Advisor News, October 6, 2021, House Financial Services Subcommittee Issues Testimony From California Reinvestment Coalition Executive Director Brito
California Community Reinvestment Coalition’s Executive Director, Paulina-Gonzalez Brito, testified in front of the House Financial Services Subcommittee regarding recent shifts in the banking space.
On the topic of bank consolidation, Brito cited a report by the National Community Reinvestment Coalition which found that between 2008 and 2020, consolidation caused 14% of all banks to close, which disproportionately affected communities of color.
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