Banks Need to do More to Address Inequality and Racism

Writing an op-ed in American Banker Jennifer Tescher, CEO of the Financial Health Network, says banks have a responsibility to do more than just condemn racism and inequality; Tescher outlines steps banks can start taking today to help improve the current situation; proactively support black employees by acknowledging their suffering and encouraging them to seek help if needed; also offer mental health solutions because the current times are extremely stressful; acknowledge and take ownership of their role in redlining, which is currently illegal but statistics still show banks do not lend equally to minority neighborhoods; increase lending to black-owned businesses, a survey from 2016 showed black business owners were denied loans at three times the rate of white business owners; all banks should do a pay equity review and publish the results for all to see, the more transparent a bank is with their gaps the better; Tescher says in closing, “At this moment in history, talk is cheap. Focus less on saying the right thing. Just do the difficult work that needs to be done.” American Banker

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