How to Create a Black-Owned Financial Institution

Senator James Sanders Jr. be hosting "How to Create a Black-Owned Financial Institution" a virtual event on July 24, 2020 featuring a variety of speakers representing financial associations from New York State and nationally. The special guest is Linda Lacewell, Superintendent of the New York State Department of Financial Services.

Black-owned banks offer an alternative for residents, who have been consistently discriminated against by other financial institutions. They have typically provided more money to borrowers living in low- and moderate-income (LMI) census tracts in the last 14 years than other banks. Black-owned banks are also more willing to tolerate higher levels of risk than alternative institutions. In 2016, 67% of mortgages made by Black-owned banks were either FHA mortgages—which typically serve riskier borrowers—or mortgages held "in portfolio," meaning they are liable to the risk of the borrower defaulting.

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