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.”


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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