The number of Black banks in the United States has been steadily slipping for 20 years. But the organizers of a proposed new bank in Columbus, Ohio, which features a predominantly African American board of directors, just might change the narrative. If the charter application is approved by state and federal regulators — and the organizers are able to raise at least $20 million in capital — Adelphi Bank would be the only Black bank in Ohio and one of just 21 Black-owned or Black-led banks across the country. Adelphi is also in line to be the first bank owned or led by African Americans to open since George Floyd’s May 2020 murder, which renewed calls to address and eliminate the racial wealth gap in the United States. The initiative to open Adelphi Bank — which takes its name from a Black-owned savings and loan company that once occupied the same area where the bank’s headquarters branch would be located — is part of a growing effort to increase Black Americans’ access to capital.

In the wake of George Floyd's murder, JPMorgan Chase & Co., Citigroup Inc., Wells Fargo & Co. and other large U.S. lenders began investing hundreds of millions of dollars in Black-owned banks -- an attempt to help meet the needs of underserved borrowers as systemic racism became part of the national conversation. More than a year later, executives at the Black-owned banks say the cash infusions have allowed them to increase lending and expand their staffs, giving support to the African-American community amid pandemic-era uncertainty. Still, while the funding has been useful, the lenders say they need additional investment to shrink racial inequality in financial services and ensure their longterm survival. The number of Black-owned banks has been cut in half over the past 20 years. CDBA members Industrial Bank and Optus Bank are mentioned.

As part of its ongoing efforts to help customers better navigate their financial lives, Citizens announced several initiatives designed to make banking more worry-free, transparent and accessible, including a new way to avoid overdraft fees and a commitment to helping ensure that underserved communities have access to banking services. The bank introduced Citizens Peace Of Mind™, a new deposit feature providing customers with the ability to avoid the expense of unexpected overdraft fees. This feature -- which was added to all Citizens Checking accounts on Oct. 1 – allows customers who unexpectedly overdraw their accounts the ability to deposit or transfer enough funds to bring their account to a positive available balance prior to the close of business the following business day, which will automatically reverse all overdraft fees. "Citizens Peace of Mind™ empowers customers by helping them to avoid unnecessary fees," said Brendan Coughlin, head of Consumer Banking at Citizens. "Life can be hectic, and we believe a bank should operate as a transparent and trusted financial partner, helping customers keep more of their hard-earned money in their pockets." This new feature will complement the $5 Overdraft Pass, a customer protection that the bank has offered for several years on all checking and money market accounts. If a customer overdraws their account with a transaction of $5 or less, Citizens does not charge an overdraft fee.

It's a far cry from the postal banking system that progressives favor and bankers dislike, but the U.S. Postal Service's entry into the check-cashing space is still making a big splash. Loud responses Monday from both boosters and critics reflected a widespread perception that the pilot program could be a first step toward a wider implementation of postal banking. The modest scope of the program contrasted with the size of the reaction it generated. The recently launched program is only operating in four offices — in Washington, D.C., Baltimore, Falls Church, Virginia and the Bronx, New York — out of the Postal Service's more than 30,000 locations nationwide. The USPS is only accepting business and payroll checks of $500 or less, shutting out larger checks and any personal checks. The post office will not provide cash in exchange for the checks, and will instead let customers purchase a single-use gift card of up to $500.