Detroit-based First Independence Bank, one of only 18 Black-owned full-service banks in the country, has filed an application to open a branch in the Twin Cities. The first branch is set to open in November. Five banks in the Twin Cities—Bank of America, Bremer Bank, Huntington Bank, U.S. Bank, and Wells Fargo—are each supporting First Independence Bank's arrival with capital, research, marketing, and other services to assure its start-up and long-term success. Gov. Tim Walz welcomed the news. "In Minnesota, we know that a strong economy is an equitable economy, and the opening of First Independence Bank is a notable milestone to achieving an economy that works for all Minnesotans," Walz said in a joint statement with Lt. Gov. Peggy Flanagan released on Aug. 19. "I offer my warmest congratulations to First Independence Bank, and I thank our entire banking community in Minnesota for providing the support and capital to make this a reality."

First Eagle Bank delivered a new dream bedroom to Harry, a 13-year-old Bartlett teen battling cancer. Harry was diagnosed with leukemia in February 2021 and has spent much time in and out of the hospital. The Hanover Park based bank partnered with Illinois based charity Special Spaces Chicagoland to create Harry's dream bedroom in a single day. "Children battling cancer spend endless hours in their room, it was an honor to be involved in sponsoring and creating a safe space for Harry during such a challenging time," said Gene Khalimsky, Vice President at First Eagle Bank. Khalimsky is well aware of the impact of childhood cancer as his daughter also spent years battling leukemia and received a room makeover from Special Spaces while in treatment in 2013 -- she is now a healthy 14-year-old. "First Eagle Bank is proud to contribute to the community and give back to such a great cause," he said. First Eagle Bank, which has always taken an active role in the local community, is very proud of its outstanding Community Reinvestment Act rating and Community Development Financial Institution certification. It is committed to providing credit, capital, and financial services to underserved communities and its staff is personally committed and involved with nonprofits such as Special Spaces Chicagoland to assist people in any way possible. First Eagle Bank is looking to make a difference in people's lives -- its customers, its community and each other.

Black folks are turning to cryptocurrencies as a new path to wealth at a higher percentage than the general population, according to USA Today. An estimated 23 percent of Black Americans own cryptocurrencies, like bitcoin, compared to 13 percent of the general population, the newspaper reported, based on surveys by Harris Poll. Black people are not alone. The survey found that marginalized groups disproportionately own crypto. About 25 percent of the LGBTQ community and 17 percent of Hispanics are in the crypto market, compared to 11 percent of white Americans. What many in those groups have in common is a belief that the banking and loans industry mistreats them. In the survey, 43 percent of Black people had that sentiment, compared with 28 percent of the general American population.

There was a time not long ago that community development financial institutions and minority-owned banks struggled to find the capital needed to increase financial inclusion, catalyze growth and reduce inequality in low- to moderate-income communities across the United States. Today, though, the sector has the opportunity to scale up by increasing total assets by a factor of 10 — and commensurately increase the impact in LMI markets. Everything changed last year when the Black Lives Matter movement helped local and national leaders recognize the sector as an important agent of change in these communities. Both the public sector (via the Emergency Capital Injection Program and CDFI Fund) and the private sector are investing new capital and committing other support to these institutions — in billions, rather than millions, of dollars. The industry is now at a pivotal and transformative moment in its history. It has the potential to reimagine and scale up the impact in LMI communities that form the foundation of their work and help solve social and economic justice issues that our society faces. This piece outlines a strategy for the sector to achieve scale