Established on Feb. In , the original institution was converted to a state bank and became known as the Carver Savings Bank. By , Carver had become a full-service commercial bank, thus its name was changed once more to the Carver State Bank. Citizens Bank is the oldest, continuously operating Black-owned bank in the U.
Today, the bank plays an active role in providing sponsorship support for multiple community organizations. Founded in , the Commonwealth National Bank is a full-service nationally chartered commercial institution.
Commonwealth is the sole bank headquartered in Mobile, out of the 45 banks doing business there. In , the Community Owned Federal Credit Union was founded to provide low-income communities in Johns Island and part of Charleston with financial services typically denied to them by mainstream institutions.
Membership has since grown to include the entire Charleston area. Founded in , the Credit Union of Atlanta remained stable and secure throughout the Great Depression. Faith is one of the largest minority-owned Credit Unions in Ohio, and it is available to anyone who lives, works, worships, or attend school in Cuyahoga County as well as their family, business, and organization. The story of the Faith Cooperative Credit Union is a tale of two different organizations.
John Federal Credit Union was founded in On Jan. The Security Trust and Savings Bank first opened for business in The institution was acquired by Groupe Ndoum in , which led to its name change to GN Bank in The Greater Kinston Credit Union was founded in and provides a variety of loans and deposit accounts. The Hill District Federal Credit Union got its start in and has provided financial services to its members for 50 years. Hope has since spread across the Deep South through its sponsors and by merging with other financial organizations, with the most recent being the Tri-Rivers Federal Credit Union in Originally chartered on Oct.
Industrial Bank first opened on Aug. Liberty Bank was originally chartered in New Orleans in Liberty Bank is the second-largest Black-owned bank in physical footprint, with branches in eight states. It received its Federal Charter on Oct. Officially chartered on Sept. Members, employees, students, or family of the Oak Cliff Bible Fellowship and its subsidiaries are eligible to join the organization. Founded in , the Omega Psi Phi Fraternity Federal Credit Union is open to members of the fraternity, including its chapters, districts, and other related organizations, and their families, in addition to employees of both the fraternity and credit union itself.
OneUnited Bank was the first online-only Black-owned bank and is the largest Black-owned bank in the U. OPTUS is committed to helping anyone, regardless of background or situation, build their wealth and improve their lives. Since , the South Side Community Federal Credit Union has offered access to credit and savings services for its members, in addition to financial education. Originally chartered in as the Teachers Credit Union, St. Louis Community Credit Union offers both financial services and several programs to support consumers in the local community.
Louis City, Franklin, and St. Louis county in Missouri—as well as in St. Clair, Madison, Monroe, and Jersey counties in Illinois—are eligible for membership, in addition to their families. Originally opening its doors in September , The Harbor Bank of Maryland offers banking and other financial services, primarily in the Baltimore metropolitan area.
Harbor Bank was also the first community bank in the U. Toledo Urban Federal Credit Union originally opened its doors on July 21, , to help its members achieve economic empowerment. Originally founded in , United Bank of Philadelphia offers personalized banking services in the Greater Philadelphia area to both individuals and businesses. The bank was founded in and chartered in Unity focuses on helping to rebuild the community with an emphasis on commercial loans and mortgages.
Urban Upbound was founded in , to provide five integrated programs to individuals living in public housing and and other low- and moderate-income neighborhoods. The Encyclopedia of Greater Philadelphia. Federal Deposit Insurance Corporation.
Freedman's Savings Bank. Partnership for Progress. Federal Reserve Bank of Chicago. Accessed Feb. Urban Institute. Black Perspectives. Mehrsa Baradaran. Harvard University Press, Bank Black USA. OneUnited Bank. Credit Unions Online. Alamerica Bank. Broadway Federal Bank. Brookland Federal Credit Union. Brookland FCU. Carver Federal Savings Bank.
Carver State Bank. Citizens Bank. Citizens Trust Bank. Commonwealth National Bank. Community Owned Federal Credit Union. Dunne, Gerald T. Federal Reserve Bank of St. Board of Governors of the Federal Reserve System.
Stevens, Edward. Skip to content Readability Tools. Reader View. Dark Mode. High Contrast. Reset All. Publications Is the Federal Reserve a privately owned corporation?
September Structure Congress set up the Federal Reserve System to make it autonomous and to isolate it from day-to-day political pressures. It receives interest from U. Treasury notes it acquired as part of open market operations. It receives interest on its foreign currency investments. Its banks receive fees for services provided to commercial banks. These include check clearing, funds transfers, and automated clearinghouse operations.
The Fed also receives interest on loans it makes to its member banks. It uses these funds to pay its bills, then turns any "profit" over to the U. Treasury Department. The 12 regional Federal Reserve banks are set up similarly to private banks. They store currency, process checks, and make loans to the private banks within their area that they regulate. These banks are also members of the Federal Reserve banking system.
As such, they must maintain reserve requirements. In return, they can borrow from each other at the fed funds rate when needed. As a last resort, they can also borrow from the Fed's discount window at the discount rate. To be a member of the Federal Reserve system, commercial banks must own shares of stock in the 12 regional Federal Reserve banks. But owning Federal Reserve bank stock is nothing like owning stock in a private company.
It can't be traded and doesn't give the member banks voting rights. But the banks must return all profits, after paying expenses, to the U. The Fed's monetary policy can do its job better when it is shielded from short-term political influence.
It must be free to set expectations, especially about inflation. It cannot do that when its leaders are worried about being fired by an elected official. Fed chairs are predominantly well-respected academic economists. They are valued for that expertise, not for charisma, a large fan base, or public speaking skills. They are accustomed to an environment where ideas are rationally discussed, debated, and evaluated.
If the Fed were beholden to the politics of the day, it could not attract people of that professional caliber. Although it is independent, the Fed is still accountable to the public and to Congress.
The Fed can best guide expectations if it is transparent about its actions. It must also clearly communicate its reasons for its actions. The Fed communicates through frequent and detailed reports. First, the Fed chair and other board members testify frequently before Congress. It also provides detailed meeting minutes three weeks later. Verbatim transcripts are available five years later. The Fed's primary function has been to manage inflation.
It has a variety of tools to accomplish that. During the financial crisis of , it created innovative tools to avert a depression. Since the recession, it also pledged to reduce unemployment and spur economic growth.
The Fed works by using its monetary policy tools. Setting low-interest rates is called "expansionary monetary policy. If the economy grows too fast, it triggers inflation.
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