Reveal: Chase announces major expansion in DC

Reveal, April 19, 2018: Chase announces major expansion in DC

The biggest bank in America announced a major expansion into the nation’s capital Wednesday, promising to open 70 new branches and committing to make $4 billion in home mortgage and small-business loans in the area over the next five years.

“We go in with philanthropy, small-business lending, lower- and middle-income mortgage lending, affordable housing,” Jamie Dimon, JPMorgan Chase & Co.’s  chairman and CEO, told “CBS Evening News.” “So it’s the full face and force of JPMorgan, hopefully, helping these communities.”

Chase’s announcement came a month after Reveal from The Center for Investigative Reporting showed how the bank was not bound by provisions of the 41-year-old Community Reinvestment Act simply because it did not maintain brick-and-mortar branches in the Washington area.

“This is a pretty significant,” said Jesse Van Tol, chief executive at the National Community Reinvestment Coalition, a nonprofit advocacy group. “It’s not a silver bullet in terms of improving performance, but it does provide some scrutiny.”

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Redlining and Neighborhood Health

Before the pandemic devastated minority communities, banks and government officials starved them of capital.

Lower-income and minority neighborhoods that were intentionally cut off from lending and investment decades ago today suffer not only from reduced wealth and greater poverty, but from lower life expectancy and higher prevalence of chronic diseases that are risk factors for poor outcomes from COVID-19, a new study shows.

The new study, from the National Community Reinvestment Coalition (NCRC) with researchers from the University of Wisconsin–Milwaukee Joseph J. Zilber School of Public Health and the University of Richmond’s Digital Scholarship Lab, compared 1930’s maps of government-sanctioned lending discrimination zones with current census and public health data.

Table of Content

  • Executive Summary
  • Introduction
  • Redlining, the HOLC Maps and Segregation
  • Segregation, Public Health and COVID-19
  • Methods
  • Results
  • Discussion
  • Conclusion and Policy Recommendations
  • Citations
  • Appendix

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