Tatsat Chronicle Magazine

Why Is JPMorgan Chase Dedicated to Racial Equity in Banking?

September 28, 2021

JPMorgan Chase & Co. made a $30 billion “Commitment to Advance Racial Equity” in 2020

JPMorgan Chase pledged additional long-term commitments to racial equity advancement. The company will use its business, policy, and philanthropy experience to contribute an extra $30 billion over the next five years to promote economic opportunity to underserved communities, particularly Black and Latinx communities.

In the United States, structural impediments have worsened racial inequities, which have been compounded by the COVID-19 epidemic. The existing racial wealth disparity hampers economic mobility for families and the US economy. This new commitment, which builds on the company’s previous initiatives, will help to drive an inclusive economic recovery, support employees, and break down systemic racist obstacles.

“Systemic racism is a horrible part of America’s history,” JPMorgan Chase & Co. Chairman and CEO Jamie Dimon said. “We can do more and better to dismantle structures that have fostered racism and pervasive economic inequality, particularly among Black and Latinx people. It’s past time for society to address racial injustices in a more concrete and meaningful way.” Increase the number of home purchase loans for Black and Latinx families by 40,000. The company is committing $8 billion in mortgages to do this. Improving essential home lending products and offerings, including significantly boosting the Chase Homebuyer Grant in underprivileged neighbourhoods, are among the initiatives. Refinance loans will assist an extra 20,000 Black and Latinx households in lowering their home payments. The company is committed up to $4 billion in refinancing loans to do this.

Investing more money in important community institutions and increasing funds for the development and restoration of affordable homes for low and moderate-income families across the country. Launching a new programme to provide mentoring, technical assistance, and finance to entrepreneurs in historically underrepresented communities. Accelerating the development of a digital lending solution to better meet the requirements of small Black and Latinx-owned businesses in need of funding.