JP Morgan (JPM) -) was feeling incredibly generous back in 2020.
In response to the murder of George Floyd and the subsequent protests that spread across the world, the investment bank pledged $30 billion over a five year period to "provide economic opportunity to underserved communities, especially the Black and Latinx communities."
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"Systemic racism is a tragic part of America’s history," CEO Jamie Dimon said. "We can do more and do better to break down systems that have propagated racism and widespread economic inequality... It’s long past time that society addresses racial inequities in a more tangible, meaningful way.”
The bank said that it would originate an additional 40,000 home purchase loans for Black and Latinx households by committing $8 billion in mortgages. The bank also promised $2 billion loans to small businesses and $750 million to Black and Latinx suppliers.
Two and a half years later, U.S. Congresswoman Ayana Pressley (D-MA) is looking for a progress report.
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The congresswoman sent letters to Dimon, as well as the CEOs of Citigroup (C) -), Bank of America (BACXL) -), U.S. Bancorp USB and Wells Fargo (WFC) -) asking for a "comprehensive financial audit report," NBC News reported, including data, plans and policy changes related to their individual pledges by October 23.
JP Morgan's pledge was by far the largest of the group whose total pledge amount comes to about $32 billion.
“Whether you’re talking about redlining or denying credit for Black homebuyers and entrepreneurs, or closing brick-and-mortar banks in Black communities, Black folks have historically been denied opportunities to grow wealth, to achieve financial prosperity,” Pressley told NBC News.
But despite sitting on the House Financial Services Committee, Pressley acknowledged that she doesn't have much power to compel more transparency, though she did expect the banks to be responsive to her requests because the banks "want to be on the right side of history."
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