Money & Finance
Union Bank’s minority lending record challenged by African American chamber
The San Francisco African American Chamber of Commerce told regulators that it opposes Union Bank’s acquisition of the parent of Santa Barbara Bank & Trust, criticizing the San Francisco bank’s track record lending to African Americans and doing business with African American suppliers. Union Bank, part of Japan’s Mitsubishi UFJ Group that has national banking [...]
Black-owned United Bank is more than the sum of its assets
Twenty years ago, in economic conditions similar to those we face today, a team of Philadelphia business and civic leaders formed United Bank, an African American-controlled and -focused bank chartered by the commonwealth. With African Americans making up the region’s largest minority, and with lending to African American individuals, businesses, and institutions disproportionately low, the [...]
Minorities Raid Retirement Savings to Survive Recession
While millions of people turned to their retirement accounts to make it through the Great Recession, a greater percentage of blacks and Hispanics did so, according to two recent studies from investment companies. Blacks were 55 percent more likely and Hispanics were about a third more likely to borrow money from their retirement accounts than [...]
Black moms are the bedrock for their families
Mother’s Day 2012 honors the complex, exquisite love between African-American mothers and their children. This love is similar to the love of all mothers and children except that more African-American mothers are both primary caregivers and primary breadwinners in their families. In 2008 the American Prospect, a political magazine, reported that due to the impact [...]
Government Job Cuts Threaten Black Middle Class
Public sector jobs, with their competitive pay and benefits, have long been considered the most secure form of employment in America. But as government shrinks, data show African-American workers are bearing the worst of the cuts. The planned downsizing of the U.S. Postal Service, which wants to shed thousands of jobs and reduce hours at [...]
