Banking deserts increase in ‘majority-minority’ areas of US
Dearth of facilities disproportionately affects non-white citizens and people with disabilities
The pandemic resulted in a glut of “banking deserts” in the US that have disproportionately harmed minority communities, according to new research by the Federal Reserve Bank of Philadelphia.
The report’s authors, Alaina Barca and Harry Hou, say the shutdowns triggered by Covid-19 accelerated a mass closure of bank branches that began during the 2008 financial crisis: “Since 2020, the pace of bank branch closures across the country has doubled.”
They say the total number of US bank branches has
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