Native American populations are ‘invisible’ to banks. That needs to change

Dawson Her Many Horses, head of Native American banking for Wells Fargo, discusses the generational wealth gap and lack of economic data in Native American communities. He emphasizes the importance for banks to work with tribal communities, citing Wells Fargo's banking relationships with one-third of federally recognized tribes in the US. He also highlights the significant contribution of tribal casinos to the US economy. The lack of knowledge and understanding about tribal governments and their businesses may be hindering institutional-level investment in these communities.

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Frequently Asked Questions - Native American Populations are 'Invisible' to Banks

Q: Why are Native American populations considered 'invisible' to banks?

A: Native American populations are often underserved by traditional banking institutions, leading to limited access to financial services and resources.

Q: What issues do Native American populations face in the banking sector?

A: Native American populations face challenges such as lack of nearby bank branches, insufficient financial education, cultural barriers, and discrimination.

Q: How does the invisibility of Native American populations affect them?

A: The invisibility of Native American populations in the banking sector contributes to economic disparities, hindering their financial inclusion and opportunity for growth.

Q: What initiatives are being taken to address this issue?

A: Various organizations, tribes, and policymakers are working towards increasing financial inclusion for Native American populations, promoting access to banking services, and addressing cultural and systemic barriers.

Q: How can individuals and communities support Native American financial inclusion?

A: Individuals and communities can support Native American financial inclusion by advocating for equal access to banking services, supporting Native-owned banks and credit unions, and promoting financial literacy initiatives within these populations.