Background

Americans of color, particularly Black Americans, face significant, interconnected barriers that have led to persistent financial and economic inequality and unacceptable outcomes across quality of life indicators, particularly regarding health care, education and wealth accumulation. While economic exclusion is a persistent problem for all marginalized communities, BPI’s recent report focuses primarily on the Black community. The Federal Reserve’s most recent statistics show that Blacks experience adverse credit outcomes across all income levels, with Black adults with incomes over $40,000 a year more than twice as likely as Whites to have credit applications denied. Nearly one in five Black adults making over $100,000 a year reports being denied credit, more than twice the rate of White adults. And the rate of Black adults who are unbanked is more than double the rate of adults overall.

To access the report and to learn more about some of the other efforts at BPI member banks, click on one of the links below.