Tell Banks to Stop Underwriting Racism
Citibank, Wells Fargo, JP Morgan Chase, Morgan Stanley, and other Wall Street banks have been tripping over themselves to demonstrate their support for racial justice. From taking a knee to make billion-dollar donations, Wall Street is trying to affirm their commitment to inclusion and support for Black lives. Centuries of racist banking policies have led to racialize costs of banking for Black people. These racialize costs have led to Black people being racially profiled and targeted for cashing a check over certain amounts; being denied mortgage applications that would have been approved for white people, encountering higher interest rates for loans, and not receiving due promotions and staff advancement opportunities. Not to mention, a number of financial institutions have a legacy tied to slavery. If the financial industry is serious about its commitment, it can stop being an underwriter for racism.
Here is the Petition:
You have a long history of mistreatment of Black people, therefore, a statement of allyship and Diversity & Inclusion simply isn't enough. With a history tied to bondage as well an active purveyor of segregation of racist and exclusionary policies, your statements only need to be how to economically redress the harm of centuries.
Options here should range from free checking, erasing bank fees of any kind, prohibit funding to any climate injustice, less stringent credit and homeownership requirements to full-on reparations. We demand to know exactly how you will commitment to enacting anti-racism in your institution's financial practices. Shy of that, statements of support and greater calls for diversity not only do not rise to this moment but effectively evade the responsibility of the financial sector, including your bank.
Your institution owes a detailed commitment to its Black customers, employees, and the broader community.