TIL in 1874, the Freedman’s Savings Bank, created to help African Americans build wealth, collapsed due to mismanagement and fraud. Over 60,000 Black Americans lost about $3M in savings, devastating trust in financial institutions and crippling Black economic progress many decades.

https://www.occ.treas.gov/about/who-we-are/history/1863-1865/1863-1865-freedmans-savings…
#til #todayilearned
https://www.reddit.com/r/todayilearned/comments/1glv8ck/til_in_1874_the_freedmans_savings_bank_created_to/