Examining the impact of Detroit's banking desert and efforts to solve the problem

Posted at 6:38 PM, Mar 18, 2021
and last updated 2021-03-18 19:29:16-04

(WXYZ) — In many communities, a trip to the bank is a short drive away, but that is not always the case in Detroit.

There are 84 active bank branches in the city according to the Michigan Bankers Association - serving 670,000 people.

Joining us to talk more about the issue in tonight's 7 UpFront segment is Chief Compliance Officer for TCF Bank Lindsay Yousif.

You can see the full interview in the video player above.

"Banking deserts are a term that is just used to communicate the need for additional branches in the neighborhoods," Yousif says. "I've worked in compliance and community development in the banking industry for over 20 years, and we all work to do our part in building wealth in our communities through and small business ownership. At TCF we're committed to meeting the needs of our Detroit residents by increasing our footprint and also ensuring that our financial services are available to the customers in the city, as well as to low to moderate-income, underserved, and minority communities. So we're designed products and have dedicated teams of community development market managers and mortgage loan officers that serve our customers in Detroit. And we also partner with local, municipal, and nonprofit organizations in the city, as well, to make sure we're providing access to loans and grants that will help to build wealth and financial independence."