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$505.6 Million The Largest U.S. Banks are Invested in MDIs Forum members have committed more than $500 million to minority depository institutions as part of their overall commitment to help close the racial $505.6 wealth gap. Beyond monetary investments, Forum member commitments to MDIs include employee training, technical assistance, and participation in the Department of Treasury’s Mentor-Protégé Program, Million where mentor banks voluntarily assist protégé banks in growing their business and competing for financial assistance opportunities. As part of its $1 billion commitment to closing the racial As part of its $30 billion commitment to advance racial equity, wealth gap, Bank of America has committed $50 million to JPMorgan Chase is providing diverse-led financial institutions support MDIs. The $50 million investment to MDIs includes with additional access to capital, connections to institutional investments in 10 MDIs across the country, including the investors, specialty support for Black-led commercial projects, purchase of approximately 5 percent of the common equity and mentorship and training opportunities. In 2020, the firm in three of those MDIs. These investments will facilitate committed to investing $50 million in Black and Latinx-led benefits across multiple states and in the communities MDIs and CDFIs. With nearly $60 million already deployed that these institutions serve through lending, housing, to nine MDIs, the commitment has been increased to $75 neighborhood revitalization, and other banking services. million, which could generate access to as much as $750 million in community lending. JPMorgan Chase expects to expand its target to include Latinx-led MDIs and announce new investments by mid-2021. As part of its $1 billion strategic initiative to close the racial wealth gap, Citi has committed $100 million to MDIs to Morgan Stanley has provided commitments to MDIs in the expand access to banking and credit in communities form of grants, including to Carver Savings Bank in Harlem; of color. Citi has allocated more than $50 million so far Industrials Bank in Washington, D.C. and Newark, N.J.; and and the bank has closed nearly $15 million in affordable Citizens Bank in Atlanta. The grants will help the banks assist housing loan participations for MDIs to build revenue and small businesses that were affected by COVID-19, particularly capacity. Citi also emphasizes engagement and mentorship. those that did not receive federal relief loans, and will support Through collaboration with Deloitte and the National additional investments into technology systems to improve Bankers Association, Citi has established an MDI technical delivery of customer, mortgage and business lending services. assistance program to support talent development, enhance technology, and expand business networks. Goldman Sachs has deployed over $206 million in capital to Wells Fargo has committed $50 million in investments in support Black-led MDIs, including a $130 million commitment MDIs. As of April 2021, Wells Fargo has invested in 11 MDIs to Hope Enterprise Corporation, a leading MDI and CDFI in and is working to invest in more. Above and beyond the the South, to establish the “Deep South Economic Mobility equity investments, Wells Fargo is engaging in long-term Collaborative,” a public-private partnership with seven cities partnerships with MDIs, including providing bank coverage and nine historically Black colleges and universities across teams for each MDI, providing technical assistance, fee- the South. The Collaborative will provide credit and support free ATM access for MDI customers, selling some shuttered services to entrepreneurs of color, particularly Black women branches to MDIs and looking at selling certain loan portfolios entrepreneurs, in historically disadvantaged neighborhoods. to MDIs. fsforum.com The Financial Services Forum is an economic policy and advocacy organization whose members are the chief executive officers of the eight largest and most diversified financial institutions headquartered in the United States..
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