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Tracking Our Impact and What's Next
Find out how we are making progress on our $30 billion commitment.
Section 1: Reporting and Governance Process
JPMorgan Chase has established a robust reporting and governance process for consistent tracking of the $30 billion Racial Equity Commitment. The firm plans on publishing its progress and key findings annually in its Environmental, Social and Governance (ESG) report starting in May 2022.
The Community Impact organization serves as the cross-line-of-business group responsible for reviewing and reporting on the plans and activities that align to the Racial Equity Commitment. The governance team consists of: executive owners from each line of business with accountability to both the CEO and the Community Impact team; community teams that are responsible for on-the-ground implementation in partnership with local market leadership teams; and the executive leadership team with CEOs from each line of business.
The Public Responsibility Committee (PRC) of the JPMorgan Chase Board of Directors provides oversight of this work and is briefed bimonthly on the firm’s progress.
Section 2: Stakeholder and Community Engagement
JPMorgan Chase engages stakeholders at the national and community levels, including a diverse set of nonprofits, advocacy organizations and community groups, to understand issues, address local needs and source insights and recommendations that shape firmwide practices. Building on the firm’s commitment to listening, the Community Engagement and National Stakeholder and Policy Engagement teams were created in 2021 to further a two-way dialogue that informs business, policy and philanthropic initiatives.
- Leading up to and following the Commitment, JPMorgan Chase has convened 150 roundtables and listening sessions across the country and four Chase Advisory Panels with national civil rights organizations and consumer advocates.
- These meetings provide feedback and transparency as the firm reports progress and helps ensure accountability to stakeholders in addressing the problems it set out to solve. Begun in January 2013, the Chase Advisory Panel (CAP) program facilitates ongoing conversations between senior JPMorgan Chase executives and consumer policy groups on topics – including retail banking, business banking and home lending – that impact the firm’s business. Today, more than ever, these conversations are grounded in how the firm can promote racial equity in the firm’s products, services and approaches.
- In addition, the firm provides regular updates on its work to national civil rights, consumer advocacy and nonprofit organizations.
- Local engagement will be a core component of the continued execution of the $30 billion commitment, working with community partners to help break down barriers and drive community-centered impact. Market teams have built relationships with nonprofit and civic leaders to better understand local challenges and craft market-specific solutions. Local convenings—to include CAPs and roundtables—connect partners to firm executives who play a direct role in the firm’s products, validate local findings and create durability by collaborating with local stakeholders on long-term solutions.
- What’s Next:
- Community Engagement: Working with community and local government leaders is key to informing and advancing the firm’s $30 billion Commitment. Over the past year, local executives have developed and expanded new and existing relationships with nonprofit and civic leaders to inform solutions to close the local racial wealth gap. Going forward, the firm intends to host more local convenings with executives who play a direct role in the development of products, services, policy solutions and community investments.
- Multicultural Engagement: Currently, banks offer multiple ways to engage with people who prefer to communicate in Spanish and other languages. The firm is exploring opportunities to expand access to in-language resources, services and support in accordance with the latest guidelines from industry regulators. Additionally, the firm has fostered strategic relationships with minority-owned media publications, including those in local communities, and it intends to increase and deepen those relationships in more communities going forward.
Section 3: What’s Next
I. Increase Homeownership
- Building on the hiring of new home lending advisors, the creation and enhancement of products, expansion of new branches in more communities and other efforts, the firm will seek to accelerate and sustain homeownership. Additionally, the firm plans to continue prudently expanding FHA lending and supporting policy reforms to the FHA program, including servicing standards.
II. Expand Affordable Rental Housing and Support for Vital Community Institutions
- JPMorgan Chase will continue to explore innovative financing solutions and work with new public resources to support the development of vital community facilities and new housing for individuals and families earning a wider range of incomes than conventional projects serve. Additionally, the firm will continue to make data-driven policy recommendations to preserve and increase the availability of and equitable access to affordable housing for renters.
III. Grow Small Businesses
- The firm plans to further expand access to credit through targeted adjustments to how it evaluates credit applications, and it will introduce new product offerings. It will also hire additional senior business consultants and expand the free one-on-one coaching program to additional cities. The firm will also expand the digital lending product more broadly and continue to promote policies that would improve access to capital.
IV. Improve Financial Health and Access to Banking
- The firm will continue its efforts to improve the financial health and resiliency of its customers and communities. It will continue to open more branches, including Community Center branches in low-to-moderate income communities, hire additional Community Managers and host more financial health workshops and community events to reach more people across the country.
V. Invest in Minority Depository Institutions and Community Development Financial Institutions
- The firm has onboarded all investment recipients as J.P. Morgan clients, which will provide access to leading financial experts, solutions, extensive networks and the breadth of the firm’s training and advisory support.
To learn more about how JPMorgan Chase is helping advance racial equity, visit www.jpmorganchase/racialequity.