A 2019 Federal Reserve survey highlighted this disparity, revealing that the average white family holds eight times more wealth than the typical Black family. This gap is attributed mainly to slavery, historical U.S. policies, and discriminatory lending practices that excluded Black Americans from crucial financial services and credit opportunities to purchase assets. Black-owned banks and credit unions play a pivotal role in serving the Black American community, serving as economic incubators by employing and serving the local community.