JPMorgan Chase Provides an Update on its $30 Billion Racial Equity Commitment
26 Outubro 2021 - 7:14AM
Business Wire
JPMorgan Chase released a Fact Sheet today to provide an update
on its $30 Billion Racial Equity Commitment. The following is the
Executive Summary. The full fact sheet is available online
here.
Executive Summary
In October 2020, JPMorgan Chase announced the $30 Billion Racial
Equity Commitment to help close the racial wealth gap among Black,
Hispanic and Latino communities. The firm is bringing together its
business, philanthropy, policy and data expertise to advance racial
equity and drive inclusive growth.
The five-year Commitment includes lending, equity and direct
funding to help increase sustainable homeownership, expand
affordable housing, grow small businesses, support diverse
suppliers, improve financial health and access to banking and build
a more diverse and inclusive workforce.
The firm is building the infrastructure and foundation to make
progress on its Racial Equity Commitment. With more work to do,
below is a summary of progress.
Moving forward, JPMorgan Chase plans to publish its progress
annually in its Environmental, Social and Governance (ESG) report
starting in May 2022.
Summary of Progress
JPMorgan Chase has deployed or committed more than $13 billion
of its $30 billion goal to help close the racial wealth gap. This
is largely driven by homeownership refinance and affordable rental
housing preservation, which were existing products and processes
where the firm took prompt action to do more. While there is more
work to do, below is an update on the Commitment.
- Mortgage Refinance: Given the historically low rate
environment, the firm quickly helped homeowners save money on their
monthly mortgage payments by refinancing 16,000 of the 20,000
incremental loans goal, $4 billion to date.1
- Homeownership: Hired more than 130 Community Home
Lending Advisors, expanded the homebuyer grant program to $5,000 in
6,700 minority neighborhoods nationwide and enhanced mortgage
products to create better access to credit through pricing
improvements and credit expansion.
- Affordable Rental Housing: Funded more than $6 billion
in loans to help preserve more than 60,000 affordable housing and
rental housing units across the U.S. Also approved lending of $1
billion for the new construction and rehabilitation of affordable
housing for low- and moderate-income households.
- Grow Small Business: Hired more than 20 diverse senior
business consultants to provide free one-on-one coaching for
business owners in 13 U.S. cities and have mentored more than 900
small business owners so far.
- Financial Health: Helped customers open more than
200,000 low cost checking accounts with no overdraft fees. Opened
nine Community Center branches and hired 72 Community Managers in
underserved communities to build and nurture relationships with
community leaders, nonprofit partners and small businesses.
- Minority Depository Institutions (MDIs) and Community
Development Financial Institutions (CDFIs): Invested more than
$100 million of equity in 14 diverse-owned or -led MDIs and CDFIs
that serve more than 87 communities in 18 states and the District
of Columbia.
- Workforce: Grew partnerships with Historically Black
Colleges and Universities from 3 to 17 to deepen the firm’s
recruiting partnerships, expand curriculum development,
scholarships and mentorship programs. The firm pledged to hire
4,000 Black students by 2024. It has hired more than 3,800 Black
students as interns, fellows and entry-level analysts and is on
track to surpass the original goal.
- Philanthropy: Committed $128 million of its five-year,
$2 billion philanthropic target, which includes grants, low cost
loans and direct equity. The firm is on pace to allocate its full
year target of more than $400 million by the end of the year.
- Additional Activities: The Racial Equity Commitment has
been a catalyst for evolving how the firm does business and has
inspired other activities and investments that go above and beyond
the $30 billion. Some examples include creating an Empower money
market share class, co-investing $200 million in Project Black,
elevating DEI standards as part of its supply chain assessment and
investing in the Appraiser Diversity Initiative. Visit
jpmorganchase.com to learn more.
- Reporting and Governance: Established a robust reporting
and governance process for consistent tracking of the $30 billion
Commitment, which is run by the Community Impact organization. The
Public Responsibility Committee (PRC) of the JPMorgan Chase Board
of Directors provides oversight of this work and is briefed
bimonthly on the firm’s progress.
Next Steps
Building on the hiring of community managers, community home
lending advisors and small business consultants, the creation and
enhancement of products, expansion of new branches in more
communities and other efforts, the firm plans to take the following
next steps.
- Homeownership: Continue prudently expanding FHA lending
and supporting policy reforms to the FHA program, including
servicing standards.
- Affordable Rental Housing: Explore innovative financing
solutions and work with new public resources to support the
development of vital community facilities and new housing for
individuals and families earning a wider range of incomes than
conventional projects serve.
- Small Business: Further expand access to credit through
targeted adjustments to how the firm evaluates credit applications,
and it will introduce new product offerings.
- Financial Health: Continue to open more branches,
including Community Center branches in low-to-moderate income
communities, hire additional Community Managers and host more
financial health workshops.
- Workforce: Continue to build a more equitable and
representative workforce and hold executives accountable.
- Community Engagement: Host more local convenings with
executives who play a direct role in the development of products,
services, policy solutions and community investments.
- Multicultural Engagement: Explore opportunities to
expand access to in-language resources, services and support in
accordance with the latest guidelines from industry
regulators.
To learn more about how JPMorgan Chase is helping advance racial
equity, visit www.jpmorganchase.com/racialequity.
1 Based on most recent data collected under the Home Mortgage
Disclosure Act (HMDA). Note that while HMDA data collected before
or during calendar year 2020 is final, 2021 data may be subject to
revision, as HMDA permits correction of any good faith errors
identified prior to the annual filing on March 1, 2022.
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version on businesswire.com: https://www.businesswire.com/news/home/20211026005630/en/
Maribel Ferrer maribel.ferrer@chase.com
For Media Inquires: racialequity.news@jpmchase.com
Shannon O’Reilly shannon.oreilly@jpmchase.com
Stephanie Bosh stephanie.a.bosh@jpmorgan.com
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