COMMUNITY VALUE($): Big Banks are leaving LMI communities; here’s why you should not

In recent years, low-and-moderate-income (“LMI”) residents have witnessed a significant retreat by the nation’s largest banks from their communities. According to S&P Global, U.S. banks have implemented a 10%, or 2,347, net reduction of branches in LMI communities from 2014 through 2018, with Bank of America, J.P. Morgan Chase and Wells Fargo leading the way with 240, 187 and 174 closed branches respectively.

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Jon Abe