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House Financial Services Subcommittee Issues Testimony From California Reinvestment Coalition Executive Director Brito

Advisor News, October 6, 2021, House Financial Services Subcommittee Issues Testimony From California Reinvestment Coalition Executive Director Brito

California Community Reinvestment Coalition’s Executive Director, Paulina-Gonzalez Brito, testified in front of the House Financial Services Subcommittee regarding recent shifts in the banking space.

On the topic of bank consolidation, Brito cited a report by the National Community Reinvestment Coalition which found that between 2008 and 2020, consolidation caused 14% of all banks to close, which disproportionately affected communities of color.

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