Dear Community,
We know many people in our community are hurting. We know for many the recent events are not shocking news but exemplify decades of lived experience. We are appalled by the racism suffered by African Americans in our nation, by the lack of conviction and accountability of law enforcement, and by the systemic racism which excludes People of Color from the same opportunities many of us take for granted. Enough is enough.
We believe Black Lives Matter and the tragic murders of George Floyd, Breonna Taylor, Ahmaud Arbery, and many others remind us that we have a long way to go. If we are going to implement change, we each have a role to play in pushing this forward.
Our financial system was designed to exclude and prey upon People of Color through redlining and other insidious practices ingrained in the system over time. Sadly, these practices seem to be getting worse, not better. Predatory lenders continue to thrive in Communities of Color in New York City and around the country. The presence of healthy financial alternatives remains limited. Regulations put in place to ensure equal access like the Community Reinvestment Act are under threat, and agencies like the Consumer Financial Protection Bureau, created to protect vulnerable consumers, have had their effectiveness deliberately undermined.
That’s where we hope to play a role and why we exist: to create financial inclusion and access to wealth-building opportunities for underserved financial consumers who are disproportionately People of Color in New York City. Now more than ever, we remain dedicated and focused on creating an inclusive and just economic system that works for and serves us all.
May this moment mark the beginning of the end of systemic racism for our city and our nation.
The Spring Bank Team
