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Showing posts with the label HR 41

Let Us Put Our Money Together: The Founding of America’s First Black Banks

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We note with interest the publication of yet another book on Black Banks written by non-Black people. The most recent entrant, "Let Us Put Our Money Together: The Founding of America’s First Black Banks" was written by the Federal Reserve Bank of Kansas City.

What makes this book especially interesting is the lack of support that the Federal Reserve Bank of Kansas City has shown Black banks over the years.

In an article in Black Enterprise, we stated:

"it’s interesting that the Fed would write a book on black banks given their responsibility under federal law from over two decades ago to save minority banks in the face of the current decline...Congress enacted the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (FIRREA) under Section 308," which called "for preserving the number of minority depository institutions and offering technical help to prevent insolvency of institutions. The law also was geared to promote and encourage the cre…

New Bill Could Help Black Banks Raise Capital, Cut Costs, and Attract Black Investors

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Article by Jeff McKinney in Black Enterprise describes HR 41, "the Rescue Act for Black and Community Banks. The bill–initiated in January 2019–aims to, along with other measures, bring regulatory relief for black banks from Congress, boost wealth-building for black consumers and businesses, and help save black banks from failing."

See: https://www.blackenterprise.com/new-bill-black-banks-black-investors/

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