In the United States, access to capital and credit for individuals and business owners is uneven based on race. While digital banking is on the rise and bank customers can access their accounts and perform many banking transactions via the internet, the presence of brick-and-mortar bank branches is declining, particularly in Black and Latino communities. For those who lack financial resources, internet access, or transportation, local bank branches are vital.

The Economic Mobility Project’s virtual event, Minority-Owned Banks and Banking Access in Minority Communities, which took place on Tuesday, September 26, 2023, from 11:00 am to 12:15 pm CT (12:00 pm to 1:15 pm ET), highlighted research on the role of minority depository institutions (MDIs) and community development financial institutions, whose missions include the promotion of financial services and credit in traditionally underserved communities. The event also explored the reasons why low-income and Black households are less likely to visit bank branches than high-income and White households. The event featured opening remarks by Tracey Morant Adams, senior executive vice president and the chief community development and corporate social responsibility officer for Renasant Bank, and presentations by Maude Toussaint-Comeau, senior economist and economic advisor, and Jung Sakong, economist, both with the Chicago Fed. The presentations were followed by a roundtable discussion by Mehrsa Baradaran, professor of law at UCI Law, Anthony Barr, research and impact director at the National Bankers Association, Gregg Brown, president and chief executive officer at South Side Community Federal Credit Union, and Makada Henry-Nickie, executive director at JP Morgan Chase Institute, with Jonnelle Marte of Bloomberg serving as the moderator. The event closed with remarks from Nicole Elam, president and CEO of the National Bankers Association.

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