, have over two centuries of history. Citi traces its roots back to the American Revolution, which it helped finance. As as each evolved through a series of mergers and acquisitions, growing into the banking behemoths we know today, their histories are ingrained into the American economy.
"If you look at a map of where slaveholding was concentrated before the Civil War, and you overlay that with a map today ... of the worst education outcomes, worst health outcomes, worst access to banking services, they're the same places," said Bill Bynum, CEO of Hope Credit Union, one of the less than two dozen Black-owned credit unions in the U.S.
Groce told CNBC, "I am floored by how a relationship can change sometimes the interest rate or the terms and conditions of money." Hope Credit Union and other Black-owned financial institutions have attempted to close the capital access gap for Black Americans and entrepreneurs, especially since the pandemic. Hope has issued 2,700 PPP loans so far, 80% of which were distributed to entrepreneurs of color.
Melissa Bradley, who worked as banking regulator at the Treasury Department under President Clinton, said the limited account capital also means Black-owned banks attract less institutional capital to support growth and market expansion. The comparatively small assets also limit their discretionary capital for technology and product and service origination, she said.For OneUnited, the internet is key to the bank's, and its community's, survival.
If you want to see dwindle do a street tour of NYC. NYGovCuomo & BilldeBlasio are erasing it all. tt:larry_kudlow MadMoneyOnCNBC lizpeek
Democratic governors need to open their economies
That is not why. Please do some real research.
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