JPMorgan Chase taps $30B to advance racial equity, says Fox Business

From Fox Business:

The largest bank in the United States, JPMorgan Chase, unveiled a series of new initiatives Tuesday as part of its recently announced $30 billion commitment to advancing racial equity over the next five years.

The financial institution is pledging support to Minority Depository Institutions (MDIs) and diverse-led Community Development Financial Institutions (CDFIs) as part of its program. “We know these crucial institutions create lasting change for Black and Latinx families,” JPMorgan Chase’s Global Head of Diversity & Inclusion Brian Lamb said in making the announcement, “and we hope our support will help uplift the people and businesses that are the backbone of our local economies.”

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JPMorgan will be launching Empowering Change, a new program supported by a $500 million investment from Google and in partnership with MDIs and CDFIs to provide economic opportunity to underserved communities. The program will introduce a new Empower money market share class, which will be distributed exclusively by MDIs and CDFIs including the Harbor Bank of Maryland, Liberty Bank and Trust, M&F Bank and Unity National Bank.

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