Talking Shop: Exploring Minority Bank Deposits Amid Increased Public Interest
# Banking
# DEI
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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.”
