Private Institutional Banking’s Systemic Oppression Affects Society at Large.

Systemic institutional banking oppression is a pervasive and often overlooked issue that affects individuals and communities around the world. While it may not be as visible as other forms of oppression, such as racism or sexism, it is just as destructive and perpetuates inequality in insidious ways.

The banking industry plays a critical role in our economy, influencing everything from housing prices to employment rates. Unfortunately, it is also one of the most exclusive and discriminatory industries in the world, with significant barriers to entry for those who are not part of the dominant culture or who lack the necessary resources.

One of the most significant forms of systemic institutional banking oppression is the practice of redlining, a term that originated in the 1930s when government-backed lenders would use a red line to designate areas of cities that they deemed too risky for mortgage lending. These areas were typically low-income neighborhoods where residents were predominantly people of color.

While redlining is now illegal, its effects are still felt today. Banks are more likely to deny loans or charge higher interest rates to those who live in traditionally marginalized neighborhoods, even if they have the same income and credit as someone who lives in a more affluent area.

In addition to redlining, there are other forms of systemic institutional banking oppression that are equally damaging. For example, the lack of diverse representation in banking leadership means that decisions are often made by people who lack an understanding of the challenges and opportunities facing minority communities. This leads to a lack of investment in those communities and perpetuates economic inequality.

Another issue is the use of credit scores, which are often biased against those who have experienced financial hardship or who have limited credit histories. This can make it difficult for people to access financial resources, such as loans or credit cards, which are often essential for building wealth and stability.

The good news is that there are steps we can take to combat systemic institutional banking oppression. For example, we can advocate for policies and regulations that promote diversity and inclusion in the industry. We can also support financial institutions that prioritize community investment and fair lending practices.

It's also important to educate ourselves and others about the ways in which systemic institutional banking oppression manifests and to challenge these practices wherever we see them. By working together, we can help create a banking industry that is equitable and inclusive for all.

- Carter McWhorter