We’re not going to get too deep with this one. We’re just asking some basic common sense questions, to get us thinking, about something that is all the buzz in the community right now. On its surface the Bank Black Campaign seems like it is a positive effort or movement in the right direction for initially organizing some structure to the 1.2 trillion dollar Black spending power.
However, what assurances have we received (or asked for) from Black owned banks so when, not if, pressure is put on them by traditionally White owned banks, they won’t sell out on our community? Wells Fargo already rejected an attempt by one of its customers to personalize a debit card in favor of one reflecting support for Black Lives Matter. History is full of examples showing us that some traditionally White institutions (colleges and universities for example) respond with oppressive aggression against Black leaning businesses or institutions when they make progress in helping to uplift our community.
Surely we are all very aware, as historically documented, that when we make strides as a people the proverbial rug gets pulled out from underneath us. Establishing the 13th Amendment, with a claim that it ends slavery all while inserting an exception to the policy whereby a person can be forced back into perpetual slavery, if they are duly convicted in a court by a judge or jury, is a good example of the rug being pulled out from underneath us. Those little words in the 13th Amendment helped to fuel the Peonage Debt Slavery Era (late 1860s to early 1940s) immediately following the so called Reconstruction Era.
With these known facts, should we not seek to acquire some type of legally binding assurances with Black owned banks, so that when Wells Fargo, Bank of America, Citi Group , or others come snooping around for their larger share of Black money, Black owned banks don’t sell us out? After all what’s the purpose of banking Black if Black banks cut and run on our community, like BET did when it sold out to Viacom, parent company of MTV? We all watched as Black Entertainment Television went from a source of pride in our community to something most of us are ashamed of…that is until the New Edition Story came out, which apparently is going to be followed by the Jodeci story…really?
The question is, given what we know about history, does it make sense to bank Black in the absence of acceptable and reasonable guarantees from Black banks? It’s great that we’re galvanizing and coming together to increase our community’s financial literacy, economic prowess, financial independence, demonstrating that we can support and grow our own, etc, which are all great and overdo, but are we remembering the lessons of history and doing enough to protect our interests, efforts, and equities from hostile takeovers? They’ll tell us, “It’s just business, nothing personal”, but when your the people who are the top choice as predatory lending targets, certain actions taken by financial establishments are very personal.
If we haven’t thought of protecting ourselves as a community, then aren’t we setting ourselves up for a let down…again?