Published: September 2023

Bank CEOs are urged to make good on promises to close racial wealth disparities

A hundred advocacy groups submitted letters to more than 40 bank CEOs urging them to make good on comments made to close racial wealth disparities and invest in traditionally underserved communities following the widespread racial justice protests of 2020.

Consumer Action was one of a hundred organizations that signed on to letters to CEOs of more than 40 U.S. banks urging them to make good on promises, made following the widespread racial justice protests of 2020, to close racial wealth disparities and invest in traditionally underserved communities. The letter highlights the contradictions between the commitments made by bank CEOs then and the 2022 lawsuit filed by the American Bankers Association, the Consumer Bankers Association and the U.S. Chamber of Commerce against the Consumer Financial Protection Bureau over a policy update meant to combat discrimination in banking. Additionally, the five-page letter expresses concern regarding recent actions of banking trade associations that are at odds with public commitments made by heads of banks to anti-discrimination principles, consumer protection, racial and gender equity, and community health and investment. Banks can have a significant impact on BIPOC and low-income communities, both positively and negatively, the letter points out, and banking institutions must take meaningful actions toward promoting equity and anti-discrimination principles. Three years after many of these comments and pledges, the racial wealth gap still persists and has even grown larger by some measures. 

Lead Organization

Rise Economy (formerly California Reinvestment Coalition)

More Information

Read the letter here.

Download PDF

No Download Available