RICHMOND, Va. - I moderated a Town Hall meeting here last week for the Urban Financial Services Coalition, formerly known as the National Association of Urban Bankers. Being around so many African-American bankers inspired me to look at the industry and its relationship - or lack of one - with black America.

It is not surprising that at such an august national gathering, all of the major financial institutions would be key sponsors: Citigroup, Bank of America, JP Morgan Chase, Wachovia Securities, Countrywide Financial, SunTrust, and Wells Fargo, among them.

Research compiled by the Greenlining Institute, a Berkley, Calif.-based multi-ethnic public policy organization, shows that banks are making insufficient investments in communities of color. The institute argues that the financial services industry should be at least as diverse as President George W. Bush’s cabinet, which has two blacks (Secretary of State Condoleezza Rice and Secretary of Housing and Urban Development Alphonso Jackson), two Latino members (Attorney General Alberto Gonzales and Secretary of Commerce Carlos Gutierrez) and one Asian (Secretary of Labor Elaine Chao).

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