Bank on community banks!

Answer: 55

Questions:

1. Why might it be important to have banks that understand your specific needs?
2. What role might these banks play in helping entrepreneurs and small businesses?
3. How can financial institutions help promote economic growth and opportunities in underrepresented communities?
   
   

 Click here for the ready-to-go slides for this Question of the Day that you can use in your classroom.

Behind the numbers (from Business Insider)

"Hispanic American-owned banks, much like other minority-owned banks, have gone through periods of growth and periods of decline. In general, the number of FDIC-recognized Hispanic American-owned banks has been on the decline since around 2014. That being said, the financial assets of those banks have risen in the same time period.

Today, there are 55 Hispanic American-owned banks and credit unions that are FDIC or NCUA insured around the United States. These financial institutions continue to serve low-income and underrepresented communities."

-----------------------

Use the INTERACTIVE: Online Bank Simulator activity to help students navigate managing their money

-----------------------

Check out more with the NGPF Banking Unit!

About the Author

Dave Martin

Dave joins NGPF with 15 years of teaching experience in math and computer science. After joining the New York City Teaching Fellows program and earning a Master's degree in Education from Pace University, his teaching career has taken him to New York, New Jersey and a summer in the north of Ghana. Dave firmly believes that financial literacy is vital to creating well-rounded students that are prepared for a complex and highly competitive world. During what free time two young daughters will allow, Dave enjoys video games, Dungeons & Dragons, cooking, gardening, and taking naps.