Green’s Dictionary of Slang

fay broad n.

[ofay adj. + broad n.2 (3)]

(US black) a light-skinned black woman or a white woman.

[US]R. Giallombardo Gloss. in Study of a Women’s Prison 203: Fay Broad. A white inmate; esp. one who seeks the company of Negroes.
[US] in DARE.