Handling Challenges Black-Owned Financial Institutions Face Today

Coward thinks Black-owned minority depository organizations (MDIs) perform an important part in conclusion the racial wide range space and now have considering that the end of enslavement. MDIs are organizations by which 51% or even more of voting stock belongs to minority U.S. citizens or permanent residents. Their panels of directors are typically minority together with communities they provide are minority. But, he claims, unlike white-owned banking institutions, “Black-owned MDIs are woefully undersupported and undercapitalized.”

Undercapitalization

“The largest white-owned banking institutions have actually billions or trillions of bucks in assets,” he continues, citing JPMorgan Chase as one holding over $2 trillion in assets. “But perhaps perhaps not an individual Black-owned standard bank has already reached a billion dollars in assets, the closest being OneUnited Bank,” headquartered in Boston, with more than $650 million in assets. Continue reading “Handling Challenges Black-Owned Financial Institutions Face Today”