It is no secret the last two-plus years have taken a toll on pretty much all of us in one way or another – our safety, our mental health – while bringing economies around the world to their knees.
In a moment of crisis when consumers required financial guidance, leadership, and mentors from their local financial institutions, a lot of banks turned on heel, shuttering their branches in those communities already dealing with financial instability and various economic inequalities.
Set up for financial inclusion failure
In economic crises like that, the underserved pay the highest price. According to a February 2022 report from the National Community Reinvestment Coalition (NCRC) and reported by American Banker, while families were frantically searching for financial support and mentorship in March 2020, many of the nation’s banks took advantage of the COVID crisis by accelerating their already-planned exodus from underserved areas, thereby exacerbating the already growing number of banking deserts across the country.
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