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They’ve been raking in money thanks to the strong stock market, companies’ appetite for debt and initial public offerings.
Large banks can’t deny services to businesses, like gun-makers and oil drillers, just based on what they do.
A recent FDIC report found that community bank profits rose last quarter, thanks to fee income from PPP loans and mortgage refinancing.
The law is meant to demand that when banks take deposits from a particular area, they also make loans there.
Bill Bynum says Hope Credit Union is his ministry, giving predominantly Black communities a place to bank.
That leaves them restricted access to capital, according to a study by the New York Fed.
Banks touch many sectors of the economy, that may be struggling — or thriving — during the COVID-19 pandemic.
The arrangement would allow minority-owned lenders to take PPP loans off of their balance sheets.
Big banks say they’ll give customers a temporary break on negative balances.
Turns out it’s much more akin to printing money than it is to borrowing.