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Race, Banking, and Wealth: John Holdsclaw IV, EVP, Strategic Initiatives at National Cooperative Bank:
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How does banking affect the racial wealth gap in America?
The racial wealth gap sees massive differences in median net worth between white and black Americans. The divide means that crises like the Great Recession and the COVID 19 Pandemic on average affect the latter far more than the former, not to mention deep-rooted issues like poverty, hunger, and health outcomes. An often-ignored contributor to the disparity has been the banking industry and its historic, systemic discrimination against nonwhite citizens. To get some clarity on the situation, we’re joined by Executive Vice President of Strategic Initiatives the National Cooperative Bank (NCB) John Holdsclaw IV. Together we walk through the policy failures that have led to the present moment and how their consequences manifest in people’s daily lives.
About John.
John Holdsclaw IV is a thought leader in community development and equitable banking who serves as Executive Vice President of Strategic Initiatives the National Cooperative Bank (NCB) located in Washington, D.C. In addition, he currently serves as the Board Chair of the National Coalition of Community Development Financial Institutions and serves on the boards of Self Help Venture Fund, Charleston LDC, Global Communities, and the ABA Stonier Graduate School of Banking.
A renegade not only listens but acts. We've consolidated a few tips from this episode to help you invest in local communities.
- Support Black & Brown businesses: Purchase goods and services from black and brown businesses in your local communities throughout the year.
- Open an account at local banks & credit unions: Take your children and family members to a local bank or credit union to open an account. These institutions need your support so they can provide loans to uplift others in your community.
- Consider hiring people with nontraditional education & experience: If you work in the financial industry, consider adding employees who don't have a traditional background or Ivy League education. They can offer unique expertise that can help build your organization and serve additional clientele from your community.
Resources and Tools.
Business Case for Racial Equity
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