One of the biggest detriments to economic progress [for black], is our bouts with major banking system and their predatory or discriminatory lending practices. So much so activist and public figures have been encouraging blacks to “bank black.” However, many do not use [primarily] black banks citing reasons such as: no access, no free checking option, not enough banking center, high fees, or no services/features that compete with the more prominent banks.
This program is a two-fold initiative aimed at enhancing our community’s awareness and knowledge of the banking industry while simultaneously researching [and advocating support of] banks that provide specific features, services and fee scheduling that is mutually beneficial for every socioeconomic class without being a detriment to the their [the bank’s structure/bottom-line. Additionally, this program pledges to encourage [and advocate for] banks to provide more support for the local community in which they dwell.
Accomplishing the mission of this program would result in a change in practice and culture for the black community regarding their understanding of the banking industry and how it should benefit them as well as their community. Additionally, the program will aid increasing the community’s knowledge of financial literacy, debt elimination tactics, wealth building practices as well as estate planning and asset protection.
“At the bottom of education, at the bottom of politics, even at the bottom of religion, there must be for our race economic independence.”
Cause Addressed: Family, Economic Opportunity
Activity Status: Launching Jan. 2019
“I don’t think it is an exaggeration to say that financial literacy, economic empowerment, and wealth building is going to be the last leg of the civil rights movement. Because one step toward financial literacy takes you two steps toward personal empowerment.”