` First Chartered Black-Owned Bank in the `US ‘ Opened in 1888 ‘ by a former Slave’

#AceFinanceNews says `First Black Owned Bank’ was opened in the `US‘ back in 1888 and was on the site of the `Vanquished Confederacy

WASHINGTON, March. 2, 2014 /PRNewswire-USNewswire/ — Following is the daily “Profile America” feature from the U.S. Census Bureau:

FIRST BLACK-OWNED BANK

Profile America — Sunday, March 2nd.

The capital of the vanquished Confederacy was the site of the first chartered black-owned bank in the U.S., founded on this date in 1888 by former slave and Union Army veteran William Washington Browne.

Savings Bank of the Grand Fountain, United Order of True Reformers.It was known as the Savings Bank of the Grand Fountain, United Order of True Reformers.

The bank provided mortgage loans and other banking services that were difficult for African-Americans to obtain in the segregated climate after reconstruction. When the bank opened, Richmond had a population of just over 81,000 people, 32,000 of them African-American. Today, Richmond is home to over 210,000 people, just over half of them African-Americans. You can find more statistics on communities across the country by downloading the Census Bureau’s “dwellr” mobile application at www.census.gov/mobile.

Sources:

Kane’s Famous First Facts, 842
Historical Statistics of the United States: Colonial Times to 1970, p. 483
http://www.blackpast.org/?q=aah/true-reformers-bank-1888-1910

Click to access 1890a_v1-13.pdf


http://quickfacts.census.gov/qfd/states/51/51760.html http://www.vahistorical.org/tah/truereformers.htm
Profile America is produced by the Center for New Media and Promotions of the U.S. Census Bureau. These daily features are available as produced segments, ready to air, on the Internet at http://www.census.gov (look for “Multimedia Gallery” by the “Newsroom” button).
SOURCE U.S. Census Bureau

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” Debt Collector’s Tend To Favour Going After African American’s Rather Than White’s”

#AceDebtNews says according to HUFFPOST  a  new survey finds that African-Americans are much more likely than whites to be called by debt collectors, despite both groups reporting relatively equal levels of debt and repayment rates.

Just take a look at this chart:

DEBT-COLLECTORS

Think tank Demos and the NAACP Economic Department collaborated to survey moderate-income American households with some credit card debt for the study. Black Americans weren’t any more likely than whites to be late on a payment, the survey found, and they were also no more likely than whites to declare bankruptcy or get evicted.

So what gives? It’s not clear exactly why debt collectors seem to be going after one race more than the other, but the study’s findings could be the result of one unfortunate reality: Black Americans tend to have lower credit scores than white Americans, research has shown. And that gap got wider as a result of the financial crisis — sub-prime lenders were more likely to target African-Americans during the housing boom. Those loans, with higher interest rates, were more likely to default. The result: credit scores that could be marred “decades,” as the Washington Post pointed out in 2012.

“African-American households are more likely to have been called by bill collectors because they are more likely to have blemishes on their credit history that would send debts to collection agencies,” Catherine Ruetschlin, an author of the Demos report, wrote in an email to The Huffington Post.

The economic recovery hasn’t been kind to African-Americans: The unemployment rate for blacks (12.5 percent) is more than double that of whites (6.2 percent), according to the most recent jobs report. In fact, the jobless rate for blacks now is much higher than the overall unemployment rate in October 2009 (10 percent), the highest it got in the aftermath of the recession.

“Those disadvantages mean that African-Americans are more likely to face financial insecurity and have poor credit scores as a result,” Ruetschlin wrote.

Blacks also have a harder time than whites getting a home loan. They earn less than their white peers. They’re much more likely to live in poverty and less likely to have health insurance.

Mark Schiffman, a spokesperson for ACA International, a trade association of third-party debt collectors, defended his industry as “color-blind.” “They [the third-party agencies] don’t get into the ethnic information,” he told HuffPost. “Their job is to collect the debt, not give out the credit.”

Adam Christian Debt Management Services

#DRAP

#acedebtnews, #acefinancenews, #aca-international, #african, #african-american, #collection-agency, #credit-scores, #debt, #debt-collectors, #huffington-post, #huffpost, #national-association-for-the-advancement-of-colored-people, #united-states, #washington-post, #white-american