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Banking Black isn’t a new concept, but it’s gaining momentum amid the rise of the Black Lives Matter movement. But what does it mean to bank Black? According to the Urban Institute, a Black financial institution provides services to minority communities and is 51% or more Black-owned.

Black financial institutions have been around for centuries, with initial meetings among African Americans interested in establishing their own banks held as far back as 1851 — before the Civil War. However, the first Black-owned bank in the U.S. didn’t materialize until after the war, in 1888. 

A non-recourse loan is a great choice for borrowers who are looking to purchase a vehicle or other expensive purchase. This type of personal loan that is secured by collateral. Because lenders aren’t able to pursue a borrower for further payments after they seize the collateral, they’re often an attractive option for potential borrowers. However, since non-recourse loans are seen as a riskier investment for lenders, they often come with higher rates and fees.

If you’ve ever financed a car, you may know what a lienholder is. It’s the bank, credit union or car dealership that loaned you the money to buy the vehicle. This information is important because the lienholder, legally speaking, has ownership of your car until you pay off the loan.

Let’s take a closer look at what a lienholder is and how it impacts you and your ownership of your car.

What is a lien and who is the holder?

If you buy a car and pay for it out of pocket, you won’t incur a lien on the vehicle. Most people don’t buy cars like that, however. Instead, the buyer may pay a down payment and the rest of the cost is fronted by a business or organization such as the car dealership.

When you get into a car accident, your insurance company will reimburse you for the damages as quickly as possible. But if you didn’t cause the crash, they work with the other driver’s insurance company to recoup the payout. This process is called subrogation, and while drivers don’t usually get involved, it’s helpful to understand the process in case you ever have to sign a waiver of subrogation.

What is subrogation?

Subrogation is a legal process that is used in various types of insurance claims, including auto, home and health insurance. Essentially, it’s the legal right for an insurance company to reimburse a policyholder for a loss and seek repayment from the third party that is responsible for the damages.