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JPMorgan puts $30B toward fixing banking's 'systemic racism'

JP Morgan Chase alleges customer, employee misconduct in coronavirus relief funds
Posted at 10:57 PM, Oct 08, 2020
and last updated 2020-10-09 01:57:57-04

CHARLOTTE, N.C. (AP) — JPMorgan Chase says it will extend billions in loans to Black and Latino homebuyers and small business owners in an expanded effort toward fixing what the bank calls “systemic racism” in the country’s economic system.

The bank said it is committing $30 billion over the next five years toward programs that include earmarking more money for getting Black and Latino families into homeownership and providing additional financing to build affordable rental housing units.

The bank said it expects the $30 billion to help finance 40,000 additional mortgages for Black and Latino households, another 20,000 loans that will refinance mortgages and help construct 100,000 affordable rental units.