Banks

The Atlanta Hawks franchise is the first professional sports team to ink an exclusive financing deal with Black-owned banks.

Sheena Allen, 29, has launched CapWay to help underserved communities learn more about the importance of financial literacy.

University of California professor Raphael Bostic has made history Monday as the first African-American president of one of the Federal Reserve's 12 regional banks.

Despite plans from the banking industry to add more than one million jobs between now and 2020 and data revealing that Blacks are obtaining more finance degree than ever, top banks are still lacking in diversity. The NAACP has released a report card, which has graded the five largest banks (Wells Fargo, Bank of America, […]

JP Morgan Chase and the Justice Department reached a settlement for $13 billion this week to resolve allegations that the bank knowingly sold faulty mortgage securities, behavior that contributed to the nation’s financial meltdown. It is the largest penalty ever paid to the government by a single company. Among the funds to be paid out […]

Carver Federal Savings Bank, the largest Black-run bank in the U.S. is the latest bank to be bailed out. Carver Federal Savings received a $55 million cash rescue from key investors including Citigroup, Goldman Sachs, Morgan Stanley. See also: Bank Of America Website Issues Continue “This represents a significant shift from community ownership to corporate,” said […]

WASHINGTON (AP) — Democratic lawmakers are asking the Justice Department to investigate whether Bank of America and other major banks improperly worked together to charge customers new monthly fees for using their debit cards. Rep. Peter Welch, D-Vt., and four other Democrats said Thursday that they’ve asked Attorney General Eric Holder to see if big banks […]

While everyday Americans suffer in these tough economic times, big banks, largely responsible for the crisis with their “too big to fail” power, enjoy record high profits. In a grassroots effort to get back at these institution, communications firm Fearless Revolution has created a step-by-step guide to leaving your big bank and joining a credit union. Fearless Revolution […]

LONDON  — Swiss banking giant UBS said Thursday that a rogue trader has caused it an estimated loss of $2 billion, stunning a beleaguered banking industry that has proven vulnerable to unauthorized trades. Police in London said they arrested a 31-year-old UBS trader, Kweku Adoboli, in the alleged fraud. UBS declined to confirm his name. […]

Since the 19th Century, African-American-owned banks have played a vital role in the economic development of our communities. Between 1888 and 1934, there were more than 130 U.S. banks owned by African-Americans, which is believed to have been the force behind the explosion of African-American businesses, which grew from 4,000 in 1867 to approximately 50,000 […]

The city of Baltimore is suing Wells Fargo for racist lending practices according to StockBriefing.com. The company said in a statement that Baltimore has claimed racist, predatory lending practices at Wells Fargo (NYSE:WFC) which they say has led to increased foreclosures for a certain demographic. Read The Whole Story RELATED STORIES Wells Fargo Accepting Applications […]

Hip hop mogul Russell Simmons seems to feel that banks are not treating the poor in a proper fashion. This week, in a rant on his site, “The Global Grind,” Simmons had this to say: “They trick customers into doing things that are not good for them through lack of transparency, and surprise them with […]