A Ten Year-$800-billion Commitment
by Barbara Hurst, BOL GuruGuru Bios
JPMorgan and Bank One have pledged $800 billion over the next decade to communities across the country. The pledge focuses on three areas: mortgages for minority and low-income communities, small business lending, and community development. The pledge was made after community relationship officers of the two companies got together with 700 community-based organizations in 17 states where the merged company would have branches. The commitment created a homeownership preservation office that will work with community groups to keep people in their homes and a financial education partnership office to sponsor financial education and entrepreneurship programs.
Copyright © 2004 Bankers' Hotline. Originally appeared in Bankers' Hotline, Vol. 14, No. 07, 10/04
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