by Roble Musse
Buying a home, being paid on time, getting a business loan. We often don’t think about the ways in which access to a bank account determines the course of our lives. Yet there are businesses, mostly operated by-and-for immigrants and communities of color, that are being shut out of the banking sector in a type of financial redlining.
The remittance business, which helps immigrants in the U.S. send money to their families and friends back home, was viewed as “high risk” after 9/11. Banks began closing accounts of these companies in a process known as “de-risking.” After 19 years of de-risking by banks, we can clearly see that their approach was discriminatory.
Remittance businesses owned by Black immigrants, Muslims, Hispanics, and others have lost their accounts while…