Big Banks: Go Small!

Despite the promise of the Fair Housing Act and other civil rights laws, racial gaps in wealth, homeownership, and mortgage lending persist today. Our nation’s biggest banks deny mortgage loan applications to Black and Brown consumers at a rate higher than the rest of the industry, often claiming that lending to historically marginalized consumers is too risky. Instead, these lending institutions focus on providing highly profitable financial services to wealthy consumers. Banking institutions, especially our nation’s biggest banks, have both a moral and economic obligation to serve all members of the public who need and desire financial services.

It is time for big banks to “go small” in order to close the racial lending gap.