Politico, February 17, 2022, The Fed’s sleeper risk
A new analysis from the National Community Reinvestment Coalition found that more than 4,000 bank branch locations have closed since the onset of the pandemic in March 2020. That’s about 200 per month on average, which is double the rate of the previous 20 months.
“The disappearance of local branches is a disruptive and ominous shift for vulnerable communities and communities of color that were already under-capitalized, under-invested and underserved by the financial system,” NCRC President and CEO Jesse Van Tol said in a statement. “This new data is a wake-up call for community leaders, policy makers and the financial sector itself.” The metro area that was hardest hit: Portland, Oregon.
