*We, in the black community, probably thought it was only our Uncle Ray that was still using his mattress as his savings account, but according to a comprehensive survey by The Federal Deposit Insurance Corp. (FDIC) “nearly 22 percent of black households and 71 percent of families earning less than $30,000 do not use banks.”
The Washington Post printed these statistics from the report that are both enlightening and surprising. The report states that Atlanta was #1 for unbanked and underbanked residents with Baltimore coming in second.
On Wednesday, Sen. Herb Kohl (D-Wis.) proposed legislation that will get the banks to reach out to those who are underserved by the banking system. And by “reaching out” he means for the banks to start opening up their vaults and releasing “small, short-term loans” that are federally guaranteed.