Americans have lost trust in the ability of large institutions like the federal government, national media, and large companies – even big banks – to understand or care about their needs. This view is justified, particularly among communities of color and low-income households.
On Wednesday, June 2, JPMorgan Chase Chief Executive Officer Jamie Dimon, visited the new community center branch; he described the cultural evolution of Chase and how the institution looks to become a pillar of growth in the Crenshaw community.
“All Americans deserve equitable access to affordable housing and the physical, emotional and financial security it represents,” said Lisa Rice, CEO, National Fair Housing Alliance. “JPMorgan Chase’s new commitments will help make owning or renting a reality for more Black and Latinx families, whose housing access has been impeded by decades of systemic racism and are now disproportionately affected by the impact of COVID-19. Addressing the affordability crisis, now overlaid with the pandemic, will require many players on many fronts, and these commitments are concrete, meaningful steps in the right direction.”
Amidst the slew of nationwide virtual graduation ceremonies this past June, JP Morgan Chase held a similar event for its 10-year old mentoring success program The Fellowship Initiative. TFI’s Class of 2020 will see thirty-eight predominantly Black and Latinx young men from low-income communities throughout Los Angeles attending colleges across the state, as well as Princeton in New Jersey.
JPMorgan Chase announced today that it has received approval for an additional 211,000 loans through “Round Two” of the Paycheck Protection Program (PPP), totaling about $15 billion to its small business customers. In total, the firm is expected to fund about $29 billion to over 239,000 businesses under the PPP since its inception a little over three weeks ago, helping to support 3 million employees. More specifically about JPMorgan Chase’s lending through the PPP: · The average loan amount is $123,000 · About 50% of the loans went to companies with fewer than 5 employees · Over 75% of the
U.S. Senators Kamala D. Harris (D-CA) and Richard Blumenthal (D-CT) on Friday sent a letter to JPMorgan Chase Chairman and Chief Executive Officer Jamie Dimon urging the bank to eliminate a forced arbitration clause from its credit card agreements. Despite initially removing it in 2009, JPMorgan Chase has recently informed its customers of updated account terms that now, once again, include a forced arbitration clause. The new provision will be imposed on consumers unless they send Chase a physical letter within 60 days of receiving the notice.