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In less than 10 years, the majority of the young workforce will be people of color. The United States expects to be a majority-BIPOC nation by 2044, and our economy depends on the success of all people being able to contribute fully to our financial systems. For banks, this means that the needs and experiences of their employees and consumers will shift rapidly.
However, people of color have been historically excluded from banking practices, and the effect of that legacy is still felt today. For example, 14 percent of Black households and 10 percent of Hispanics had no bank accounts at all in 2019, according to the Federal Reserve. In comparison, just 3 percent of White households were unbanked. People of color are also less likely to get approved for mortgage and small business loans, according to figures from UnidosUS.
On Thursday, March 11, we will examine the issues related to racial equity and banking, understand how banks are regulated, and learn more about the Community Reinvestment Act and other innovative strategies that we can work on together to help close the wealth gap in communities of color. [Organizer's description]