Where you bank can make a big difference for racial justice
Consumers can push for racial justice – and it's as simple as opening an account at a community bank or credit union that supports under-served communities. Across the U.S., there are more than 1,000 Community Development Financial Institutions, or CDFIs. These institutions specialize in under-served communities and more than a third of their banks are led by minorities. One analysis found that more than 40% of CDFI’s loans and investments are in majority-minority communities. OneUnited Bank, a Black-owned CDFI, offers “second-chance checking” for individuals who might have a hard time opening accounts elsewhere due to imperfect banking histories. Anyone can join the bank, which has offices in Los Angeles, Boston and Miami.