Black on Black Compassion is launching an initiative to support black owned financial institutions [BOFIs]. The institutions have served a vital need of financial products and services in under-resourced communities. And yet, according to the Federal Deposit Insurance Corporation [FDIC], the number of back owned federally chartered institutions has declined 54 percent from 2001 to 2016. Another source, the HBCU Money, reports black owned institutions have combined of $4.7 billion in assets. Recently, social media was flooded with calls for African Americans to development relationships with BOFI. In his final sermon, Rev. Dr. Martin Luther King, Jr. promoted this idea. In this article, we take a look at the challenges BOFI face. This article makes the case for why we support these institutions and goes into details as to how the community can participate.
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