Blacks don't see financial institutions serving their needs

"When asked, “Has any financial services company effectively engaged and shown support for the Black community?,” 78% of African American respondents answered “No,”" according to the African-American Financial Experience 2011.

The loss of faith follows the onslaught of predatory lending, over-priced credit cards and payday loans which sucked billions of wealth out of black neighborhoods in the past decade.

It underscores the importance of the Consumer Financial Protection Bureau established by the Dodd-Frank financial reform act and new reporting requirements for banks on their lending behaviors by race and gender.

Ironically, the population could use more financial planning advice.  "Use of financial professionals is low, and African American decision makers are unsure how to find financial products to meet their needs," according to the study. "They often believe they are lagging in meeting their retirement goals."