Support Minority, Women, and Low-Income Banks & Credit Unions

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.

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Support Minority, Women, and Low-Income Banks & Credit Unions

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.

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Cosponsor H.R. 2650, the Payment Choice Act

A dangerous trend is sweeping the country. Businesses are refusing to accept cash as a form of payment at an alarming rate, leaving many consumers with cash in their wallets yet unable to purchase basic necessities, like food and clothing. Cashless policies
disproportionately harm seniors, minorities, immigrants, low-income populations, and working-class communities.

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