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.”