, 7 tweets, 3 min read Read on Twitter
Shoddy reporting by @bloomberg in this story. It uses misleading statistics to falsely imply that banks are pulling back from lending to LMI community. Here comes a tweet storm cc: @MichelleF_Davis @MooreMichaelJ @dcraiggordon
The suggestion made in this article that large backs are leaving poor neighborhoods is simply false. cc: @MichelleF_Davis @MooreMichaelJ @dcraiggordon
The fact that a bank closes a branch in a low-and moderate-income (LMI) neighborhood does not mean they stopped serving that neighborhood if they have a branch nearby (within a 10-mile radius, the standard measurement used by academic and Fed researchers)
The four largest U.S. banks (JPMorgan, Bank of America, Citigroup, and Wells Fargo) are within 10 miles of 81% of the U.S. Population and have branches within 10 miles of 95% of low-income populations [and 85% of LMI population.]
BPI members (including JPM) are committed to serving all Americans. In fact, our combined membership provides branch coverage for 99% of all low-income Americans [and 94% of all low-and-moderate income Americans].
Banks are committed to serving diverse populations. The largest four U.S. banks have branches that serve 90% of majority-minority communities.
.@JPMorgan coverage to LMI neighborhoods rose over the past 8 years.
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