.... and the profusion of payday loan and check cashing outfits and shylocks?

Warning-long post! May meander slightly but sticks to the theme of institutionalised socio economic repression of Black America.

I've been having an on off convo with a young nigga currently in school in Washington DC. Early this week he lamented while passing through black areas there are very few banks but loads of payday loan outfits, small monthly loan (shylock) operators, check cashing places and pawnshops.
Yes! That's a sample of their loan rates, unbelievable as it seems.
A study was done in Kali and is a little old tbh but imo is still accurate and affects ALL Black America:

State Research Shows That Payday Lending Stores Are Heavily Concentrated In African American and Latino Communities Across California. Targeting Borrowers of Color Only Widens the Racial Wealth Gap

The California Department of Business Oversight (DBO) published a new research report this week that shows payday loan stores in the state are disproportionately located in heavily African American and Latino neighborhoods (PDF). Combined, African Americans and Latinos make up almost 44% of the state's total population--and in those communities, on average, nearly 60% had six or more payday loan stores compared to white communities at 28%.

[url][/https://www.responsiblelending.org/media/state-research-shows-payday-lending-stores-are-heavily-concentrated-african-american-and]

Rmbr also that low figure suffers denial of loans, mortgages and financial services based on their location if it's mainly minority population.
My dude like most people who've lived in the 3rd world was shocked to discover how thoroughly the system sabotages Black economic advancement: in his first year he stumbled across redlining thanks to Black students, especially one who's dad struggled for years to finance an auto repair biz.

For decades, many banks in the U.S. denied mortgages to people, mostly people of color in urban areas, preventing them from buying a home in certain neighborhoods or getting a loan to renovate their house. The practice — once backed by the U.S. government — started in the 1930s and took place across the country. That includes in many of the nation's largest cities, such as Atlanta, Chicago, Detroit, Tampa and others with large minority populations.

[url]https://www.cbsnews.com/news/redlining-what-is-history-mike-bloomberg-comments//url]
Ofc it's not ONLY unethical but illegal but America is America; iow de facto redlining exists.

The DOJ’s complaint, which relates to the bank’s residential mortgage lending business, including its home improvement loan and home equity line of credit programs, alleged that First Merchants violated the Fair Housing Act and the Equal Credit Opportunity Act by engaging in a pattern or practice of unlawful redlining of majority-Black areas in Indianapolis-Marion County. From 2011 to 2017, the bank was alleged to have avoided providing mortgage credit to individuals in these areas.

[url][https://www.consumerfinancemonitor.com/2019/06/18/doj-settles-redlining-lawsuit-against-first-merchants-bank//url]

The parent company of Cadence Bank agreed Monday to pay roughly $8.5 million in fines and community investments to settle charges of lending discrimination brought by the Justice Department and a federal bank regulator.

Cadence Bancorporation will pay a $3 million fine to the Office of the Comptroller of the Currency (OCC) and $5.5 million to expand credit opportunities for Black and Hispanic borrowers to resolve accusations of "redlining" minority customers in the Houston metropolitan area.

[url][/https://thehill.com/policy/finance/570073-cadence-bank-will-pay-85-million-to-settle-redlining-case]

Trustmark National Bank will pay $5 million in fines to federal regulators to settle allegations it actively avoided offering and marketing home loans to Black and Hispanic customers, federal officials announced Friday.

[url][https://thehill.com/policy/finance/578088-trustmark-bank-to-pay-5-million-redlining-fineurl]
It's a truly fked up situation! In fact Africa is better banked than Black America! Full banked BAs are just over half.

Country Percentage penetration
Mauritius 99
Kenya 86
Namibia 82
South Africa 79
Zimbabwe 63
Uganda 60
Ghana 59
Botswana 59
Rwanda 56
Gabon 56
Mozambique 54
Tanzania 53
Lesotho 52

[url][/https://www.statista.com/forecasts/1150267/bank-account-penetration-in-africa-by-country]

(Btw, I notice in many such meaningful indices Zim doesn't do too badly in such stats all things considered.)

Look at OneUnited, the largest black owned bank out of 21 with a mere 700 mn $ in assets.
Total black population is 48 mn or 14%.

OneUnited Bank, Largest Black Owned Bank, Swells To Over 100,000 Customers
Bank Credits Its Social Justice Activism and Technology Platform for Surge

[url][https://www.prnewswire.com/news-releases/oneunited-bank-largest-black-owned-bank-swells-to-over-100-000-customers-301151626.html/url]

It wouldn't feature in our top ten. ACTUALLY it would be a top ten bank-in Uganda!

Characteristic Assets in billion U.S. dollars
Equity Bank Group 10.02
Kenya Commercial Bank (KCB) 9.05
NCBA 4.59
The Co-operative Bank of Kenya 4.51
Diamond Trust Bank Kenya 3.89
Absa Bank Kenya (formerly Barclays) 3.48
Standard Chartered Bank Kenya 2.98
Stanbic Bank Kenya 2.92
I & M Bank 2.71
Prime Bank 1.08

A TERRIBLY UNDERWHELMING FIGURE BY ANY MEASURE!? Most of them are less than 50 years old.

However, historically speaking Blacks had 3x the number of banks during segregation than now!

African-American churches and fraternal organizations built further on that foundation by serving as pooling places for the capital needed to open a bank that was sensitive to the needs of the African-American community. Between 1888 and 1934, 134 black banks were established, while from 1867 through 1917, the number of black businesses increased from 4,000 to 50,000.

[url][https://www.fedpartnership.gov/minority-banking-timeline/capital-savings-bankurl]

Fyi, a lot of Blacks, especially the Elders were ACTUALLY against desegregation for this reason. They attacked MLK saying they wanted their OWN SOCIETY, with own businesses and banks the way it used to be!
Heard of Black Wall Street in Tulsa, Oklahoma? Til it's destruction a century ago it was a typical Mid west black town- there were at least another 10 . They had more money than their white neighbours.

My nephew moaned about lack of responsive financial institutions and I gave this example to show America's systemic economic and racial repression has looonnggg roots.
Gentrification, the urban drug war, the poor education etc, etc were all planned well in advance.
AND yet there's hope!
Black America boomed biz wise like never before under Trump. All sectors from the lower, middle to upper class benefited in ways still being studied by unbiased researchers.

The Trump Boom Lifted Black Americans
Before the pandemic, the economy grew in ways that mostly benefited low-income and middle-class households.

[url]https://www.wsj.com/articles/the-trump-boom-lifted-black-americans-unemployment-rate-education-real-wages-upward-mobility-economic-growth-biden-equity-11643389476/url]

If their final decision comes down to which candidate will continue the economic progress that lifted median Black household incomes to their highest levels on record and pushed Black unemployment rates and poverty rates down to their lowest levels, then there is really just one choice: President Trump.

https://www.usatoday.com/story/opinion/2020/11/01/donald-trump-african-american-black-economic-progress-vote-column/6081310002/

Even the BBC had to admit the truth!

In 2019, the latest data available, the African-American poverty rate was 18.8% - which is the lowest on record, beating the previous year, since the official count began in the 1960s.

That represents just over 8 million African-Americans in poverty, according to the US Census Bureau.

[url][https://www.bbc.com/news/world-us-canada-52907646url]

Which returns us to George Floyd, or rather the massive civil unrest that seemed to presage war.
Imo, and my young nigga is now inclined to agree AFTER seeing the American system at work it was a cluster bombing, a deliberate sabotage of Black America's wildly improving economic fortunes.
There were too many reliable reports of bricks delivered before hand to riot locations. Too many black businesses were destroyed with observers constantly reporting on rioters bussed to the site. Often,white BLM organisers ignored pleas from local black residents to cease from violence.
This happened in Ferguson after the Michael Brown shooting. George Soros who actively funded the violence via BLM was VERY interested in gentrifying the more valuable real estate in the SE still black owned. He had fronts and proxies lined up to gentrify the entire neighbourhood.

Billionaire George Soros spent $33MILLION bankrolling Ferguson demonstrators to create 'echo chamber' and drive national protests

https://www.dailymail.co.uk/news/article-2913625/Billionaire-George-Soros-spent-33MILLION-bankrolling-Ferguson-demonstrators-create-echo-chamber-drive-national-protests.html

Let me summarise: Soros, HIMSELF a 2nd tier agent of the Real Rulers of America, those who instituted the repression Black Americans face replicated the Ferguson playbook nationally in 2020 for obvious reasons. These Elites have wayyyyy too much invested in the continued NEVER ending plight of Black America.
Their escape from multi generational poverty which seemed likely alarms them IMMENSELY. Imo, this, maybe not even China worries them greatly.
Anyone who's ever observed this situation in Black America chip in.

Banks have no race, but profit.

panafrican:
Banks have no race, but profit.

Exactly! Then why does Black America suffer this situation? It doesn't make biz sense: and in America that proves it was PLANNED. Do you think it's somehow organic to their socio-economics and therefore natural ?