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Yeah I see nothing wrong with this. It should help the black community.
It could be especially beneficial if these niche banks focus on opening branches in underserved and low-income communities, which are often areas with large African-American populations. People of limited means with no access to traditional financial services are prey to payday lenders and check-cashing businesses that may provide needed services but at a very high price. The question would be whether a largely low-income client base could sustain the banks in the long term. It would be a shame if these banks focused exclusively on the affluent black communities, which already have access to adequate financial services.
It will be interesting to see how these banks (if they become established and follow through on the intention to serve the black community) develop their business model and whether they just chase the high-income element of their target demographic.
Apparently a lot of celebrities are encouraging black people to move their money to black owned banks.
Is this a positive thing?
Doesn't this kind of go back to the days of segregation?
I get putting your money in a local bank or credit union, but I feel like this type of stuff divides the country more than unites it.
What do you think?
So you have NO problem with Latinos banking at BancoPopular, BBVA?
And you have NO problem with Asians banking with Cathay Bank, East West Bank?
Its ONLY when black people seek to empower our own do the usual suspects squawk.
I think that if those banks actually tried to enact pro-black policies, as in offering discount rates or relaxing criteria for loan eligibility for black customers, they would lose money and eventually go under. Then again, they could probably get a special deal on government subsidies and bailouts. Who knows, affirmative banking might be the wave of the future. Get ready to open your pockets.
If that isn't illegal, it should be. It is one thing to offer special lending criteria to single parents, low income people, or people in an economically challenged area, but to base it on race is just wrong - no matter which race benefits. We are supposed to be heading towards race not being a factor, not merely switching the winners and losers.
Equal is equal.
Quote:
Originally Posted by calipoppy
So you have NO problem with Latinos banking at BancoPopular, BBVA?
And you have NO problem with Asians banking with Cathay Bank, East West Bank?
Its ONLY when black people seek to empower our own do the usual suspects squawk.
There is nothing wrong whatsoever for the consumer to base who they patronize based on any criteria they want. It is, however, wrong if a business establishes policies that purposefully benefit one group based on protected class categories, such as race or religion, over members of other groups in the same class.
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Apparently a lot of celebrities are encouraging black people to move their money to black owned banks.
Is this a positive thing?
Doesn't this kind of go back to the days of segregation?
I get putting your money in a local bank or credit union, but I feel like this type of stuff divides the country more than unites it.
What do you think?
It seems from college campuses to the streets, all the new civil rights movements want to go back to segregation. It's really strange to me, but I don't think most of the activists are old enough to remember. I'm not even old enough to remember, and I was born in 1968.
I have no real problem with them encouraging people to support black owned businesses though. Nothing wrong with that.
Black banks were formed back in the day due to African Americans being denied loans from 'traditional' banks.
At the turn of the century in San Francisco, a little Italian man gave loans to immigrants shut out of 'traditional' banks. After the '06 quake, that same man gave out loans to rebuild the city. The city was rebuilt, and all loans repaid within a decade after the quake, and the little Italian man became what we know as Bank of America!
It could be especially beneficial if these niche banks focus on opening branches in underserved and low-income communities, which are often areas with large African-American populations. People of limited means with no access to traditional financial services are prey to payday lenders and check-cashing businesses that may provide needed services but at a very high price. The question would be whether a largely low-income client base could sustain the banks in the long term. It would be a shame if these banks focused exclusively on the affluent black communities, which already have access to adequate financial services.
It will be interesting to see how these banks (if they become established and follow through on the intention to serve the black community) develop their business model and whether they just chase the high-income element of their target demographic.
If they did that, they would end up being no different than the payday lenders. Do they not have any bank branches in low income areas? I don't know what it's like in other areas, but Houston has no zoning so we tend to have businesses everywhere. I don't think they have any bank branches in low income areas, but the areas tend to be concentrated within a short distance of downtown, and they normally do have some check cashing places in the neighborhoods. I'm not even sure if many low income people have bank accounts since I see so many check cashing places. Why pay the fee to cash a check if you have a bank account?
How would a bank be any different? They couldn't offer no fees because not enough money would be going through the account. They would probably not be used and would have to move. Best to serve the millions of middle class and upper class black people in this nation.
So when Black people do the very thing you cry babies continuously cry about, building their own economic base to improve their own communities, you still cry. Look we understand we are fascinating people but please go find another minority to obsess over.
The Politics and Other Controversies forum literally THRIVES on "Why do Blacks....?" threads. Take those away and these people have very little else to discuss.
Whenever and wherever there is black prosperity and self sufficiency there was white envy and destruction. And when I read a lot of the posts on this forum as it relates to black people I am reminded of the mentality that lead to this.....
The Slocum Massacre in East TX in 1910. The whites were envious of the blacks who had risen from slavery and had become prosperous business owners. Years ago my elderly family members who are from Anderson County, TX recounted what they saw during the massacre as small children. Horrifying.
Location: Free State of Florida, Support our police
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Quote:
Originally Posted by ParkerP
So when Black people do the very thing you cry babies continuously cry about, building their own economic base to improve their own communities, you still cry. Look we understand we are fascinating people but please go find another minority to obsess over.
Maybe the blacks can reject the whites money for all the government benefits? I mean if they want to separate their money lets separate the tax base as well.
There is nothing wrong whatsoever for the consumer to base who they patronize based on any criteria they want. It is, however, wrong if a business establishes policies that purposefully benefit one group based on protected class categories, such as race or religion, over members of other groups in the same class.
Please explain why these threads are NEVER created about Asians or Hispanics creating banks and encouraging their group to bank with their respective groups financial institutions?
It ONLY becomes a problem when black people push for self sufficiency and economic empowerment..
Two black owned investment firms: Ariel Investments and Loop Capital
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