According to a BlackBusiness.org article dated July 25, 2016, "thousands of African Americans across the country are transferring their money to Black-owned banks that invest in urban communities and businesses." African Americans have a collective buyer power of over $1 trillion dollars, and the idea is to get this wealth to circulate through black businesses and ventures. This colossal transfer of wealth is called the #BankBlack Revolution.
This idea is the brain child of several celebrities, including singer, songwriter (and sister to Beyonce) Solange, and Atlanta rapper, hip hop recording artist, and activist, Killer Mike.
For more information, see these links:
Federal Reserve List of Black Banks - http://www.federalreserve.gov/releases/mob/current/
Bank Black Challenge - https://www.oneunited.com/bankblackchallenge/
Atlanta Black Star - http://atlantablackstar.com/2016/07/15/in-powerful-display-of-economic-solidarity-thousands-pledge-to-bankblack-and-shopblack/
Happy banking!
Rita Lorraine
