advisor I would like to see a list of banks that offer interest free loans. I’d like to see central banks around the world to purchase their bonds and stocks to nationalize their central banks. Our financial sector could be much stronger.