CNBC, February 8, 2023, Communities Struggling with Banking Access Give Banks on Wheels a Spin
Nearly 10% of all U.S. bank branches shut down between 2017 and 2021 – one-third of those closures were in majority-minority and low- to moderate-income neighborhoods, according to a report from the National Community Reinvestment Coalition. When the pandemic began in March 2020, the closure rate doubled from 99 to 201 per month.
The acceleration of bank closures has only worsened preexisting gaps in Black and minority neighborhoods.
