I'm trying to figure out how people can see Black people investing in their own community and opening banks as racist. If Black people do nothing, we're seen as lazy but if we try to help ourselves, we're racist? Nowhere in the video did it say that non-Black people can't use Black owned banks.
@@aaronsakhai Uh, they certainly care about more than credit scores. JP Morgan and other banks have payed millions in federal fines for discrimination.
@@aaronsakhai Man stop it. It's been proven facts with data to back up and 100s of millions paid out in lawsuits that a black male can have the same wealth or more and credit score as a white male and the black man will get denied the loan while the white male gets approve.
@@djelliott3158 I never said they weren't capable of the same credit scores or level of wealth, that's just your inferiority complex looking for an argument. Have a great day!
Basically corporations figured out they can still make money while growing into a new market and simultaneously launder their reputations. Everyone's happy to help so long as it doesn't cost them anything. What does Microsoft or any other company lose from this? What are they sacrificing? Nothing. They're being praised for conducting their regular business operations.
Talking about being successfull I know am blessed because if not I wouldn't have met someone who is as spectacular as you Nancy Sherwood, thanks for changing my financial life tremendously
Hello Nancy it is quite a striking coincidence our path cross again I was able to pay off my loan of $50000 through your calls , your method works like magic indeed thanks for the positive impact
Thank you Nancy although MY SKEPTICISM NEARLY COST ME A ONCE IN A LIFETIME OPPORTUNITY OF BREAKING THE YOKE OF POVERTY, thanks for your faith in me, I am glad that I am not the only one that's is impacted positively through your guidance, this your
Wow I never knew you were this popular, but without doubt I believe your works speak for itself, but hey Nancy it will be great for you to launch a channel, where you can impart people with your knowledge about trading, please do give a thought about it.........
Seems like “outside money” going into black-owned banks feels counterintuitive to me. The whole premise for BOB’s is because of the discrimination and exploitation of black communities.
First of all, it's CNBC, so odds are its race baiting. As an example, 4:51 she explains that she as a black can get very different conditions than a white person due to how risk tolerance and interest rates are calculated. Obviously, there is nothing in the calculation for skin tone (as that would be actually illegal) but people in completely different circumstances get different conditions, and the are not the same color, therefore racism.
@@BlessedAgni That leads to the discussion on racial equity, or as it was known when it was not in vouge the soft bigotry of low expectations. If we assume that race is a superficial thing, then there are characteristics that correlate (but do not have a causal link between) color and any given problem (financial in this specific case). These characteristics however have a causal link to how risky a loan is, and banks are not an institution for solving income inequality. If we assume that there is an underlying problem, any equity measure is actively harmful, as it masks the effect of the underlying problem. As an example, if minorities receive vastly inferior education when it comes to finance, you can have a racial equity setup for mortgage, and suddenly minorities start to loose their homes as credit card debt cripples them. The only situation where an equity makes sense is if we assume that race is not a superficial thing, and there is no cause that can be changed to have a different effect. As a side note, there is a quick thought that highlights the problem with the 'racially sensitive' thinking. Two guys walk on the street, a white one with an umbrella, and a black one without. It starts raining. Is the weather racist?
Those investments are going to come with strings attached. Black-owned banks needs to be the ones setting the terms, and doing so in such away that they aren't exploited or sabotaged by Big Tech.
Digital banks exist and all point atms exist. This is an education issue generations of ignorance teaching ignorance. I’m Jamaican and the divide is more clear in my home because education is not free. What we have here in the USA is poor distribution of taxes. I grew up in a wealthy county so I had MacBooks at my school while another county in the same state shares books. We need the tax money averaged out at a state level not county. That will stop education deserts which is the core issue.
Because people are going to be more sensitive to the struggles and experiences of people like them, as they will have had similar struggles and experiences.
So only a certain demographic should own and hold financial power, and the rest should be dependent on that demographic. This dependence is what you call laziness and “why can’t they do for themselves” in other social media spaces. LOL!!!!!!
@@koreyb None of these banks are preventing certain ethnicities from using them. This is about which ethnicities own or predominantly use them. So, by this logic, there ARE white banks
I own a Black owned production company with excellent credit....It is almost impossible to get a loan being black at certain banks in my personal experience and I have a six figure a year job....It's absolutely important we change this in America
I call BS too. Why wouldn't a bank want your business if you qualify? What are you getting a loan for? What type of production company do you run? You have given no information on your situation other than you are black and denied a loan. Plenty of white people get denied loans. Banks are racist to white people too then based on the same logic? A dollar from a black person makes no difference than a dollar from a white person on the bank's balance sheet.
When you been black your whole life....you know when you're been discriminating against... always trying to tell black folk what they have experience.... STFU
@@conceptcs actually your chances of getting a business loan is better at a small community based bank than a national bank where you're just a number.
US need to understand that to overcome racism you have to go beyond the idea that races exist in the first place. Promoting "black" businesses or "Latinos" won't solve racism because it uses the same premise. On the contrary it favors prolonging it. Edit addition: I know it's hard because race is so embedded in your recent history but that's the only way forward to eradicate racism. As an ever increasing number of people (including me) are from mixed racial origin, for which the concept of race doesn't even make sense since birth, this is also the direction of History. We need to accelerate this transition by removing this concept asap, instead recognizing in each other only our common humanity. Hopefully as generations pass and we also become a multi planetary species we will look back and laugh at this concept of race we use to cling too as a product of our times of scarcity and primitive thinking of the first thousands years of our human civilization. But please in the meantime do everything to accelerate this transition and remove this "XXX"-owned from your vocabulary.
U talking about how the US should solve it's issues, makes it sound like you ain't from there. May I ask where you are from then ? Because I'm quite certain your answer would prove that you have no idea of what you are talking about.
Speaking of robbery, whether the local bank branch or at the very top, you can’t prevent white men from entering banks or working in banking. Robberies WILL occur.
@@icecreamcake1457 I didn't say you can. But if it is always getting robbed, or always trying to get robbed. It won't make sense to stay there. Also, when and where did the banks move from. Over the last decade or 2. BLM have burned lots of businesses. Many of them did not come back. Than they complain when they don't want to come back.
@@mssha1980 I never said black neighborhoods are crime ridden. I said regardless of race, I would move if it keeps getting rob. Some people always looks for race issues with everything.
@@EVILBUNNY28 what laws in place prevent black people from equity or anything that singles out black people from gaining equity, guess other minorities aren't important though, we won't mention other billionaire blacks or millionaires that are current or past, why do blacks need their own banks, thought segregation was outlawed??
@@joshgore8256 there were laws like that, that existed at one point in time(google jim crow laws if ur unfamiliar with them) although they have been abolished, black communities are still suffering the consequences. Also black ppl historically have been denied home ownership and loans from banks, which was one of the primary ways to build intergenerational wealth at the time. The information is free online
@@joshgore8256 they are black owned banks with the facilities to help underserved minorities get access to funds and support previously unavailable to them due to historic systemic racism. Black minorities are still feeling the after affects of previous racial laws. No one is saying white people cannot use black owned banks…….
Starting early is the best way of getting ahead to build wealth, investing remains a priority. The stock market has plenty of opportunities to earn a decent payouts, with the right skills and proper understanding of how the market works.
the insidious implication from this video is that companies that don't invest in minority neighbors are somehow racist. Banks open and stay open wherever they can make money and what makes reasonable business sense. What is a more reasonable argument, banks close branches in minority neighbors because they blindly hate minorities or it makes no business sense of them to say open in particular neighborhoods or areas?
The ridiculous part of this video is online banks are available to EVERYONE online check deposits online money transfers bill pay online loan applications checking savings CDs National ATM access They dont care what color you are - if you have the proper income and credit - youll get the money you want No need for a brick and mortar bank for 99.9% of transactions people do....less overhead, better rates for account holders
1. They're referring to community banks structured more like credit unions, that keep money within certain communities and actually invest in and prioritize that community's interests. 2.) There's nothing "ridiculous" about this video. Literally every business has a target demo. There is no way you're too stupid to understand that. There is a reason you don't see black people in Applebees and Supercuts, saying there's a business for "EVERYONE" is just not real life lol. 3.) If the online banks were so great, why are there so many community banks and credit unions??? Their very existence proves that they are clearly providing something that communities want or need. 4.) Stop with the faux 'egalitarian' approach, because Bill Gates isn't a stupid man. He can see that there's a lot of money to be made catering to target demos who historically don't have many businesses to go to that prioritize their interests. It's an untapped market. 5.) THIS IS THE BIG ONE...With the historically low rates of ownership of assets within the black community, is this even an idea that requires pushback? Is the concept of black people patronizing black business seriously an issue?? Non-black owned companies have the same ability to compete for the black community's business, if these online banks 'anyone' can use are so great than there's no need for you to blather about them... PLEASE don't be 'that guy' that pulls the 'if it's good enough for white people it's good enough for everyone!" card. Honestly it's a little weird that people do this when communities pursue their own interests. This may be dreadful news but, there's actually a lot of White-owned businesses that cater solely to black customers, so clearly there's a market for this.
To do online banking below are some of the requirements. In your white privilege you might take all of this for granted. Do sometimes show some empathy for the poor, needy and homeless. 1. A home 2. Internet connection 3. A computer 4. knowledge of options
@@Sloppyjoey1 Did you not see the number of "black owmed" banks has dwindled to just 20? Why? Because there already exists a large number of nationally chartered credit unions to serve small businesses. A bank doesnt have to be owned by black people to serve a "black" community - as if somehow a "white owned" bank would somehow not want to make money if there was money to be had. Fintech banks are doing a better job of using real time banking data to better manage credit risks - going beyond score and looking at banking patterns using plaid software. Edit: Judging by the lack of basic financial knowledge in black communities - banks arent going to magically fix lack of savings - proper credit usage and ontime repayment schedules leading to higher credit scores. Just like the videos talking about "food deserts" - black communities have higher theft/shoplifting rates which eat up the small margins supermarkets operate on which leads them to close up shop. Combine riots, crime, trouble getting employees to work there in high crime areas.....fewer economic activity will take places - fewer jobs - less capital. When democrats regulated factories into shutting down and moving their operations overseas - the majority of black communities lost huge swaths of middle class jobs/income. Those communities will not magically bounce back because a "black owned" bank opens up nearby - brick and mortar banks are already operating on thin margins - margins that can be withstood by national banks that spread profits - the same banks with entire departments dedicated to SBA loans, community redevelopment loans etc Banking itself is a business - a numbers business - volume Its also HIGHLY regulated which limits lending practices. Being black owned will not magically allow them to break lending laws and approve loans the larger banks cant. Credit unions are already aggressive enough with their lending criteria which is much lower than the Majors like BofA, Chase, Citi ....Navy Federal. SECU. Pentagon Fed etc....those national credit unions have brick and mortar locations along with national reach and apps that allow 99.9% of banking functions to be completed without leaving your house Thag includes small business loans, fleet financing and business lines of credit/credit cards Who owns the bank shouldnt matter but racial division and victim narratives are super popular these days - pushing "black owned" banks wont solve the financial illiteracy problem in black communities. Hell in 2017 75% of 8th grade black boys in California failed the basic english test. Basic reading and writting. How about we get them to be able to READ first so they can compete in the job market. Fintechs will outmanuveur the larger banks with younger folks - especially since the IRS will be taxing cash app/venmo which is what many small businesses uss for payments - especiall black small business owners They have not formed companies properly - do not have business bank accounts and keep very few records.....this makes then dificult to fund as they cannot prove consistent cash flows/expenses If they knew how to properly form entities there already exists 1000s of banks that would fund them - has nothing to do with where they are or what color their skin is. Can you PROVE the income? Thats all banks care about to minize risk and follow lending guidelines set by law.
It all comes down to a bank’s bottom line. Trust me, I’ve worked at bank for years. Banks don’t care what color you are. They just want to know if you’re going to pay your loan back and if you don’t, do they have recourse to hedge against potential loss. They also want clients that can put money in the bank. Most banks aren’t incentivized to put a branch in a ghetto because that is not the clientele that makes them money. It’s plain and simple. One day, you all are going to figure out that the disparity between different races has little to do with racism and more to do with culture. I know. It’s easier to blame something or someone else for your misfortune, but until the black communities address the cultural issues that plague their communities, there will always be a disparity. Have you ever wondered why Asians come to America and on average are very successful? It’s because of their culture. I do think racism, in part, shaped black culture. But, obsessing over racism will never help minorities succeed.
Its why these black banks are putting Impact before Risk and Profit last. They are putting their bottom line on the back burner and their first priority is to make a change.
@@johnl.7754 black immigrants do not possess more wealth than black Americans. Another lie you white supremacists tell yourselves to sleep better at night!
I know of a black guy who is always in debt and never has a steady job. He tried to get a loan from his black neighbor bank but was denied. He tried to use the race card but all the bank employees are black.
No you don’t,you also claimed to have liberal friends who turn the AC as liberal hypocracy on using fossil fuels do I even 😂.That should already dismiss this bs story.
@@TomNook. This is a fake story,think for 5 seconds he says he knows a guy,doesn’t say guys name or that it’s a cocoworker or friend,just a guy.Like ok sure,then he says this guy lives in a black neighborhood,so we have to believe this guy is someone who lives in a mostly black neighborhood and knows the commenter who I assume is Asian?and also told him this story specifically,judging by the commentor this guy would not be his friend as he called him just “a guy”,so why would he tell him?It can’t be a co worker of the commentor cause he says he doesn’t have a steady job so he doesn’t know him from work. Or the more probable answer,he made this character up based on his stereotypes 😂.
@@shemaths1668 well . My comment was not meant as a race to see who has less problems . What i meant is the nature of the problem itself is not a usual one !! It is really strange and i think it is a US specific .
the investment sounds good. but when you get big players give you money, you have to answer to them. the people need to invest into the banks first. the big players come second
@@asadianbelifont3875 comments like this is why I buy everything black owned. thank god I can transfer my money to a black owned company where I am appreciated 🙏
So what I understood from this video is that bank owners in general aren’t racist they just follow the money and so it happens that in white neighborhoods is less risk than in minority ones. But black banks are here to challenge that theory or the statistics?
You're asking the wrong question. All "black banks" have to do is be profitable lol... Every business follows the money, so stop acting like this is the first time you've heard of a business with a black target demo
@@Sloppyjoey1 Except that businesses that specifically target black demographics are usually targeting black-specific consumer demand, such as for particular hair products, music, food, fashion....etc.. That's a bit different from a bank, the 'consumer demand' isn't any different - it's just money, loans, investments...etc. It's not like Islamic banking, for example, where there is a distinctive financial services market to serve. More broadly, banks fundamentally make money by quantifying risk. Banks can profit off lending to higher risk individuals (credit card charges, pay-day loans) but those which do so are almost inherently quite predatory, so that wouldn't be something to celebrate. If you assume "Black-Owned" = Black-Targeted (I'm sure there are Black-owned banks which are just normal banks which happen to be owned by a Black person), then I struggle to see how they can actually compete at a large scale with regular banks, unless regular banks are systemically miscalculating the risks posed by Black consumers. Which, they could be, but these days most of these things are calculated quantifiably by algorithm, and rechecked against actual data, so I'd find that surprising. It'd also be something major banks would easily be able to correct, in the event Black-targeted banks did become successful. At a small-scale I can see Black-owned banks being competitive, if those that make investment decisions have special knowledge of particular communities big bankers lack risk-relevant insight into, but I'm struggling to see how this business model works beyond that.
@@merrymachiavelli2041 As I said, all a 'black bank' has to do is be profitable. No one said that they have to beat out major banks. There are tens of thousands of community based, local banks that service the interest of communities whether it be farmers, bankers, neighborhoods, students, Mormons etc. To your comment about risk assessment. I think you need to pick an argument. Are black people going to other larger banks and getting service or are black people unserviceable and therefore a black bank would fail? My final point would be that black banks already exist. And frankly, even if black customers are statistically higher risk, there are banks that solely target high risk customers. That's proof there's a market for these things. My personal opinion is, there's a bizarre amount of insecurity and frankly, hating, going on in these comments. There's no need to do all these gymnastics, it may simply be that black consumers prefer to transact with black owners for the sake of community benefit and nothing else.
I understand and support this idea but calling it black banks doesn’t really stop the divide racial issue. You can’t say that you will stop racial issue if you call your self a racial name. Poverty doesn’t care about race.
The only way to stop racial issues is to point them out. To continue calling them out until a beneficial correction to those that have been harmed. You clearly don't understand or support anything.
Will these black owned banks help other minorities besides black people? Like Mexicans? Salvadorians? Samoans? Native Americans? Cambodians? Or is it just another blacks only idea?
One the excuses for the closure banks closed in the Black Community is because of the violence and deliquecy problems in the neighborhood; security is an issue. The great news is very, but very few areas. Another issue is that our black bankers need to market trust within the community. Lack of trust for past issues still remains for some. This was a great article and discussion. There is hope in the horizon 👍🏾
I hope banks do not touch a penny of that person. Im with One united bank and i will cut ties with them if i find out they have anything to do with that person
Skin color is not a race, its a characteristic of a human just like brown hair or blue eyes. Unless someone is another species from another planet and not human than that is a different race. We are all souls of energy living a human life. The world needs to educate themselves on this.
I agree with you but we are too far down the rabbit hole now to fix that. It's like telling someone who's been at the bottom of the ocean for hundreds of years that the sky is blue. He'll obviously disagree and say the sky is black.
This is great. More people should open more businesses. If you don't like how things are done start a business. The problem with the US is no competition for the big corps.
Black people spend a lot of money,it is said that we spend most of what we earn and at a faster rate. White business and Asian business try to take all our money and we let them. On RUclips there is story about selling to the Nigro. At present in the uk almost every advert on the tv has black people in it just ask yourself why. We need to have our own trusted bank
Does the United States have credit unions? They aren't perfect but financial institutions that are owned by the people and (small) businesses who do business with them often treat their "members" better than banks treat their "clients". Credit unions are much more invested in the success of their region than a national or multi-national mega Bank.
There is a huge community of Asians and South Asians too who are also discriminated against. Authorities should also pay their fair share of vision towards us.
Definitely, but it doesn't fit the story because Asian Americans earn about 40% more than the average household income, and Indian Americans earn even more than that. Meanwhile, black families earn on average 70% of the general average.
We teach our kids imagery and stereotypes by race, and that does affect purchasing decisions from mundane aisle magazines to the prospects of an investment when you see a company's leadership and clientele.
“I have a dream that my four little children will one day live in a nation where they will not be judged by the color of their skin but by the content of their character."
the biggest problem is people and companies don't stop talking about it. (WE ARE ALL AMERICANS) (AND ALL HUMANS) I don't care who you are black, white, asian or who ever, NOR should everyone. we are all people. AMERICA WAS FOUNDED BY IMMIGRANTS FOR IMMIGRANTS. THE BIGGEST PROBLEM IS COMPANIES USE IT AS A MARKETING TOOL TO SAY OH YEAH WE SUPPORT BLACKS TO GET PEOPLE TO BUY THERE PRODUCT NO! thats wrong just to get people to buy for that thats just wrong supporting a race as a deeper meaning then just brand and money has companies gotten stupid? Morgan Freeman's advice on race and black history is just stop talking about it, black history is American history. its on 60 minutes interview with him GO WATCH IT
You didn’t watch the video. This is about addressing systemic issues that stem from previous and current policies that targeted black Americans. Example: policies not to loan to black people or housing exclusion zones. Both of these affected generational wealth building and that’s why there are few black people with wealth despite the proportion of the population. Ignoring race isn’t going to solve these kind of institutional racism.
Not everything is about race. If someone have a bad credit score, and have problem paying loans. They are not going to get a loan. If someone have a low credit score, they are going to pay higher interest based on your credit worthiness.
That's true but the past speaks for itself and some things you got to stop trying to brush under the rug like it didn't affect people... There's clearly a gap and it ain't just because of bad credit scores and high interest rates it's way deeper than that and you know it
...but who owns those shares? In most cases they're wealth white people. Even if the company is largely owned by institutional investors like mutual funds, the bulk of those funds are owned by mostly rich white people.
Living in india its very difficult to comprehend that part of societies can be systematically isolated from development .Though castism is a big problem in india but its on personal level not on government policy level .
@@tomlever look because of historic reasons minorities have less income and therefore neighborhood with majority Dalits etc might not have that much facilities . But no one is prohibiting any minorities to live on certain piece of land or prohibiting them from Banking just because of their caste. Infact there are reservations in govt jobs , govt Universities for minorities.
@@anshulsharma9424 Ok, that's what I thought. So it is the same as in the USA and the UK and everywhere else. The banks, cinemas and shopping malls get built in the areas where they will get the most customers. It is not racism, it is business.
@@anshulsharma9424 you should list out those historical reasons which include centuries of oppression. Dalits and other minorities still face issues finding housing even in metro cities like Mumbai. My family is Christian, but when we were looking to buy a house, I can't even count the number of times we were asked "are you Muslim?" It was only when I showed my Aadhaar card with a Christian last name that they agreed to show us the property. FYI, these experiences were with the biggest builders. Caste based discrimination is still alive and well in India. The situation is no better than black people in the US, and I'd argue it's even worse in some situations like access to religious places of worship.
A bank 💰 is in the business of making money, I thought. Why would they choose to not make money when given the opportunity? Do they really care about the color of a person that much that they would say no to profit? This doesn't add up. 😬😬😬
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Generally, the higher risk implies higher interest rate. If there's a statistical evidence shows that the disadvantaged groups of people had a higher possibility to be in arrears, then the banks might raise the interest rate as their policy. However, the high interest rate can make the debtors even more difficult to repay the loan. As the result, maybe only those who have brilliant business ideas or healthier financial conditions will use these banks, but this is not the ideal goal these financial institutions trying to achieve. After all, it is a business, not a philanthropy. It seems to me if this model can work with a low interest rate and sustainable operation, the government might need to go intervention, such as tax preference or subsidies to these banks.
“After all, it is a business, not a philanthropy!!” I hope this resonates with everyone who reads. Especially POC!! Let’s remove the rose tinted glasses people!! Nobody owes us anything.
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I'm trying to figure out how people can see Black people investing in their own community and opening banks as racist. If Black people do nothing, we're seen as lazy but if we try to help ourselves, we're racist?
Nowhere in the video did it say that non-Black people can't use Black owned banks.
Tell 'em. These are the same idiots that think BET and HBCUs were created so we could self-segregate
No one is opposed to this. At the end of the day, banks only care about your credit rating when seeking loans, regardless of who owns it.
@@aaronsakhai Uh, they certainly care about more than credit scores. JP Morgan and other banks have payed millions in federal fines for discrimination.
@@aaronsakhai Man stop it. It's been proven facts with data to back up and 100s of millions paid out in lawsuits that a black male can have the same wealth or more and credit score as a white male and the black man will get denied the loan while the white male gets approve.
@@djelliott3158 I never said they weren't capable of the same credit scores or level of wealth, that's just your inferiority complex looking for an argument. Have a great day!
Basically corporations figured out they can still make money while growing into a new market and simultaneously launder their reputations.
Everyone's happy to help so long as it doesn't cost them anything. What does Microsoft or any other company lose from this? What are they sacrificing? Nothing. They're being praised for conducting their regular business operations.
Exactly!! Microsoft isn’t doing this for charity purposes. Trust there is a profit to be made. Hopefully, it’s not at the demise of black wealth.
@@BenjaminBanks615 they created value
capitalism....
So you're are saying Microsoft shouldn't do it at all?
@@bromack3 shouldn't praise it
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Talking about being successfull I know am blessed because if not I wouldn't have met someone who is as spectacular as you Nancy Sherwood, thanks for changing my financial life tremendously
Hello Nancy it is quite a striking coincidence our path cross again I was able to pay off my loan of $50000 through your calls , your method works like magic indeed thanks for the positive impact
Thank you Nancy although MY SKEPTICISM NEARLY COST ME A ONCE IN A LIFETIME OPPORTUNITY OF BREAKING THE YOKE OF POVERTY, thanks for your faith in me, I am glad that I am not the only one that's is impacted positively through your guidance, this your
Wow I never knew you were this popular, but without doubt I believe your works speak for itself, but hey Nancy it will be great for you to launch a channel, where you can impart people with your knowledge about trading, please do give a thought about it.........
+1
Seems like “outside money” going into black-owned banks feels counterintuitive to me. The whole premise for BOB’s is because of the discrimination and exploitation of black communities.
Gotta expand opportunity somehow.
Yea trust me ain’t nothing free . They’ll give you money 💰 but what’s that interest rate ? What fees are there ?
@@leea3531 so you're saying Microsoft shouldn't do it at all?
You'd be rights.
It seems that no one in the comment section understood or even watched the video that's just sad
To be fair, this was not the clearest video CNBC ever made. And the Microsoft thumbnail was very misleading.
First of all, it's CNBC, so odds are its race baiting.
As an example, 4:51 she explains that she as a black can get very different conditions than a white person due to how risk tolerance and interest rates are calculated. Obviously, there is nothing in the calculation for skin tone (as that would be actually illegal) but people in completely different circumstances get different conditions, and the are not the same color, therefore racism.
@@skippersd12 Is CNBC famous for race-baiting? I didn't know that.
This used to be one of my favourite channels on RUclips.
@@BlessedAgni That leads to the discussion on racial equity, or as it was known when it was not in vouge the soft bigotry of low expectations.
If we assume that race is a superficial thing, then there are characteristics that correlate (but do not have a causal link between) color and any given problem (financial in this specific case). These characteristics however have a causal link to how risky a loan is, and banks are not an institution for solving income inequality.
If we assume that there is an underlying problem, any equity measure is actively harmful, as it masks the effect of the underlying problem. As an example, if minorities receive vastly inferior education when it comes to finance, you can have a racial equity setup for mortgage, and suddenly minorities start to loose their homes as credit card debt cripples them.
The only situation where an equity makes sense is if we assume that race is not a superficial thing, and there is no cause that can be changed to have a different effect.
As a side note, there is a quick thought that highlights the problem with the 'racially sensitive' thinking. Two guys walk on the street, a white one with an umbrella, and a black one without. It starts raining. Is the weather racist?
Those investments are going to come with strings attached. Black-owned banks needs to be the ones setting the terms, and doing so in such away that they aren't exploited or sabotaged by Big Tech.
Exactly!
Lies again? Institute College USD SGD
Digital banks exist and all point atms exist. This is an education issue generations of ignorance teaching ignorance. I’m Jamaican and the divide is more clear in my home because education is not free. What we have here in the USA is poor distribution of taxes. I grew up in a wealthy county so I had MacBooks at my school while another county in the same state shares books. We need the tax money averaged out at a state level not county. That will stop education deserts which is the core issue.
Equal federal funding would be better, but the rich communities would never let that happen.
I grew up in the projects. You don’t need fancy equipment. You just have to study.
Why does it matter what color the owner is?
Because people are going to be more sensitive to the struggles and experiences of people like them, as they will have had similar struggles and experiences.
They have a wierd obsession with race. They literally segregate blacjs just like they did before.
@@koreyb your 400 years late from everyone, but welcome to the party.
Because they are racists and want to segregate themselves.
So only a certain demographic should own and hold financial power, and the rest should be dependent on that demographic. This dependence is what you call laziness and “why can’t they do for themselves” in other social media spaces. LOL!!!!!!
So there are 51 minority depository institution. 44 black owned, according to Google, not 20 like they state.
So that's 86%.
There are other misleading states in this. Shame CNBC has a journalist who isn’t that good
Factual information has no place in this video. Please check your privilege and just accept the statements as truth
I think your math is wrong 😑
@@aceocean3450 Yeah 86, I messed up.
Hmm...by that logic. Asian Americans deserve an Asian-owned bank as well.
There is currently ZERO asian-owned bank to serve Asian Americans.
Wrong, there's over 70 Asian American banks in the US, including East West Bank and Cathay Bank.
Uhm, Asians DO have their OWN BANKS. 🤦♀️
@@duckmercy11 Never mind him, he lives in a shoe. 🤦♀️
@@koreyb None of these banks are preventing certain ethnicities from using them. This is about which ethnicities own or predominantly use them. So, by this logic, there ARE white banks
@@ILiketoSayYeehaw he been saying the same thing its just copying and pasitng
I own a Black owned production company with excellent credit....It is almost impossible to get a loan being black at certain banks in my personal experience and I have a six figure a year job....It's absolutely important we change this in America
I call bs on this one.
I call BS too. Why wouldn't a bank want your business if you qualify? What are you getting a loan for? What type of production company do you run? You have given no information on your situation other than you are black and denied a loan. Plenty of white people get denied loans. Banks are racist to white people too then based on the same logic? A dollar from a black person makes no difference than a dollar from a white person on the bank's balance sheet.
My only question is how do you know you were denied for being black? Did they say something about it to you, or are you just speculating?
When you been black your whole life....you know when you're been discriminating against... always trying to tell black folk what they have experience.... STFU
@@conceptcs actually your chances of getting a business loan is better at a small community based bank than a national bank where you're just a number.
US need to understand that to overcome racism you have to go beyond the idea that races exist in the first place. Promoting "black" businesses or "Latinos" won't solve racism because it uses the same premise. On the contrary it favors prolonging it.
Edit addition: I know it's hard because race is so embedded in your recent history but that's the only way forward to eradicate racism. As an ever increasing number of people (including me) are from mixed racial origin, for which the concept of race doesn't even make sense since birth, this is also the direction of History. We need to accelerate this transition by removing this concept asap, instead recognizing in each other only our common humanity. Hopefully as generations pass and we also become a multi planetary species we will look back and laugh at this concept of race we use to cling too as a product of our times of scarcity and primitive thinking of the first thousands years of our human civilization. But please in the meantime do everything to accelerate this transition and remove this "XXX"-owned from your vocabulary.
U talking about how the US should solve it's issues, makes it sound like you ain't from there.
May I ask where you are from then ? Because I'm quite certain your answer would prove that you have no idea of what you are talking about.
Pretending that a problem doesn't exist doesn't make it go away
@Texsun! It's also the continuation of racist pratices. So dont try to make it look as if todays white people are not perpetuating systematic racism.
Your comment is fraudulent sir
Absolutely!
If I owned a bank, and it keep getting robbed. I will move it. Regardless of what race you are.
Speaking of robbery, whether the local bank branch or at the very top, you can’t prevent white men from entering banks or working in banking. Robberies WILL occur.
@@icecreamcake1457 I didn't say you can.
But if it is always getting robbed, or always trying to get robbed. It won't make sense to stay there.
Also, when and where did the banks move from.
Over the last decade or 2. BLM have burned lots of businesses. Many of them did not come back.
Than they complain when they don't want to come back.
Who is robbing banks in 2022? Racist.
All black neighborhoods are not crime ridden
@@mssha1980 I never said black neighborhoods are crime ridden.
I said regardless of race, I would move if it keeps getting rob.
Some people always looks for race issues with everything.
The fact you automatically associated robbing with black people is RACIST
isnt this the definition of racism????
No. Because sometime treating everyone fairly means treating people differently. Black banks are striving for equity, not equality
@@EVILBUNNY28 what laws in place prevent black people from equity or anything that singles out black people from gaining equity, guess other minorities aren't important though, we won't mention other billionaire blacks or millionaires that are current or past, why do blacks need their own banks, thought segregation was outlawed??
@@joshgore8256 there were laws like that, that existed at one point in time(google jim crow laws if ur unfamiliar with them) although they have been abolished, black communities are still suffering the consequences.
Also black ppl historically have been denied home ownership and loans from banks, which was one of the primary ways to build intergenerational wealth at the time.
The information is free online
@@joshgore8256 white people can use the bank lol. You're just racist 🤣
@@joshgore8256 they are black owned banks with the facilities to help underserved minorities get access to funds and support previously unavailable to them due to historic systemic racism. Black minorities are still feeling the after affects of previous racial laws. No one is saying white people cannot use black owned banks…….
Damn these comments are ignorant.
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the insidious implication from this video is that companies that don't invest in minority neighbors are somehow racist. Banks open and stay open wherever they can make money and what makes reasonable business sense. What is a more reasonable argument, banks close branches in minority neighbors because they blindly hate minorities or it makes no business sense of them to say open in particular neighborhoods or areas?
You think make more money off fees or off people letting their money sit in banks?
The ridiculous part of this video is online banks are available to EVERYONE
online check deposits
online money transfers
bill pay
online loan applications
checking
savings
CDs
National ATM access
They dont care what color you are - if you have the proper income and credit - youll get the money you want
No need for a brick and mortar bank for 99.9% of transactions people do....less overhead, better rates for account holders
So much this, getting tired of all the racial nonsense in every field.
@@vossenjonk3448 Amen - sick of promoting victimhood
Life is what you make it
1. They're referring to community banks structured more like credit unions, that keep money within certain communities and actually invest in and prioritize that community's interests.
2.) There's nothing "ridiculous" about this video. Literally every business has a target demo. There is no way you're too stupid to understand that. There is a reason you don't see black people in Applebees and Supercuts, saying there's a business for "EVERYONE" is just not real life lol.
3.) If the online banks were so great, why are there so many community banks and credit unions??? Their very existence proves that they are clearly providing something that communities want or need.
4.) Stop with the faux 'egalitarian' approach, because Bill Gates isn't a stupid man. He can see that there's a lot of money to be made catering to target demos who historically don't have many businesses to go to that prioritize their interests. It's an untapped market.
5.) THIS IS THE BIG ONE...With the historically low rates of ownership of assets within the black community, is this even an idea that requires pushback? Is the concept of black people patronizing black business seriously an issue?? Non-black owned companies have the same ability to compete for the black community's business, if these online banks 'anyone' can use are so great than there's no need for you to blather about them...
PLEASE don't be 'that guy' that pulls the 'if it's good enough for white people it's good enough for everyone!" card. Honestly it's a little weird that people do this when communities pursue their own interests. This may be dreadful news but, there's actually a lot of White-owned businesses that cater solely to black customers, so clearly there's a market for this.
To do online banking below are some of the requirements. In your white privilege you might take all of this for granted. Do sometimes show some empathy for the poor, needy and homeless.
1. A home
2. Internet connection
3. A computer
4. knowledge of options
@@Sloppyjoey1 Did you not see the number of "black owmed" banks has dwindled to just 20? Why?
Because there already exists a large number of nationally chartered credit unions to serve small businesses.
A bank doesnt have to be owned by black people to serve a "black" community - as if somehow a "white owned" bank would somehow not want to make money if there was money to be had.
Fintech banks are doing a better job of using real time banking data to better manage credit risks - going beyond score and looking at banking patterns using plaid software.
Edit: Judging by the lack of basic financial knowledge in black communities - banks arent going to magically fix lack of savings - proper credit usage and ontime repayment schedules leading to higher credit scores.
Just like the videos talking about "food deserts" - black communities have higher theft/shoplifting rates which eat up the small margins supermarkets operate on which leads them to close up shop.
Combine riots, crime, trouble getting employees to work there in high crime areas.....fewer economic activity will take places - fewer jobs - less capital.
When democrats regulated factories into shutting down and moving their operations overseas - the majority of black communities lost huge swaths of middle class jobs/income.
Those communities will not magically bounce back because a "black owned" bank opens up nearby - brick and mortar banks are already operating on thin margins - margins that can be withstood by national banks that spread profits - the same banks with entire departments dedicated to SBA loans, community redevelopment loans etc
Banking itself is a business - a numbers business - volume
Its also HIGHLY regulated which limits lending practices.
Being black owned will not magically allow them to break lending laws and approve loans the larger banks cant.
Credit unions are already aggressive enough with their lending criteria which is much lower than the Majors like BofA, Chase, Citi ....Navy Federal. SECU. Pentagon Fed etc....those national credit unions have brick and mortar locations along with national reach and apps that allow 99.9% of banking functions to be completed without leaving your house
Thag includes small business loans, fleet financing and business lines of credit/credit cards
Who owns the bank shouldnt matter but racial division and victim narratives are super popular these days - pushing "black owned" banks wont solve the financial illiteracy problem in black communities.
Hell in 2017 75% of 8th grade black boys in California failed the basic english test. Basic reading and writting.
How about we get them to be able to READ first so they can compete in the job market.
Fintechs will outmanuveur the larger banks with younger folks - especially since the IRS will be taxing cash app/venmo which is what many small businesses uss for payments - especiall black small business owners
They have not formed companies properly - do not have business bank accounts and keep very few records.....this makes then dificult to fund as they cannot prove consistent cash flows/expenses
If they knew how to properly form entities there already exists 1000s of banks that would fund them - has nothing to do with where they are or what color their skin is.
Can you PROVE the income?
Thats all banks care about to minize risk and follow lending guidelines set by law.
It all comes down to a bank’s bottom line. Trust me, I’ve worked at bank for years. Banks don’t care what color you are. They just want to know if you’re going to pay your loan back and if you don’t, do they have recourse to hedge against potential loss. They also want clients that can put money in the bank. Most banks aren’t incentivized to put a branch in a ghetto because that is not the clientele that makes them money. It’s plain and simple.
One day, you all are going to figure out that the disparity between different races has little to do with racism and more to do with culture. I know. It’s easier to blame something or someone else for your misfortune, but until the black communities address the cultural issues that plague their communities, there will always be a disparity. Have you ever wondered why Asians come to America and on average are very successful? It’s because of their culture. I do think racism, in part, shaped black culture. But, obsessing over racism will never help minorities succeed.
Its why these black banks are putting Impact before Risk and Profit last. They are putting their bottom line on the back burner and their first priority is to make a change.
Black Immigrants to the USA also does very well in education and financially (even above whites and Asians).
Wow. U had us in the first half.
Why stick half a head in the sand? Go all or nothing.
@@johnl.7754 black immigrants do not possess more wealth than black Americans. Another lie you white supremacists tell yourselves to sleep better at night!
They dont care what color you are? Explain redlining? Lmao
omg, I thought Microsoft was investing in shady banks from the title. wtf is wrong with the world ? Black banks seriously?
What are you talking about?
@@djwoosie98 this person has associated black with bad in their mind. This is part of the person
This race issue is really F up and all our asses have to the grave.
I know of a black guy who is always in debt and never has a steady job. He tried to get a loan from his black neighbor bank but was denied. He tried to use the race card but all the bank employees are black.
Genius
Cool I guess?
um ok?
No you don’t,you also claimed to have liberal friends who turn the AC as liberal hypocracy on using fossil fuels do I even 😂.That should already dismiss this bs story.
@@TomNook. This is a fake story,think for 5 seconds he says he knows a guy,doesn’t say guys name or that it’s a cocoworker or friend,just a guy.Like ok sure,then he says this guy lives in a black neighborhood,so we have to believe this guy is someone who lives in a mostly black neighborhood and knows the commenter who I assume is Asian?and also told him this story specifically,judging by the commentor this guy would not be his friend as he called him just “a guy”,so why would he tell him?It can’t be a co worker of the commentor cause he says he doesn’t have a steady job so he doesn’t know him from work. Or the more probable answer,he made this character up based on his stereotypes 😂.
Banks based on race ? Really !! US really has some strange problems :-)
Exactly it dumb
Y'all literally have regions separated by religion. You have issues to
What country are you from?
@@shemaths1668 well . My comment was not meant as a race to see who has less problems . What i meant is the nature of the problem itself is not a usual one !! It is really strange and i think it is a US specific .
Personally I prefer banks that are transparent. Black banks seem too opaque.
You won't get transparency from the popular ✡️banks for sure.
There are lots of black owned banks in africa and carribean
As there SHOULD be.
What was your point of making this comment
Yeah in Africa and Carribean they just ain't referred to as "black banks" as they are the majority in those countries
the investment sounds good. but when you get big players give you money, you have to answer to them. the people need to invest into the banks first. the big players come second
Why did banks close branches in black neighbor hoods? That seems to be important information to solve the problem.
To prevent being robbed lol. The same reason you see bars on gas station windows
Exactly
@@asadianbelifont3875 and fast food places with lucite glass..
@@asadianbelifont3875 comments like this is why I buy everything black owned. thank god I can transfer my money to a black owned company where I am appreciated 🙏
They don’t make money there. Banks are a business and therefore will close branches that are not profitable.
these comments make it clear some of you didn't even watch the video lol
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So what I understood from this video is that bank owners in general aren’t racist they just follow the money and so it happens that in white neighborhoods is less risk than in minority ones. But black banks are here to challenge that theory or the statistics?
You're asking the wrong question. All "black banks" have to do is be profitable lol... Every business follows the money, so stop acting like this is the first time you've heard of a business with a black target demo
@@Sloppyjoey1 Except that businesses that specifically target black demographics are usually targeting black-specific consumer demand, such as for particular hair products, music, food, fashion....etc.. That's a bit different from a bank, the 'consumer demand' isn't any different - it's just money, loans, investments...etc. It's not like Islamic banking, for example, where there is a distinctive financial services market to serve.
More broadly, banks fundamentally make money by quantifying risk. Banks can profit off lending to higher risk individuals (credit card charges, pay-day loans) but those which do so are almost inherently quite predatory, so that wouldn't be something to celebrate.
If you assume "Black-Owned" = Black-Targeted (I'm sure there are Black-owned banks which are just normal banks which happen to be owned by a Black person), then I struggle to see how they can actually compete at a large scale with regular banks, unless regular banks are systemically miscalculating the risks posed by Black consumers. Which, they could be, but these days most of these things are calculated quantifiably by algorithm, and rechecked against actual data, so I'd find that surprising. It'd also be something major banks would easily be able to correct, in the event Black-targeted banks did become successful.
At a small-scale I can see Black-owned banks being competitive, if those that make investment decisions have special knowledge of particular communities big bankers lack risk-relevant insight into, but I'm struggling to see how this business model works beyond that.
@@merrymachiavelli2041 As I said, all a 'black bank' has to do is be profitable. No one said that they have to beat out major banks. There are tens of thousands of community based, local banks that service the interest of communities whether it be farmers, bankers, neighborhoods, students, Mormons etc.
To your comment about risk assessment. I think you need to pick an argument. Are black people going to other larger banks and getting service or are black people unserviceable and therefore a black bank would fail?
My final point would be that black banks already exist. And frankly, even if black customers are statistically higher risk, there are banks that solely target high risk customers. That's proof there's a market for these things.
My personal opinion is, there's a bizarre amount of insecurity and frankly, hating, going on in these comments. There's no need to do all these gymnastics, it may simply be that black consumers prefer to transact with black owners for the sake of community benefit and nothing else.
This will challenge it: ruclips.net/video/6t83hoWAvTs/видео.html
No, black banks do what they have done historically. Recognize and serve an underserved but profitable market.
A very important conversation---thanks @CNBC!
-The Ofori-Atta Family
Seems like a great way to profit on the upside from excessive interest rates to clients but also limit downside when the clients default.
yeah sounds good to me
no way she said credit scores is racist
Everyone and everything is racist to these delusional people.
I understand and support this idea but calling it black banks doesn’t really stop the divide racial issue. You can’t say that you will stop racial issue if you call your self a racial name. Poverty doesn’t care about race.
The only way to stop racial issues is to point them out. To continue calling them out until a beneficial correction to those that have been harmed. You clearly don't understand or support anything.
@@humanbeing8948 BLM has been hugely successful in CREATING more racism. But you clearly don't understand that, and probably never will.
@@calvin99991 examples? Thought so. You have none.
Not investing making sure he's got a foot in so he can have influence.
"How to support_more black people; in -tech.!!"??
-M.K.S. Black -people; can!!
-M.K.S.
Will these black owned banks help other minorities besides black people? Like Mexicans? Salvadorians? Samoans? Native Americans? Cambodians? Or is it just another blacks only idea?
Reverse racism lol...smh
Of course, when have they not?
Brown People stand up on your own two feet!! SMH. ruclips.net/video/n5BXNcLX3nE/видео.html
Where in the video did they say Black owned banks mean "Black people only"?
@@paynefanbro It seems to only mention black people and helping black people out of the wealth gap
One the excuses for the closure banks closed in the Black Community is because of the violence and deliquecy problems in the neighborhood; security is an issue. The great news is very, but very few areas. Another issue is that our black bankers need to market trust within the community. Lack of trust for past issues still remains for some.
This was a great article and discussion. There is hope in the horizon 👍🏾
Thanks for the info i needed most.
I hope banks do not touch a penny of that person. Im with One united bank and i will cut ties with them if i find out they have anything to do with that person
Skin color is not a race, its a characteristic of a human just like brown hair or blue eyes. Unless someone is another species from another planet and not human than that is a different race. We are all souls of energy living a human life.
The world needs to educate themselves on this.
I agree with you but we are too far down the rabbit hole now to fix that. It's like telling someone who's been at the bottom of the ocean for hundreds of years that the sky is blue. He'll obviously disagree and say the sky is black.
This is great. More people should open more businesses. If you don't like how things are done start a business. The problem with the US is no competition for the big corps.
Because non black people don't deserve chances.
Dislikes were disabled on this video 😂🤣.
Every video on RUclips has dislikes removed.
@@420straightdank5 Yes but this one specifically disabled the dislakes. Look into the chrome plug in "Return RUclips Dislike".
@@JoeSmoeDoeLow Oh cool, I’m on my phone though.
Nice video.
Brilliant and Mind Blowing!!! Should've been dun 20 years ago
"Well that can't be good" was my first response.
will this violate the Civil Rights Act??
No.
No, no one is saying other races cant bank at a black bank
@@koreyb being a white owned bank means it’s owned by white people….
@@maybethisismarq just ignore him hes stupid
Black people spend a lot of money,it is said that we spend most of what we earn and at a faster rate. White business and Asian business try to take all our money and we let them. On RUclips there is story about selling to the Nigro. At present in the uk almost every advert on the tv has black people in it just ask yourself why. We need to have our own trusted bank
Does the United States have credit unions? They aren't perfect but financial institutions that are owned by the people and (small) businesses who do business with them often treat their "members" better than banks treat their "clients". Credit unions are much more invested in the success of their region than a national or multi-national mega Bank.
Okay. You do. I didn't listen to the entire report before commenting.
There is a huge community of Asians and South Asians too who are also discriminated against. Authorities should also pay their fair share of vision towards us.
Definitely, but it doesn't fit the story because Asian Americans earn about 40% more than the average household income, and Indian Americans earn even more than that. Meanwhile, black families earn on average 70% of the general average.
See it is about race, i knew it all along
Why is bill gates on the thumbnail?
Why go to the bank? Now people can do everything online now.
Buy AAL now 16 March. Semper Fi!
This has nothing to do with rice. What we need to do is reform the education system to include classes in money management.
Deserts
Banking Food Education
So much BS
So little time Stand with your community !
Microsoft is the only big company that don't sanctions against Russia
I've never patronize a shop based on the race of the owner of the business. I don't know why we are teaching our kids to do that.
Whites literally started the whole thing.
We teach our kids imagery and stereotypes by race, and that does affect purchasing decisions from mundane aisle magazines to the prospects of an investment when you see a company's leadership and clientele.
You don't have to. Media teaches your kids to do this and no one fixes it
@@justrandomthings319 No. Whites
But whites had segregation. Don't you guys study history?
“I have a dream that my four little children will one day live in a nation where they will not be judged by the color of their skin but by the content of their character."
Where's Thomas Sowell on this Subject or Claude Anderson
Informative
Us black people will always be used, lol. Banks will fix family problems.
Anything Bill Gates is involved in I won’t be.
There is a repeated section on this video, at 1:07 and 9:03
So why not investing in UPST which brings financial equality to all population in US
Why is bill gates photo there in Microsoft video now. He is retired😂
Not "equality" but power in "diversity". Encourages division. Discrimination
I was actually talking to a friend today that Asian don’t get equity equally as well in compare to asset
Not burning and looting local businesses would probably help.
WU TANG FINANCIAL
the biggest problem is people and companies don't stop talking about it. (WE ARE ALL AMERICANS) (AND ALL HUMANS) I don't care who you are black, white, asian or who ever, NOR should everyone. we are all people. AMERICA WAS FOUNDED BY IMMIGRANTS FOR IMMIGRANTS. THE BIGGEST PROBLEM IS COMPANIES USE IT AS A MARKETING TOOL TO SAY OH YEAH WE SUPPORT BLACKS TO GET PEOPLE TO BUY THERE PRODUCT NO! thats wrong just to get people to buy for that thats just wrong supporting a race as a deeper meaning then just brand and money has companies gotten stupid?
Morgan Freeman's advice on race and black history is just stop talking about it, black history is American history.
its on 60 minutes interview with him GO WATCH IT
You didn’t watch the video. This is about addressing systemic issues that stem from previous and current policies that targeted black Americans. Example: policies not to loan to black people or housing exclusion zones. Both of these affected generational wealth building and that’s why there are few black people with wealth despite the proportion of the population. Ignoring race isn’t going to solve these kind of institutional racism.
@@AlanisonYT I did I watched it twice actually, this is a step we can talk but they won’t
Can we just disable the comment section on these videos because God these racist comments are beyond annoying.
@@koreyb you're bored make some friends.
😤 Here we go....
The sole fact that you're segregating banks into black and no black are so racist that I have no more questions...
Americans: "OMG!!! BLACK BANKS!! RACISTS!!! MUH!!! Take da knee!!"
It's perfectly ok.
I'll just find a white bank. Now, where's the white drinking fountain?
I work for Truist bank! So proud to here them mentioned as investing in Black owned banks! A nice surprise I wasn’t expecting that :)
All my African American elders swear by SUNTRUST!! 🤣🤣
Used your local credit union banks or legitimate black owned banks
Not everything is about race.
If someone have a bad credit score, and have problem paying loans. They are not going to get a loan.
If someone have a low credit score, they are going to pay higher interest based on your credit
worthiness.
That's true but the past speaks for itself and some things you got to stop trying to brush under the rug like it didn't affect people... There's clearly a gap and it ain't just because of bad credit scores and high interest rates it's way deeper than that and you know it
@@muadhnate Trump have nothing to do with this.
@@jermainec2462 I look at facts, not people's "feelings".
it’s possible to have good credit and get a bad loan
@@graycr I never said it wasn't.
gawddd going backwards.
Like he did wit afrika?
Politicized investing is how you lose.
The largest banks are publicly owned
...but who owns those shares? In most cases they're wealth white people. Even if the company is largely owned by institutional investors like mutual funds, the bulk of those funds are owned by mostly rich white people.
Living in india its very difficult to comprehend that part of societies can be systematically isolated from development .Though castism is a big problem in india but its on personal level not on government policy level .
Are companies building cinemas and beautiful shopping malls in the neighbourhoods of dalits and shudras?
@@tomlever look because of historic reasons minorities have less income and therefore neighborhood with majority Dalits etc might not have that much facilities . But no one is prohibiting any minorities to live on certain piece of land or prohibiting them from Banking just because of their caste. Infact there are reservations in govt jobs , govt Universities for minorities.
@@anshulsharma9424 Ok, that's what I thought. So it is the same as in the USA and the UK and everywhere else. The banks, cinemas and shopping malls get built in the areas where they will get the most customers. It is not racism, it is business.
@@anshulsharma9424 you should list out those historical reasons which include centuries of oppression. Dalits and other minorities still face issues finding housing even in metro cities like Mumbai.
My family is Christian, but when we were looking to buy a house, I can't even count the number of times we were asked "are you Muslim?" It was only when I showed my Aadhaar card with a Christian last name that they agreed to show us the property. FYI, these experiences were with the biggest builders.
Caste based discrimination is still alive and well in India. The situation is no better than black people in the US, and I'd argue it's even worse in some situations like access to religious places of worship.
Difficult to understand what? India has a caste system!
A bank 💰 is in the business of making money, I thought. Why would they choose to not make money when given the opportunity? Do they really care about the color of a person that much that they would say no to profit?
This doesn't add up. 😬😬😬
It takes hard work to be rich. At first at least. For example Bill Gates, Mark Zuckerberg and Jeff Bezos.
yes correct becoming richest is hard work 😣🤑🤑🤑🤑🤑l hate richest bro 😡😠😠😠😠😠😠😠😡😠😠
That's why Walgreens has moved out of impoverished neighborhoods. To make room for more banks.
Not controlling them
Is to better control them
Cheers from west Africa
🦅
For some reason this sounds so racist to me. This is the entire issue at its finest. Literally.
A good way to counter gentrification.
I’m sure it’s for racial justice
Isn’t the goal to remove physical banks and go all digital.🤔
This comment section tells you all you need to know...
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Its the fist time i've heard "black banks".
Generally, the higher risk implies higher interest rate. If there's a statistical evidence shows that the disadvantaged groups of people had a higher possibility to be in arrears, then the banks might raise the interest rate as their policy. However, the high interest rate can make the debtors even more difficult to repay the loan. As the result, maybe only those who have brilliant business ideas or healthier financial conditions will use these banks, but this is not the ideal goal these financial institutions trying to achieve.
After all, it is a business, not a philanthropy. It seems to me if this model can work with a low interest rate and sustainable operation, the government might need to go intervention, such as tax preference or subsidies to these banks.
“After all, it is a business, not a philanthropy!!” I hope this resonates with everyone who reads. Especially POC!! Let’s remove the rose tinted glasses people!! Nobody owes us anything.
When I read these comments I smile. Glad to be in America 🇺🇸
Because minority, tends to do, lots off credits, pay huge amounts or interest... and so on.... he's making money on people stupidity.
Untapped economic growth “minorities.”
Salute!
Why media keep using Bill gates image on Microsoft? didn't he already left on 2020.
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This is nice
So now we're going to have separate banks? Like separate drinking fountains? I think we are moving backward.
We've always had separate banks, colleges, hospitals etc...what bubble do you live in? And when were we ever together or equal?