Across America, banks are disappearing, leaving behind their most vulnerable customers, many of whom are Black and low-income. Since 2013, more than 11,000 additional bank branches have shuttered -- most of them in Black and Brown communities. As a result, 63 percent of majority-Black census tracts do not have an active bank branch; 17 percent of Black Americans are unbanked; and 30 percent of Black Americans are underbanked.
The Post Office is primed to provide a solution to this growing crisis. Those essential financial services would cut into the market share of the payday lending industry and save American families, particularly Black families, thousands of dollars. That is why the ACLU is fighting for postal banking.
We call on the Postal Board of Governors to launch a postal banking pilot.