“We bring this to your attention to point out the Fed’s abysmal record on helping black banks and bankers.
Since 1994 when there were 55 black-owned banks, we have seen 40 black banks close and now have just 15 remaining,” said Robert Alexander.
“Even as many banks received billions in the bailout from the last financial crisis, Black banks received a negligible amount. This is despite the directive in Sec 308 of FIRREA to preserve the number and character of minority depository institutions. The opposite is true with black banks being on the verge of extinction.”
