Equitable banking is possible! Here are five notable milestones from the last year:
- CDFIs (like Beneficial State Bank) were awarded additional funding to support communities affected by COVID-19.
- Advocates pushed forward legislation supporting public banking in California and postal banking nationally—steps that help broaden financial services for all.
- Banking practitioners and partners launched programs to find solutions for increasing access to credit and capital.
- The CFPB further opened the door to fair lending by proposing a new rule on the collection of small business loan data.
- Lawmakers listened to the experiences of bank workers as part of an effort to expand the rights of those working in financial services.
These moments build on commitments made across sectors the year prior, giving us hope for continued progress. We know there is plenty of work ahead for financial institutions and lawmakers to center racial equity, environmental well-being, and true community prosperity at the industry’s core. At Beneficial State Foundation, we’re profiling how banks are leading the way, exploring how we can empower systemically excluded communities, and establishing a roadmap for better banking.
Want to collaborate? We’d love to connect.