BankingESG

Talking Shop: Exploring Minority Bank Deposits Amid Increased Public Interest

By October 1, 2020 No Comments

Question: “Minority bank deposits: Is your organization active or exploring given increased public interest?” 

  • “I’m looking to connect with those with experience in this area and discuss best practices. In addition, I’m looking to identify contacts at any recommend [Minority Depository Institutions].” 
  • The member included a link to a Fortune article, which discusses Black-owned financial institutions amplifying the call for racial justice by drawing more private capital into their communities. 

Peer Answer: “Hi, we are close to finalizing agreement/structure with a start-up (CNote) which works with credit unions serving disadvantaged communities. 

  • “They basically facilitate a placement of $250K deposits at CUs that they work with, which makes it risk free considering these deposits benefit from FDIC/NCUA insurance. If you want, we can connect on it, and I can provide a bit more background.”
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Justin Jones

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