Finance
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OneUnited Bank Launches BankBlack X Campaign to Tackle Racial Wealth Gap, Encourage Financial Literacy
The black dollar is big business. With $1.3 trillion in annual buying power, the influence we wield on the global economy is undeniable. Yet far too often, we’re unable to fully capitalize on our collective monetary might. Looking to break this cycle is OneUnited Bank—the largest black-owned bank in the country—with their commitment to garnering…
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Poor People Are Already Financially Literate. They Just Need More Money
I don’t remember when exactly I first realized there was such a thing as class. I think I might have been 10 or 11, but I’m not certain. But even before I possessed the language to articulate class distinctions, I understood them. I knew where my family existed on that spectrum. I knew what where…
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With $200 Million in Investment, JP Morgan Chase Hopes to Make Black Detroit Flourish
If you google how Detroit is doing, one of the first words you’ll find in the headlines is “comeback.” The city has bounced back from bankruptcy and its downtown area, in particular, is now booming. But the question of economic recovery is also one of equity: Namely, will longtime black Detroit residents, who stayed in…
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Everyone Knows There's a Racial Wealth Gap. How Do We Fix It?
This country has always had a wealth gap, and America usually fixes this problem…for white people. To cure widespread poverty during the Great Depression, the New Deal guaranteed jobs, reformed banking, built infrastructure, reimagined education and literally built entire towns filled with affordable housing… For white people. Because of segregation, Jim Crow and the newly…
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How Will the New FICO Scoring System Affect Blacks and People With Lower Incomes?
How good is your credit? Do you know your FICO score? How do you measure up when it comes to paying your bills and managing your debt? For the last two decades, the three major credit reporting companies—Experian, TransUnion and Equifax—have relied heavily on a scoring system created by the Fair Isaac Corporation—FICO—when reporting consumer…