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3 Ways Minority-owned Banks Help make a difference in America

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3 Ways Minority-owned banks make a difference in America
by Spencer Tierney Senior Writer | Certificates of deposit ethics, ethical banking, bank deposit accounts Spencer Tierney is a consumer banker at NerdWallet. He has covered finances for individuals since the year 2013 with a focus on certificates of deposit and other banking-related subjects. The work he has written for him was featured by The Washington Post, USA Today, The Associated Press and the Los Angeles Times, among others. He is based in Berkeley, California.

Dec 11, 2020

Edited by Carolyn Kimball Assigning Editor - Banking | Los Angeles Times, San Jose Mercury News Carolyn has worked in newsrooms all over the across the country as a reporter as well as an editor. Her interests include personal finance, sci-fi novels and groovy Broadway musicals.

Many or all of the items featured on this page come from our partners who compensate us. This impacts the types of products we feature and the location and manner in which the product is displayed on the page. But this doesn't affect our assessments. Our opinions are our own. Here's a list of and .

One kind of bank plays an an outsized role in creating more economic opportunity for people of people of color.
From an Black leadership view, a bank can be more than "a space where you can drop off a deposit or get a loan," says Kevin Cohee, CEO and chairman of OneUnited Bank, one of the biggest Black-owned institutions within the U.S. "That's only the beginning."
OneUnited Bank's first loan within the Paycheck Protection Program, part of the federal response to the COVID-19 disease, "was to a single mother of seven who drove Uber," Cohee says.
Minority-owned banks, or the ones that government agencies refer to as institutions that are depository for minorities, must be able to have the majority of stockholders or their board of directors who are persons of ethnicity. This is different from the majority of white boards of directors among the largest U.S. banks.
Minority-owned banks can open the doors to economic opportunity. Let's review of three ways that they make a difference, and what is your role to assist.
>> WHERE TO find one?
1. Reducing the gap for those who aren't banked
Savings and checking accounts are two common options to begin relationships with banks however, around 7 million Americans lack these accounts, and there's a trend across racial and ethnic lines.
A little more than 16 percent from Native American households, 14 percent of Black households, and 12% from non-white Hispanic households don't have bank accounts, in contrast to 2.5 percent of households with white ancestry, as per an annual Federal Deposit Insurance Corp. survey of the unbanked.
Minority banks can help in bridging this gap by providing more low- and moderate-income areas than other banks, as per the 2019 FDIC report on minority depository institutions, or MDIs. For instance, the majority of the population that the typical Black-owned bank serves at 62% are African American, compared to the 6% of metropolitan banks that aren't MDIs in the report.
Furthermore, banking deserts or regions of the country where one has to travel miles to locate banks, have traditionally been an issue for some races and ethnic groups, like Native Americans living on reservations.
"We collaborate with those who are usually out of banks] and they are long-term customers" says T.W. Shannon the director of Chickasaw Community Bank, one of 17 Native American-owned banks.
2. Boosting wealth with home loans
Homeownership is among the most significant sources of wealth for many, but it's mainly for white Americans. Asian as well as Black borrowers made about 6% and 7% from U.S. home purchases, respectively, compared to the 60% made by non-Hispanic white borrowers as per a 2019 report on the market for mortgages from the Consumer Finance Protection Bureau. Native Americans accounted for less than 0.8% of home purchases.
Minority-owned banks offer more home mortgages and business loans to people of color than banks from other regions do, as per an FDIC report.
In the case of Chickasaw Community Bank, that means creating home loans to Native Americans. The bank offers lease-to-own programs like lease-to-own, for instance, in which the tribe acts as the lender using funds taken from the institution, while the tribe member adheres to a reasonable payment plan that improves their credit. Eventually, the member owns their own home.
"For our tribe that is that of the Chickasaw Nation, these are homes for people who have faced credit issues in the past but now have a stable and steady income but might not be eligible in different loan programmes," Shannon says. "That's an area that too big-to-fail banks aren't spending long periods of time in."
3. Responding to the needs of business communities in a crisis
Small-business loans are another priority for minority banks, and the need for funding has increased during the COVID-19 pandemic. Minority banks have made over 13,000 Paycheck Protection Program loans for the sum of $10.3 billion by August 2020, according to figures from the Small Business Administration.
"We took on the small, hard loans and not the simple loans (to large corporations) We did it not for the money but to help the people in need," Cohee says.
Many minority banks are community banks, which the FDIC defines as banks that are focused on traditional loans and core bank accounts and have limited geographic scope based on location. Community banks more than pulled their weight this year. Although they only account for 15% of all bank loans, community banks outpaced other banks by offering 30 percent of PPP loans in the context of a report from the 2020 FDIC quarterly report ending in June. And these loans aid in protecting jobs.
"We have saved more than 1000 Oklahoma jobs through that programme," Shannon says of Chickasaw Community Bank. "One thousand jobs might not sound like a lot however in Oklahoma, that's a big deal."
He adds, "We were oftentimes calling the borrower to make sure that they knew these programs and deferment assistance options were available. We were there for them even if they didn't realize we could be."
What can you do to assist banks that are minority
Minority-owned banks impact the lives of many in under-served communities, yet they are only 150, or about 3%, from the 5100 bank institutions in the U.S. Furthermore, they alone can't address problems that are systemic in the U.S. like the wealth gap between racial groups that is where the average white family has 8 more wealth than a typical Black family, as per an annual Federal Reserve survey.
To support minority banks to help minority banks, you can deposit a small portion of your savings into a. ( ) One aspect of the business model of banks is using the funds in checking and savings accounts to provide loans to small-scale businesses as well as homeowners. Certain companies, like Netflix for instance are now supporting Black banks.
Beyond banking, consider investing in companies focused on creating a positive social impact in addition to other .
Paraphrasing Eleanor Roosevelt, Cohee says, "We're all better off when we're all in better shape."

Author bio Spencer Tierney is an expert on deposits and certificates at NerdWallet. He has had his work highlighted in USA Today and the Los Angeles Times.

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