Black banks have long served low- and moderate-income neighborhoods by providing mortgages, opportunities to build credit, and welcoming places to deposit earnings,
but they are now in danger of disappearing. The New Market Tax Credit (NMTC), a venture capital program intended to attract investment to these lower
income neighborhoods which need it the most, has instead put money in the pockets of a few wealthy developers. Additionally, the Great Recession hit black banks hard. Creative Investment Research, a firm that monitors minority-owned financial institutions,
found that nearly a quarter have gone out of business, and predicts there will only be seven left in the entire country by 2028 if the status quo does not change.