Amid Skepticism, Minnesota Banks Respond to Calls for Change

June 17, 2020

Racial disparities in Minnesota were getting more focus before the police killing of George Floyd. Black entrepreneurs hope the increased awareness raised by national and worldwide protests will turn the heads of larger banks so communities of color will see more investment…..

Unlike home loans, where the financial system also has a history of discrimination, banks say regulations prevent them from collecting the racial background of business loan applicants. They point to high grades they earn under the federal Community Reinvestment Act, which urges banks to invest in low- to moderate-income communities….

Jermaine Toney, assistant professor of economics at Rutgers University, has studied banking access issues in the Twin Cities. He said the lack of services opens the door to non-traditional options that can leave black residents in a never-ending cycle of debt and prohibit them from building wealth.

Minnesota Public News Service, June 16, 2020

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