Opening of new U.S. bank branches leaves minority communities behind: report

LONDON, Oct. 9 (Xinhua) -- The opening of new U.S. bank branches is leaving behind minority neighborhoods despite racial equality pledges from lenders, Reuters has reported.

The 14 largest U.S. consumer banks opened 4,130 new branches from January 2010 to December 2021, and only 15 percent of the new branches were opened in low- to moderate-income minority communities, said the report on Friday, citing a study by the Committee for Better Banks, an advocacy group.

Of the new locations, 61 percent were located in upper- or middle-income, predominantly white neighborhoods, said the report.

"We absolutely think it deserves more scrutiny," Nick Weiner, a committee organizer, was quoted as saying.

"Coupled with the alarming speed of branch closures during the COVID-19 pandemic, the disparities in branch openings raise critical questions about equitable access to key banking services," he said in a statement.