Chase to spend $30 billion to close the racial wealth gap

Source: Charisse Jones, USA Today

Amid a national reckoning on racism, JP Morgan Chase says it will dedicate $30 billion to closing the racial wealth gap, from granting loans that help Black and Latino Americans purchase homes, to helping the unbanked open checking and savings accounts.

In addition to financing 40,000 mortgages totaling $8 billion, JP Morgan Chase will direct another $4 billion toward helping 20,000 Black and Latino homeowners shave their borrowing costs by refinancing. It's also committing to helping renters, spending $14 billion to help pay for the building and rehabilitation of 100,000 affordable rental units.

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