March 3, 1865, The Freedman’s Bank

Abolitionists compelled Congress to establish a banking system for people of color and particularly Black soldiers who had no place to keep their Union Army compensation. The Freedman’s Bank was a separate and unequal financial system. The Office of the Comptroller of the Currency did not regulate the Freedman’s Bank. It was instead, supervised by a Board of Trustees largely comprised of Wall Street investors and real estate moguls, some of whom stole the depositors’ savings for their own purposes.

by IFHCIdaho August 18, 2021