1 00:00:00,040 --> 00:00:03,600 Speaker 1: An illegal alien from Guatemala charged with raping a child 2 00:00:03,680 --> 00:00:07,480 Speaker 1: in Massachusetts. An MS thirteen gang member from Al Salvador 3 00:00:07,720 --> 00:00:11,840 Speaker 1: accused of murdering a Texas man of Venezuelan charged with 4 00:00:11,920 --> 00:00:15,840 Speaker 1: filming and selling child pornography in Michigan. These are just 5 00:00:15,920 --> 00:00:19,680 Speaker 1: some of the heinous migrant criminals caught because of President 6 00:00:19,720 --> 00:00:23,320 Speaker 1: Donald J. Trump's leadership. I'm Christy nom the United States 7 00:00:23,320 --> 00:00:28,120 Speaker 1: Secretary of Homeland Security. Under President Trump, attempted illegal border 8 00:00:28,160 --> 00:00:31,680 Speaker 1: crossings are at the lowest levels ever recorded, and over 9 00:00:31,760 --> 00:00:34,960 Speaker 1: one hundred thousand illegal aliens have been arrested. If you 10 00:00:35,040 --> 00:00:38,920 Speaker 1: are here illegally, your next you will be fined nearly 11 00:00:39,000 --> 00:00:43,000 Speaker 1: one thousand dollars a day, imprisoned, and deported. You will 12 00:00:43,040 --> 00:00:46,680 Speaker 1: never return. But if you register using our CBP home 13 00:00:46,720 --> 00:00:50,120 Speaker 1: app and leave now, you could be allowed to return legally. 14 00:00:50,479 --> 00:00:55,240 Speaker 1: Do what's right. Leave now. Under President Trump, America's laws, 15 00:00:55,400 --> 00:00:57,400 Speaker 1: border and families will. 16 00:00:57,200 --> 00:01:00,000 Speaker 2: Be protected sponsored by the United States Department of Homeland Security. 17 00:01:00,200 --> 00:01:05,440 Speaker 3: So banks make money by investing other people's money, right yeah, essentially, 18 00:01:06,360 --> 00:01:08,160 Speaker 3: and they invest the money in loaning it out. 19 00:01:08,440 --> 00:01:10,240 Speaker 4: That's basically they take it to posits, they loan it 20 00:01:10,280 --> 00:01:12,520 Speaker 4: out live on the spread primarily. 21 00:01:12,560 --> 00:01:20,360 Speaker 3: So what is you guys' investment strategy or what what 22 00:01:20,480 --> 00:01:23,200 Speaker 3: do you guys invest take consume much money in. 23 00:01:24,440 --> 00:01:27,520 Speaker 4: So it's not about necessarily investing at the at the 24 00:01:27,520 --> 00:01:29,440 Speaker 4: whole and company level. Any investment we make has to 25 00:01:29,440 --> 00:01:31,920 Speaker 4: be approved by the federal regulatory bodies. UH, there will 26 00:01:31,959 --> 00:01:33,760 Speaker 4: be opportunities to do that, and I do think that 27 00:01:33,880 --> 00:01:35,280 Speaker 4: some of the work that we talked that we just 28 00:01:35,319 --> 00:01:38,200 Speaker 4: talked about in FinTechs, I think it's appropriate for us 29 00:01:38,240 --> 00:01:41,560 Speaker 4: to look at figuring out how do we spark more 30 00:01:41,560 --> 00:01:43,800 Speaker 4: innovation in the fintech space so that we can close 31 00:01:43,800 --> 00:01:46,840 Speaker 4: that ecosystem. So investing in technology and in businesses that 32 00:01:46,840 --> 00:01:49,000 Speaker 4: are in that space would make a lot of sense 33 00:01:49,040 --> 00:01:52,680 Speaker 4: for us. But what makes the technology we're talking about it? 34 00:01:52,800 --> 00:01:55,559 Speaker 4: You have to be able to in a post COVID 35 00:01:55,600 --> 00:01:57,800 Speaker 4: world where you know, nobody's walking in a bank to 36 00:01:57,840 --> 00:02:00,320 Speaker 4: do anything right now unless you just have have to. 37 00:02:01,160 --> 00:02:03,480 Speaker 4: We have to be able to get a concierge level 38 00:02:03,520 --> 00:02:06,000 Speaker 4: of banking, so that right now, where you're sitting at 39 00:02:06,000 --> 00:02:08,959 Speaker 4: wherever you are right now, if you decide that, hey, 40 00:02:09,040 --> 00:02:10,840 Speaker 4: you know what, I'm just going to go ahead and 41 00:02:10,840 --> 00:02:14,440 Speaker 4: buy his second house in New Orleans. I need to 42 00:02:14,440 --> 00:02:17,160 Speaker 4: just figure this out. We have to provide the concierge 43 00:02:17,240 --> 00:02:18,920 Speaker 4: level of banking so you don't feel like you're on 44 00:02:18,960 --> 00:02:21,440 Speaker 4: your own. That technology needs to be seamless, but it 45 00:02:21,480 --> 00:02:24,960 Speaker 4: still has to have real people working with you. Only 46 00:02:25,000 --> 00:02:28,200 Speaker 4: four percent of African Americans use Small Business Administration loans 47 00:02:28,520 --> 00:02:31,720 Speaker 4: and that's government guaranteed loans. That's the easiest way of 48 00:02:32,080 --> 00:02:34,480 Speaker 4: getting loans for businesses that have a hard time in 49 00:02:34,880 --> 00:02:37,600 Speaker 4: the dead field. Only four percent. And I used to 50 00:02:37,680 --> 00:02:39,120 Speaker 4: I was at SBA. You know, I was the regional 51 00:02:39,120 --> 00:02:41,679 Speaker 4: administrator for SBA for the Southeast United States. At the 52 00:02:41,760 --> 00:02:44,640 Speaker 4: end of the day's that is one of the biggest 53 00:02:44,639 --> 00:02:47,000 Speaker 4: strategies we have out here because we're not getting access 54 00:02:47,000 --> 00:02:49,120 Speaker 4: to these resources. But I get why people don't do it. 55 00:02:49,120 --> 00:02:51,480 Speaker 4: It seems like a headache. Nobody wants to deal with it. 56 00:02:51,600 --> 00:02:55,040 Speaker 4: You have to create. JP Morgan gives a fifty million 57 00:02:55,080 --> 00:02:58,119 Speaker 4: dollar customer is what we give a fifty thousand dollars 58 00:02:58,120 --> 00:03:01,639 Speaker 4: customer redemption that level of handholding, working with you every 59 00:03:01,639 --> 00:03:03,239 Speaker 4: step of a way to make sure you get access 60 00:03:03,280 --> 00:03:06,000 Speaker 4: to the products and services. So what we invest in 61 00:03:06,120 --> 00:03:08,440 Speaker 4: is like we take these deposits that people that these 62 00:03:08,440 --> 00:03:11,600 Speaker 4: big corporations are giving us, and then we turn them 63 00:03:11,600 --> 00:03:14,240 Speaker 4: into loans and opportunities, whether it's your home loan, your 64 00:03:14,280 --> 00:03:17,280 Speaker 4: business loan, your faith based organization loan. We create debt 65 00:03:17,320 --> 00:03:20,920 Speaker 4: based opportunities. And when it comes to investing, it is 66 00:03:20,960 --> 00:03:23,440 Speaker 4: critically important for us to look at investing at any 67 00:03:23,520 --> 00:03:26,960 Speaker 4: business that closes the racial wealth gap and secures the 68 00:03:26,960 --> 00:03:30,160 Speaker 4: ecosystem for black wealth. If anybody's in that space, then 69 00:03:30,200 --> 00:03:32,520 Speaker 4: absolutely that's something Redemption should be looking at investing in. 70 00:03:33,200 --> 00:03:35,480 Speaker 5: So the numbers are staggering, right, like you said in 71 00:03:35,520 --> 00:03:37,680 Speaker 5: the sixties, is one hundred and thirty five black banks 72 00:03:37,760 --> 00:03:40,280 Speaker 5: about the early two thousands dot com bubble with down 73 00:03:40,280 --> 00:03:44,320 Speaker 5: to forty seven today, were roughly about sixteen to seventeen 74 00:03:44,360 --> 00:03:47,920 Speaker 5: of those banks. However, inside of that sixteen to seventeen, 75 00:03:48,040 --> 00:03:50,280 Speaker 5: I don't know how many of them manage over a 76 00:03:50,320 --> 00:03:55,600 Speaker 5: billion dollars, Right, So there's one, Yeah, there's one that 77 00:03:55,800 --> 00:03:58,440 Speaker 5: manages over a billion dollars. How do we get the clientele, 78 00:03:58,520 --> 00:04:01,840 Speaker 5: the corporate accounts, the customers is with that high net 79 00:04:02,280 --> 00:04:06,040 Speaker 5: value to be part of Redemption Bank? Like, what's the 80 00:04:06,080 --> 00:04:08,800 Speaker 5: marketing plan? What's the strategy to make sure we're getting 81 00:04:08,800 --> 00:04:10,960 Speaker 5: this type of clientele so that we have enough money 82 00:04:10,960 --> 00:04:13,280 Speaker 5: to now lend out to our community. 83 00:04:13,680 --> 00:04:16,680 Speaker 4: Yeah, so just a little bit about how this banking works. 84 00:04:16,680 --> 00:04:16,840 Speaker 6: Man. 85 00:04:16,880 --> 00:04:19,520 Speaker 4: At the end of the day, because a lot of 86 00:04:19,560 --> 00:04:22,880 Speaker 4: these banks are in low to modern income areas, regulators 87 00:04:22,880 --> 00:04:26,080 Speaker 4: look at their loans and say they're risky. And now, honestly, 88 00:04:26,320 --> 00:04:30,760 Speaker 4: historically this has been deemed as racist in many aspects. 89 00:04:31,839 --> 00:04:34,360 Speaker 4: They grade out every loan and we see I've talked 90 00:04:34,360 --> 00:04:37,080 Speaker 4: to black bank presidents that would tell me I got 91 00:04:37,120 --> 00:04:41,719 Speaker 4: regulators coming in here grading my loans for a barbershops risky. 92 00:04:41,839 --> 00:04:44,400 Speaker 4: When these people have never missed the loan, they paid 93 00:04:44,440 --> 00:04:46,560 Speaker 4: on time, they've done everything I've asked them to do. 94 00:04:46,600 --> 00:04:50,200 Speaker 4: But because they in this neighborhood, they get treated as 95 00:04:50,200 --> 00:04:52,560 Speaker 4: though as risky. And what that means is if that 96 00:04:52,680 --> 00:04:56,200 Speaker 4: loans for one hundred thousand dollars, then the regulator tells 97 00:04:56,200 --> 00:04:58,880 Speaker 4: that bank you need to keep one hundred thousand dollars 98 00:04:58,920 --> 00:05:02,040 Speaker 4: of cash in your reserve because that loan may go under. 99 00:05:02,480 --> 00:05:04,360 Speaker 4: Now what that means is that you got to keep 100 00:05:04,400 --> 00:05:06,040 Speaker 4: that one hundred thousand dollars and it's not on the 101 00:05:06,080 --> 00:05:09,440 Speaker 4: street making money anymore. You got to hold you got 102 00:05:09,440 --> 00:05:11,200 Speaker 4: to hold it. So what we do to get around that, 103 00:05:11,360 --> 00:05:13,680 Speaker 4: what we're going to be able to do is say, look, 104 00:05:14,160 --> 00:05:16,839 Speaker 4: you know, we're going to cast a wider net. See, 105 00:05:16,839 --> 00:05:19,960 Speaker 4: most black banks are CDFIs. They're highly concentrated in cities, 106 00:05:20,080 --> 00:05:23,760 Speaker 4: in regional areas. We're choosing not to be a CDF 107 00:05:23,760 --> 00:05:27,680 Speaker 4: five because unfortunately cdfives are too often equated to nonprofits 108 00:05:27,680 --> 00:05:29,600 Speaker 4: and they have all these restrictions. Don't get me wrong, 109 00:05:29,640 --> 00:05:31,960 Speaker 4: they do the really hard work. They are mission driven. However, 110 00:05:32,360 --> 00:05:34,480 Speaker 4: not taking that label and just being a straight up bank, 111 00:05:35,040 --> 00:05:37,719 Speaker 4: you get an opportunity to play across the country. You 112 00:05:37,760 --> 00:05:40,080 Speaker 4: get an opportunity to recruit across the country. And this 113 00:05:40,200 --> 00:05:42,720 Speaker 4: bank was built by black entrepreneurs, and I think that's 114 00:05:42,720 --> 00:05:46,679 Speaker 4: the biggest difference having a bank that eighty five percent 115 00:05:47,240 --> 00:05:51,600 Speaker 4: of our black investors are entrepreneurs, doctors, lawyers, you know, 116 00:05:51,880 --> 00:05:55,520 Speaker 4: hedge fund folks, private equity people. We got one pitch, 117 00:05:56,120 --> 00:05:59,159 Speaker 4: Let's build a bank we actually use. That's something. Let's 118 00:05:59,200 --> 00:06:01,360 Speaker 4: build a bank that you, me and everybody who wants 119 00:06:01,400 --> 00:06:03,719 Speaker 4: to bank black will actually use. Now we can all 120 00:06:03,760 --> 00:06:05,640 Speaker 4: have a conversation about why we don't bank black now, 121 00:06:05,960 --> 00:06:08,440 Speaker 4: and we know what those reasons are, well, let's alleviate 122 00:06:08,440 --> 00:06:10,520 Speaker 4: those reasons by creating a bank that gives me the 123 00:06:10,560 --> 00:06:13,800 Speaker 4: service I need and the access to credit I need. 124 00:06:13,880 --> 00:06:16,520 Speaker 4: How I need it to make sure my business grow. 125 00:06:16,880 --> 00:06:19,960 Speaker 4: If we can do that, then naturally I believe that 126 00:06:20,000 --> 00:06:22,919 Speaker 4: black people will support black owned banks. But if you can't, 127 00:06:23,240 --> 00:06:25,039 Speaker 4: you can't make that up. You got to show up 128 00:06:25,080 --> 00:06:27,280 Speaker 4: with the services. We don't give each other a pass. 129 00:06:27,320 --> 00:06:29,239 Speaker 4: How many how many of us got black bank cards 130 00:06:29,240 --> 00:06:30,960 Speaker 4: in our wallet but may not even use them? And 131 00:06:31,000 --> 00:06:33,040 Speaker 4: then their study at Stanford a while back that showed 132 00:06:33,040 --> 00:06:35,240 Speaker 4: that sixty four percent of black people said they would 133 00:06:35,320 --> 00:06:38,239 Speaker 4: automatically go move to a black bank if they felt 134 00:06:38,279 --> 00:06:40,320 Speaker 4: they got the services that they could get at a 135 00:06:40,360 --> 00:06:42,600 Speaker 4: white bank. We gotta beat that threshold. We have to 136 00:06:42,640 --> 00:06:44,880 Speaker 4: be able to be competitive even to get our. 137 00:06:46,080 --> 00:06:48,320 Speaker 5: This episode is brought to you by P and C Bank. 138 00:06:48,720 --> 00:06:51,480 Speaker 5: A lot of people think podcasts about work are boring, 139 00:06:51,720 --> 00:06:55,560 Speaker 5: and sure, they definitely can be, but understanding a professionals 140 00:06:55,640 --> 00:06:58,880 Speaker 5: routine shows us how they achieve their success little by little, 141 00:06:59,279 --> 00:07:02,920 Speaker 5: day after day. It's like banking with P and C Bank. 142 00:07:03,400 --> 00:07:06,200 Speaker 5: It might seem boring to save, plan and make calculated 143 00:07:06,200 --> 00:07:09,320 Speaker 5: decisions with your bank, but keeping your money boring is 144 00:07:09,320 --> 00:07:12,640 Speaker 5: what helps you live or more happily fulfilled life. P 145 00:07:12,760 --> 00:07:17,600 Speaker 5: and C Bank Brilliantly Boring since eighteen sixty five. Brilliantly 146 00:07:17,680 --> 00:07:20,280 Speaker 5: Boring since eighteen sixty five is a service mark of 147 00:07:20,320 --> 00:07:23,559 Speaker 5: the PNC Financial Service Group, Inc. P and C Bank 148 00:07:24,000 --> 00:07:29,560 Speaker 5: National Association member FDIC Earners. 149 00:07:29,600 --> 00:07:29,960 Speaker 2: What's Up? 150 00:07:30,040 --> 00:07:32,520 Speaker 5: You ever walk into a small business and everything just 151 00:07:32,680 --> 00:07:35,880 Speaker 5: works like the checkout is fast, the receipts are digital, 152 00:07:36,400 --> 00:07:39,360 Speaker 5: tipping is a breeze, and you're out the door before 153 00:07:39,400 --> 00:07:43,520 Speaker 5: the line even builds Odds are they're using Square. We 154 00:07:43,680 --> 00:07:46,240 Speaker 5: love supporting businesses that run on Square because it just 155 00:07:46,280 --> 00:07:49,520 Speaker 5: feels seamless. Whether it's a local coffee shop, a vendor 156 00:07:49,560 --> 00:07:51,800 Speaker 5: at a pop up market, or even one of our 157 00:07:51,880 --> 00:07:55,520 Speaker 5: merch partners. Square makes it easy for them to take payments, 158 00:07:55,760 --> 00:07:59,480 Speaker 5: manage inventory, and run their business with confidence, all from 159 00:07:59,520 --> 00:08:03,160 Speaker 5: once system. If you're a business owner or even just 160 00:08:03,240 --> 00:08:06,720 Speaker 5: thinking about launching something soon, Square is hands down one 161 00:08:06,760 --> 00:08:08,960 Speaker 5: of the best tools out there to help you start, 162 00:08:09,320 --> 00:08:12,920 Speaker 5: run and grow. It's not just about payments, it's about 163 00:08:12,920 --> 00:08:15,360 Speaker 5: giving you time back so you can focus on what 164 00:08:15,520 --> 00:08:19,200 Speaker 5: matters most Ready to see how Square can transform your business. 165 00:08:19,440 --> 00:08:24,080 Speaker 5: Visit Square dot com backslash go backslash eyl to learn 166 00:08:24,120 --> 00:08:29,320 Speaker 5: more that Square dot com backslash, go backslash eyl. Don't wait, 167 00:08:29,640 --> 00:08:32,440 Speaker 5: don't hesitate. Let's Square handle the back end so you 168 00:08:32,480 --> 00:08:34,120 Speaker 5: can keep pushing your vision forward. 169 00:08:36,360 --> 00:08:39,960 Speaker 1: An illegal alien from Guatemala charged with raping a child 170 00:08:40,040 --> 00:08:43,840 Speaker 1: in Massachusetts. An MS thirteen gang member from El Salvador 171 00:08:44,080 --> 00:08:48,240 Speaker 1: accused of murdering a Texas man of Venezuelan charged with 172 00:08:48,280 --> 00:08:52,200 Speaker 1: filming and selling child pornography in Michigan. These are just 173 00:08:52,280 --> 00:08:56,040 Speaker 1: some of the heinous migrant criminals caught because of President 174 00:08:56,080 --> 00:08:59,560 Speaker 1: Donald J. Trump's leadership. I'm Christine Noman, the United States 175 00:08:59,559 --> 00:09:04,480 Speaker 1: Secretary of Homeland Security. Under President Trump, attempted illegal border 176 00:09:04,520 --> 00:09:08,040 Speaker 1: crossings are at the lowest levels ever recorded, and over 177 00:09:08,120 --> 00:09:11,360 Speaker 1: one hundred thousand illegal aliens have been arrested. If you 178 00:09:11,400 --> 00:09:15,280 Speaker 1: are here illegally, your next you will be fine nearly 179 00:09:15,360 --> 00:09:19,360 Speaker 1: one thousand dollars a day, imprisoned and deported, you will 180 00:09:19,400 --> 00:09:23,040 Speaker 1: never return. But if you register using our CBP home 181 00:09:23,080 --> 00:09:26,480 Speaker 1: app and leave now, you could be allowed to return legally. 182 00:09:26,840 --> 00:09:31,560 Speaker 1: Do what's right. Leave now under President Trump America's laws 183 00:09:31,760 --> 00:09:33,760 Speaker 1: border and families will. 184 00:09:33,559 --> 00:09:36,360 Speaker 2: Be protected sponsored by the United States Department of Homeland Security, 185 00:09:36,480 --> 00:09:37,800 Speaker 2: Home People support and that's fine. 186 00:09:37,800 --> 00:09:39,760 Speaker 4: I'm okay with it. I'm not afraid of competing. That's 187 00:09:39,800 --> 00:09:42,040 Speaker 4: exactly why we're doing this in Utah so we can 188 00:09:42,080 --> 00:09:45,160 Speaker 4: have access to the resources in a regulatory environment so 189 00:09:45,200 --> 00:09:47,280 Speaker 4: that we can compete. I don't want you come to 190 00:09:47,280 --> 00:09:48,679 Speaker 4: be just because I'm back. Once you come because I'm the 191 00:09:48,679 --> 00:09:50,240 Speaker 4: best of what I do and you believe in what 192 00:09:50,280 --> 00:09:52,200 Speaker 4: we're doing, because we want to be the best for us. 193 00:09:52,760 --> 00:09:54,560 Speaker 6: I think over the last twenty years banks have been 194 00:09:54,559 --> 00:09:58,240 Speaker 6: in a crisis. This year, mid size and small banks 195 00:09:58,240 --> 00:10:01,320 Speaker 6: have been falling apart on publicanas, trade to market. What 196 00:10:01,360 --> 00:10:03,920 Speaker 6: are some of those services that people need and what 197 00:10:03,960 --> 00:10:07,040 Speaker 6: do you think banks can do better if I'm being 198 00:10:07,040 --> 00:10:09,760 Speaker 6: honest to have our trust, because when I talk about 199 00:10:09,840 --> 00:10:13,200 Speaker 6: a lot of banking stocks on the show, not many 200 00:10:13,200 --> 00:10:16,000 Speaker 6: people say that they trust banks, and for a multitude 201 00:10:16,040 --> 00:10:17,800 Speaker 6: of reasons. Can you address, like what you're going to 202 00:10:17,840 --> 00:10:21,120 Speaker 6: do to build those kind of relations where they do trust? 203 00:10:21,280 --> 00:10:23,120 Speaker 6: And then what do you think some of those services 204 00:10:23,120 --> 00:10:25,080 Speaker 6: that people would need to make us want to bank 205 00:10:25,400 --> 00:10:26,440 Speaker 6: with you. 206 00:10:26,440 --> 00:10:28,800 Speaker 4: You know the distrust of African Americans and the banks 207 00:10:29,120 --> 00:10:32,040 Speaker 4: has been since the since right after the Civil War. 208 00:10:32,200 --> 00:10:35,160 Speaker 4: W the Boys said it the best when the Freeman's Bureau, 209 00:10:35,280 --> 00:10:37,560 Speaker 4: which was created for free people, ended up being a 210 00:10:37,559 --> 00:10:41,080 Speaker 4: Ponzi scam and deleting ninety percent of all black wealth. 211 00:10:41,080 --> 00:10:43,240 Speaker 4: When that bank closed, nobody got to refund, nobody got 212 00:10:43,240 --> 00:10:46,680 Speaker 4: to io you. It was just gone. WB the Boys said, 213 00:10:46,679 --> 00:10:49,120 Speaker 4: it would have been better off if we had to 214 00:10:49,120 --> 00:10:53,000 Speaker 4: remain slaves for another decade, then to suffer the ramifications 215 00:10:53,000 --> 00:10:55,720 Speaker 4: psychologically of losing all of our money in a federal 216 00:10:55,760 --> 00:10:58,400 Speaker 4: bank that the government created, and we are the children 217 00:10:59,120 --> 00:11:01,959 Speaker 4: of that distrust. We're still here and the trust is 218 00:11:02,000 --> 00:11:05,080 Speaker 4: still real. So it starts with the fact of who's 219 00:11:05,160 --> 00:11:07,560 Speaker 4: running the bank. Can you put faith in these people 220 00:11:07,640 --> 00:11:10,040 Speaker 4: that run the bank? And then two, when it comes 221 00:11:10,040 --> 00:11:12,440 Speaker 4: down to making a decision. I know, we got laws 222 00:11:12,440 --> 00:11:14,920 Speaker 4: that's supposed to say it's anti discriminatory, you should not 223 00:11:15,080 --> 00:11:18,559 Speaker 4: use race in a negative way. But the numbers are 224 00:11:18,600 --> 00:11:21,400 Speaker 4: the numbers. We have to be able to think outside 225 00:11:21,400 --> 00:11:22,800 Speaker 4: of the box. Because I'm gonna tell you right now, 226 00:11:23,360 --> 00:11:26,080 Speaker 4: as long as we rely on credit scores in this 227 00:11:26,200 --> 00:11:29,560 Speaker 4: country as a primary indicator of who's worthy of owning 228 00:11:29,600 --> 00:11:32,600 Speaker 4: anything or getting access to credit, we will fundamentally have 229 00:11:32,720 --> 00:11:35,880 Speaker 4: a racist system. So the future of banking has to 230 00:11:35,880 --> 00:11:38,400 Speaker 4: be around looking at people more than a credit score. 231 00:11:38,640 --> 00:11:40,160 Speaker 4: The future of banking has to be able to see 232 00:11:40,160 --> 00:11:42,560 Speaker 4: people from cash flow. And you and I know dealing 233 00:11:42,559 --> 00:11:46,040 Speaker 4: with black entrepreneurs. Ninety percent of us are sold entrepreneurs, 234 00:11:46,280 --> 00:11:48,160 Speaker 4: and a lot of them just go straight cash because 235 00:11:48,160 --> 00:11:49,839 Speaker 4: they don't for the exact reasons. They'd rather just be 236 00:11:49,880 --> 00:11:51,800 Speaker 4: a cash based business than go into debt. But that 237 00:11:51,840 --> 00:11:53,680 Speaker 4: doesn't mean they're not good at what they're doing. They're 238 00:11:53,679 --> 00:11:56,679 Speaker 4: actually slowing themselves down by not leveraging credit. But if 239 00:11:56,679 --> 00:11:59,280 Speaker 4: we could go to them and show them, look, the 240 00:11:59,360 --> 00:12:03,000 Speaker 4: decisions will be based off of more than this algorithm. 241 00:12:03,360 --> 00:12:06,360 Speaker 4: And that algorithm that experience Echo Facts and TransUnion put 242 00:12:06,400 --> 00:12:08,840 Speaker 4: out there says that fifty percent of black people shouldn't 243 00:12:08,840 --> 00:12:12,320 Speaker 4: be trusted. That's what it says, and so any system 244 00:12:12,320 --> 00:12:14,560 Speaker 4: that possibly could believe the fifty percent of us shouldn't 245 00:12:14,559 --> 00:12:17,200 Speaker 4: be trusted to get along, that system shouldn't be trusted. 246 00:12:17,480 --> 00:12:19,400 Speaker 4: So we must be at the forefront, all of us 247 00:12:19,400 --> 00:12:22,400 Speaker 4: who are in this space and moving our people away 248 00:12:22,840 --> 00:12:26,360 Speaker 4: from these antiquated algorithms that talk about credit scoring in 249 00:12:26,400 --> 00:12:29,000 Speaker 4: a way that limits our ability to have full access 250 00:12:29,000 --> 00:12:31,240 Speaker 4: to this capitalist economy. 251 00:12:31,360 --> 00:12:34,559 Speaker 3: So, okay, when doctor Martin Luther King dicead it was 252 00:12:34,559 --> 00:12:36,640 Speaker 3: one hundred and twenty banks, right, black banks on hundred 253 00:12:36,640 --> 00:12:41,320 Speaker 3: and thirty five, one hundred and thirty five yep, And 254 00:12:41,400 --> 00:12:46,520 Speaker 3: now there is twenty right, So that's pretty disturbing. So 255 00:12:46,880 --> 00:12:50,720 Speaker 3: a how come that isn't something that people have talked 256 00:12:50,720 --> 00:12:56,079 Speaker 3: about a lot? And why has that drastic Because I'm 257 00:12:56,160 --> 00:12:58,560 Speaker 3: at this point is probably going to be zero if 258 00:12:58,600 --> 00:13:02,120 Speaker 3: this trend continue in the next thirty years, that there's 259 00:13:02,120 --> 00:13:03,960 Speaker 3: not gonna be any any black owned banks at all. 260 00:13:04,360 --> 00:13:07,720 Speaker 3: So what is the root cause for the for the 261 00:13:07,760 --> 00:13:13,000 Speaker 3: collapse of black banks? And why has it anybody really 262 00:13:13,000 --> 00:13:13,840 Speaker 3: been champion that? 263 00:13:14,840 --> 00:13:19,840 Speaker 4: Look, that's a great question. A dear friend of ours, Mersa, 264 00:13:20,280 --> 00:13:22,320 Speaker 4: wrote the book Color of Money. If you want to, 265 00:13:22,400 --> 00:13:23,760 Speaker 4: if you're out here right now, you want to read 266 00:13:23,800 --> 00:13:25,400 Speaker 4: the history of all this, The Color of Money, black 267 00:13:25,440 --> 00:13:27,160 Speaker 4: banks and closing the racial wealth gap, take a look 268 00:13:27,160 --> 00:13:28,800 Speaker 4: at it. Give her a shout out. She did an 269 00:13:28,800 --> 00:13:31,680 Speaker 4: amazing book there. But let me give you some personal 270 00:13:31,720 --> 00:13:35,080 Speaker 4: history here. My family started a black bank in nineteen 271 00:13:35,200 --> 00:13:39,200 Speaker 4: thirty six in Georgia, South Georgia Baker Byromville. This bank 272 00:13:39,320 --> 00:13:42,800 Speaker 4: was started by my great great grandfather and his brother 273 00:13:42,840 --> 00:13:45,439 Speaker 4: in law, and it was built for the fact of 274 00:13:45,800 --> 00:13:49,960 Speaker 4: they wanted to create a bank that could finance sharecroppers 275 00:13:50,080 --> 00:13:52,800 Speaker 4: to buy the land that they were sharecropping on. Because 276 00:13:52,800 --> 00:13:55,160 Speaker 4: everybody knew that when slaves left and started sharecropping that 277 00:13:55,200 --> 00:13:57,439 Speaker 4: ten percent was just a way to stay alive long 278 00:13:57,520 --> 00:14:00,319 Speaker 4: enough to keep working. But we created a bank that 279 00:14:00,360 --> 00:14:02,880 Speaker 4: could finance them buying the land that they were formerly 280 00:14:02,920 --> 00:14:05,360 Speaker 4: slaves on, and these sharecroppers could go and create prosperous 281 00:14:05,400 --> 00:14:07,920 Speaker 4: lives and it worked. Now. That bank ran from nineteen 282 00:14:07,960 --> 00:14:10,200 Speaker 4: thirty four, and in nineteen thirty four it was about 283 00:14:10,200 --> 00:14:12,160 Speaker 4: one hundred and eighty black banks. There was a tremendous 284 00:14:12,160 --> 00:14:15,120 Speaker 4: amount of black banks. We went out. We lost that 285 00:14:15,160 --> 00:14:17,560 Speaker 4: bank in nineteen seventy six. We lost that bank in 286 00:14:17,600 --> 00:14:21,080 Speaker 4: seventy six because the American economy declined right after Vietnam War. 287 00:14:21,360 --> 00:14:24,240 Speaker 4: Everything was economically trash. Really a lot of hints of 288 00:14:24,280 --> 00:14:27,040 Speaker 4: where we are right now. But we were forced We 289 00:14:27,040 --> 00:14:30,040 Speaker 4: were forced out. It wasn't like we just closed because 290 00:14:30,040 --> 00:14:34,160 Speaker 4: we didn't have business. The bank closed because regulators were 291 00:14:34,240 --> 00:14:36,640 Speaker 4: over regulating black banks and not giving us the same 292 00:14:36,720 --> 00:14:39,360 Speaker 4: treatment as they were giving white banks. The regulators at 293 00:14:39,360 --> 00:14:41,320 Speaker 4: the end of the day, all the police at the 294 00:14:41,400 --> 00:14:43,120 Speaker 4: end of the day, they are the police of the industry. 295 00:14:43,400 --> 00:14:46,800 Speaker 4: And we all know policing is different in different neighborhoods. 296 00:14:47,760 --> 00:14:51,320 Speaker 4: In our neighborhood with the black banking neighborhood, traditionally, those 297 00:14:51,360 --> 00:14:55,400 Speaker 4: regulators have been harder on black banks, not making them 298 00:14:55,400 --> 00:14:58,080 Speaker 4: have the capital requirements that white banks had, and forcing 299 00:14:58,160 --> 00:15:01,280 Speaker 4: us in the situations where ultimate, my family's bank was 300 00:15:01,280 --> 00:15:03,800 Speaker 4: forced to auction. Now because we're making money, we got 301 00:15:03,800 --> 00:15:07,280 Speaker 4: forced to auction, like literally auctioned off. And we know 302 00:15:07,320 --> 00:15:09,520 Speaker 4: what that looks like in the Deep South, right, And 303 00:15:09,600 --> 00:15:12,600 Speaker 4: ultimately that our black bank was auctioned off and got 304 00:15:12,640 --> 00:15:14,680 Speaker 4: rolled up into what we call now P and C Bank. 305 00:15:16,720 --> 00:15:17,680 Speaker 4: That's the story of America. 306 00:15:17,840 --> 00:15:20,920 Speaker 3: So your bank got turned in to P and C Bank, right. 307 00:15:21,040 --> 00:15:24,680 Speaker 1: An illegal alien from Guatemala charged with raping a child 308 00:15:24,720 --> 00:15:28,520 Speaker 1: in Massachusetts. An MS thirteen gang member from Al Salvador 309 00:15:28,760 --> 00:15:32,880 Speaker 1: accused of murdering a Texas man of Venezuelan charged with 310 00:15:32,960 --> 00:15:36,840 Speaker 1: filming and selling child pornography in Michigan. These are just 311 00:15:36,960 --> 00:15:40,720 Speaker 1: some of the heinous migrant criminals caught because of President 312 00:15:40,760 --> 00:15:44,280 Speaker 1: Donald J. Trump's leadership. I'm Christy Noman, the United States 313 00:15:44,360 --> 00:15:49,160 Speaker 1: Secretary of Homeland Security. Under President Trump, attempted illegal border 314 00:15:49,160 --> 00:15:52,720 Speaker 1: crossings are at the lowest levels ever recorded, and over 315 00:15:52,800 --> 00:15:56,000 Speaker 1: one hundred thousand illegal aliens have been arrested. If you 316 00:15:56,080 --> 00:15:59,880 Speaker 1: were here illegally, your next you will be fine nearly 317 00:16:00,080 --> 00:16:04,040 Speaker 1: one thousand dollars a day, imprisoned and deported, you will 318 00:16:04,080 --> 00:16:07,720 Speaker 1: never return. But if you register using our CBP home 319 00:16:07,760 --> 00:16:11,120 Speaker 1: app and leave now, you could be allowed to return legally. 320 00:16:11,480 --> 00:16:16,280 Speaker 1: Do what's right. Leave now. Under President Trump, America's laws, 321 00:16:16,400 --> 00:16:18,840 Speaker 1: border and families will be protected. 322 00:16:18,960 --> 00:16:21,080 Speaker 2: Sponsored by the United States Department of Homeland Security.