There are 18 Black-owned banks in the U.S., half that existed a decade and a half ago. A new movement is under way to help those that are left to survive—and even thrive.
— AMBER BURTON, JUSTIN SCHECK and JOHN WEST, THE WALL STREET JOURNAL
A half-century ago, the federal government set out to attack the racial wealth gap by supporting Black-owned banks. Policy makers hoped the banks would lend to Black communities sidelined by the mainstream financial system.
But five decades of federal financial and regulatory support have failed to boost America’s Black-owned banks. The majority have disappeared under the burden of soured loans, bigger competitors created by mergers and financial downturns that hit small lenders hard. Fifteen years ago America had 36 Black-owned…
— Credits
Featured Image, RINGO CHIU/ZUMA PRESS
FULL ARTICLE @ THE WALL STREET JOURNAL
— Related
The National Black Chamber of Commerce (NBCC) was incorporated as The National Black Chamber of Commerce, Inc., in 1993. It is a nonprofit, nonpartisan, nonsectarian organization dedicated to the economic empowerment of African American communities. Additionally, the organization indicates that it represents the views of its members regarding economic and political policy issues; domestically and internationally. It is organized as a 501(c) corporation and has at least 190 chapters within the United States. The NBCC also has international chapters in the Bahamas, Brazil, Colombia, Ghana and Jamaica. As with all Chambers of Commerce, affiliate branches are committed to carrying out the goals of the main Chamber within their areas.
However, the organization is largely funded by non-African American businesses on behalf of whose interests it often lobbies, such as the fossil fuel, telecommunications, and tobacco industries, and has sometimes been accused of being a front group.
The National Black Chamber of Commerce is based in Washington, D.C.
Source – National Black Chamber of Commerce (Updated: 20 June 2020) Wikipedia. Available at https://en.wikipedia.org/wiki/National_Black_Chamber_of_Commerce, (Accessed: 23 October 2020)