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The Forum Summit: July 18, 2022

CONTACT: Brigid Richelieu(202) 660-2569brichelieu@fsforum.com&nbsp;&nbsp;Nation’s Largest Banks Support Providing Material, Decision-Useful Information to InvestorsWashington, D.C. – The Securities and Exchange Commission (SEC) should revise proposed climate disclosure requirements to ensure they provide investors with material, decision-useful information on climate-related risks, the Financial Services Forum said Thursday.The Forum responded to a March proposal by the SEC that significantly expands the types and amount of information required of all public companies regarding climate-related risks. “The U.S. GSIBs believe in providing investors with decision-useful disclosures regarding climate-related financial risks and already voluntarily disclose much of the information investors have requested, specifically as it relates to their governance, strategy, risk management, and metrics and targets,”Forum President and CEO Kevin Fromer said. “We believe key elements of the SEC’s proposal should be more qualitative and principles-based, rooted in traditional materiality, and deferential to prudential requirements for banks.&nbsp; The rule should better recognize the current limitations of data and methodologies needed to reliably provide much of the information sought.&nbsp; The SEC should also substantially delay the effective dates for compliance given the complexity and evolving nature of measuring the financial impacts of climate-related activities and events, as well as greenhouse gas emissions.”The Forum’s letter offered several key observations and recommendations regarding the rule including the following:<ol><li>The Forum encouraged the SEC to remove or reduce its requirement to disclose the impact of climate-related risks on financial statements and to use a traditional materiality threshold for the disclosure of any financial impacts that are required.</li><li>The Forum recommended requiring disclosure of only the explicit Scope 3 emissions included in material, publicly announced targets.</li><li>The Forum urged the SEC to defer to prudential regulators on climate scenario analysis requirements for banks and to require only summary disclosures related to the use of climate scenarios.</li><li>The Forum recommended that the SEC delay the effective date of any mandates to at least 2 years after finalization of its rule, with more time provided for certain requirements and new registrants.</li></ol>&nbsp;The Forum’s full comments to the SEC can be found <a href="https://fsforum.com/a/media/fsf---sec-climate-proposal-comment-letter.pdf">here</a>.&nbsp;###&nbsp;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.&nbsp; Forum member institutions are a leading source of lending and investment in the United States and serve&nbsp;millions of consumers, businesses, investors, and communities throughout the country. The Forum promotes policies that support savings and investment, financial inclusion, deep and liquid capital markets, a competitive global marketplace, and a sound financial system. &nbsp;Visit our website: <a href="http://www.fsforum.com/">fsforum.com</a>Follow us on Twitter <a href="https://twitter.com/fsforum">@fsforum</a> and <a href="https://www.linkedin.com/company/financial-services-forum/">LinkedIn</a>

Forum Submits Comments to the SEC Regarding Climate Disclosure

CONTACT: Barbara Hagenbaugh(202) 457-8783bhagenbaugh@fsforum.com&nbsp;Forum members again show they can support the economy even in the face of significant economic headwinds, Forum CEO saysWashington, D.C. – Financial Services Forum President and CEO Kevin Fromer issued the following statement today in response to the Federal Reserve Board’s 2022 stress test <a href="https://www.federalreserve.gov/newsevents/pressreleases/bcreg20220623a.htm">results:</a>“Today’s results once again underscore the strength and resiliency of the nation’s largest banks. Forum members again have shown that they can act as a bulwark for the economy even in the face of significant economic headwinds.“The scenarios used in this year’s test represent a continuation of the highly rigorous standards applied to the largest banks in the United States. Since 2010, the U.S. Global Systemically Important Banks (GSIBs) have increased their Tier 1 capital, which acts as a buffer against losses, by 50 percent to $981 billion. This strength positioned them during and after the pandemic – a real-life stress test – to support individuals, small businesses, major companies, and communities across the country. Forum members continue this support as the nation faces a period of economic uncertainty.“This year marks the 13th year since the Federal Reserve initiated bank stress tests. The exercise remains a central component of the post-crisis bank regulatory and supervisory framework and regulators continue to test banks against hypothetical scenarios far more severe than those seen during the financial crisis. Indeed, the robust regulatory environment remains firmly intact and continues to promote the strength of the nation’s largest banks and their critical support of our economy.”&nbsp;###&nbsp;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.&nbsp; Forum member institutions are a leading source of lending and investment in the United States and serve&nbsp;millions of consumers, businesses, investors, and communities throughout the country. The Forum promotes policies that support savings and investment, financial inclusion, deep and liquid capital markets, a competitive global marketplace, and a sound financial system. &nbsp;Visit our website: <a href="http://www.fsforum.com/">fsforum.com</a>Follow us on Twitter <a href="https://twitter.com/fsforum">@fsforum</a> and <a href="https://www.linkedin.com/company/financial-services-forum/">LinkedIn</a>

Federal Reserve Stress Tests Confirm Strength of Largest U.S. Banks 

Dear reader,Welcome to the latest edition of The Forum File. In this edition, we are highlighting our firms’ work in advancing economic opportunities for women and minority entrepreneurs.We hope you enjoy reading this edition and please do not hesitate to share your feedback.&nbsp;Kevin Fromer, President and CEO, Financial Services Forum&nbsp;&nbsp;<h2>Penny For Your Thoughts</h2>Karim Assef, Chairman of Global Investment Banking at Bank of America Merrill Lynch&nbsp;<h3>How is Bank of America investing in and supporting diverse entrepreneurs?</h3>The challenges that minority and women entrepreneurs face, especially when it comes to securing capital to start or grow their businesses, are steep and universal. Despite record levels of venture capital investment over the past decade, only about 2% has gone to Black or Hispanic founders. Further, <a href="https://newsroom.bankofamerica.com/content/dam/newsroom/docs/2021/2021%20Women%20Business%20Owner%20Spotlight.pdf">Bank of America’s 2021 Women Business Owner Spotlight</a> found that 42% of women small business owners have never applied for a business loan or line of credit. Addressing this gap in resources requires significant change. That’s why, as part of our focus on advancing racial equality and economic opportunity, Bank of America dedicated $350 million toward investments in funds who share the mission of providing growth capital to these under-represented entrepreneurs.Since our program began in late 2020, we have committed more than $300 million to over 100 investment funds across the U.S. These funds provide capital to Black, Hispanic-Latino, Asian, Native American, and other under-represented minority and women entrepreneurs to help them establish and grow their businesses. The intended impact is multi-tiered, as the funds themselves are managed by diverse investors, who in turn invest their equity in companies founded by minority and women entrepreneurs. The combination helps drive success and representation at both levels, which then hopefully leads to progress at a third level, the creation of better jobs for under-represented workers.<h3>How does Bank of America allocate these funds to ensure they are reaching populations in need?</h3>While our primary focus is reaching under-represented founders and companies in order to address the funding gap, the vast majority of the investment fund managers themselves are diverse. Of the funds in our portfolio, 67% are led by Black/African American managers; 24% are led by Hispanic-Latino managers; and 57% are led by women. Importantly, and while these funds are clearly addressing a societal need, they have the ability to reach and connect with entrepreneurs who are generally outside the scope of the mainstream venture capital industry. Most of these funds already boast impressive success stories among the companies in which they’ve invested.&nbsp; We hope to see many more over the coming years. We expect our growing portfolio of funds to invest in 3,000+ minority- and women-led companies over the next five years. Beyond providing capital, the funds also connect these business owners to new groups of potential advisors and mentors, as well as new customers and investors who ultimately help their businesses thrive.<h3>What is the longer-term impact you hope to have as your investment program continues?</h3>Investing our capital is only a first step and arguably the most straightforward one for a large institution such as Bank of America. We hope that others follow our lead such that the overall amount of capital available to under-represented founders continues to increase. But our greater hope is that the impact helps create opportunities over the long term. As these investment funds get established and scale in size, they have greater ability to catalyze the success of diverse founders and the growth of their companies, which in turn could create more jobs for diverse workers.For example, in March of this year, Bank of America announced an investment in Overlooked Ventures, an Ohio-based fund that focuses on investing in diverse founding startup teams whose companies are comprised of one or more historically ignored founders. Its portfolio is comprised of 42% Black founders and 16% Hispanic-Latino founders, with the remaining 42% made up of Indian, Iranian, Syrian, and Ashkenazi Jew founders.&nbsp; As these companies grow, our hope is that they are more likely to hire and promote diverse workers, creating a multiplier effect.As the funds in our portfolio continue to build their portfolios of companies, we hope to provide further support to both the founders and their companies through our traditional banking services as well as by providing mentorship and advice. Capital is only the first step and certainly not the only area in which the under-represented face challenges. Our plan is to help support the growth of the funds and their companies over the longer term. &nbsp;<h2>Value Add</h2>Bank of America Institute for Women’s Entrepreneurship at Cornell Program Expansion&nbsp;<figure class="image"><img src="https://fsforum.com/a/media/screen-shot-2022-05-18-at-11.33.29-am.png"></figure>&nbsp;In March of this year, Bank of America announced a further expansion of the <a href="https://urldefense.com/v3/__https:/about.bankofamerica.com/en/making-an-impact/institute-for-womens-entrepreneurship-at-cornell__;!!Gajz09w!BuYAZz7JuwUIp4solaq11mwjGbs9uZ8jSFGf5PvahuU7OSA72s-RVYHvjKwJzaDUBJjmIo1IUnDNnOch43fLZtGva6IYisM$">Bank of America Institute for Women’s Entrepreneurship at Cornell University</a>, doubling the number of program seats to 100,000 and further enabling women entrepreneurs to gain critical knowledge to drive their businesses forward. Since its launch in 2018, the Bank of America Institute for Women’s Entrepreneurship at Cornell has enrolled individuals from the U.S. and 120 additional countries, primarily women, of whom 90% identify as women of color. Registration is open to anyone worldwide, regardless of gender, educational background or business stage.As the only Ivy League program offering a certificate in women’s entrepreneurship, at no cost, the program offers enrollees courses focused on areas such as finance, product development, marketing, leadership, communications, and legal and compliance requirements, as well as opportunities to build professional networks. The instructor-led classes and limited class sizes provide women the opportunity to learn new skills while connecting with a vibrant network of entrepreneurs and social innovators. Additionally, the Institute has developed a Spanish language curriculum and hired Spanish-speaking teaching assistants to more effectively reach Hispanic/Latino entrepreneurs.This expansion is just one way the bank is continuing to advance racial equality and economic opportunity in the communities it serves. In order to drive real progress, we recognize that we share in the responsibility to do more. We also know we can’t solve these challenges alone, so we’re partnering with other corporations, local nonproﬁts and community leaders across the country who share our vision for creating meaningful change. Bank of America’s long-standing partnerships with the Tory Burch Foundation, Vital Voices, the Cherie Blair Foundation and Kiva have helped an additional 75,000 women from more than 140 countries grow their businesses.&nbsp;<h2>Capital Gains</h2>What we’re doing in Washington&nbsp;&nbsp;The Forum and other trade associations sent a <a href="https://fsforum.com/a/media/importance-of-appropriate-length-of-comment-periods.pdf">letter</a> to SEC Chairman Gary Gensler highlighting the need for meaningful public input in the SEC rulemaking process and expressing concern that the SEC’s “overlapping and serially short comment periods simply do not provide the public time to fully analyze, consider, and comment on these rule proposals, including the time that it takes to study and analyze the market and economic implications of the proposals and identify possible unintended, negative consequences.” The letter further points out that “The Commission’s current approach to setting the comment periods for its numerous rule proposals not only deviates from case law, federal standards, and guidance on appropriate rulemaking procedure, but also, significantly veers from the Commission’s recent approach to this process.”We <a href="https://fsforum.com/a/media/key-facts.pdf">highlighted</a> the significant contributions that Forum member institutions made across the country over the past year.The Forum and the Bank Policy Institute authored a <a href="https://fsforum.com/a/media/letter-to-house-in-support-of-fair-hiring-in-banking-act.pdf">letter</a> to the House of Representatives urging the passage of H.R. 5911, the “Fair Hiring in Banking Act,” which makes improvements to Section 19 of the Federal Deposit Insurance Act to allow banks to provide employment opportunities for rehabilitated job seekers with criminal records.&nbsp;<h2>Our Two Cents</h2>Research from the Forum&nbsp;The BankNotes Blog Spotlighted:<ul><li>The need for regulators to <a href="https://fsforum.com/news/bizarro-world-and-the-gsib-surcharge-when-up-means-down">address</a> the GSIB surcharge to ensure the capital requirements of large banks accurately reflect systemic risk.</li><li>The <a href="https://fsforum.com/news/the-sec-s-current-far-ranging-and-aggressive-rulemaking-agenda-will-raise-regulatory-uncertainty-and-risks-unintended-negative-consequences">unprecedented</a> rulemaking agenda from the SEC that could compound current challenges and result in adverse consequences for the real economy in terms of output, employment, investment, and prices, in part one of a two-blog series with SIFMA.</li><li>Recent <a href="https://fsforum.com/news/the-sec-agenda-and-the-economic-costs-of-heightened-regulatory-uncertainty">research</a> on the impact of uncertainty on the economy, incorporating the impact of regulatory uncertainty, in part two of a two-blog series with SIFMA.</li></ul>&nbsp;<h2>Checking the Balance</h2>Members in the news&nbsp;Bank of America <a href="https://newsroom.bankofamerica.com/content/newsroom/press-releases/2022/04/bank-of-america-invests-nearly--43-million-to-help-drive-economi.html">invested nearly $43 million</a> directly impacting economic and social opportunity in Southeast and Southwest Washington, D.C. &nbsp;The investment, which is aligned with the bank’s <a href="https://about.bankofamerica.com/en/making-an-impact/racial-equality-economic-opportunity?cm_mmc=EBZ-EnterpriseBrand-_-vanity-_-EB01VN00LE_equality-_-N/A">commitment</a>&nbsp;to advance racial equality and economic opportunity in local communities, is aimed at improving the area’s long-term economic growth and stability. Through affordable housing projects and partnerships with local nonprofits – including Building Bridges Across the River (BBAR), the Washington Area Community Investment Fund (Wacif), and Bread for the City – the funding and grant package addresses housing, workforce development, healthcare and small business efforts across the District.BNY Mellon has been <a href="https://www.bnymellon.com/us/en/about-us/newsroom/company-news/fortune-names-bny-mellon-one-of-the-worlds-most-admired-companies-for-25th-year.html">named</a> one of the most admired companies in the world, according to a study published in FORTUNE magazine. This is the 25th time BNY Mellon has been included on the list since it originated in 1997. The annual “World’s Most Admired Companies” report surveys top executives and directors, along with financial analysts, to identify the companies that have the strongest reputations within their industries and across industries.Citi was <a href="https://www.housingfinance.com/finance/affordable-housing-lenders-find-new-opportunities_o">recognized</a> as the number one affordable housing lender in the United States for 2021, according to Affordable Housing Finance magazine’s annual ranking. This marks the 12th consecutive year that Citi has earned this distinction.Goldman Sachs was <a href="https://urldefense.proofpoint.com/v2/url?u=https-3A__equileap.com_wp-2Dcontent_uploads_2022_03_Equileap-5FGlobal-5FReport-5F2022.pdf&amp;d=DwMF-g&amp;c=7563p3e2zaQw0AB1wrFVgyagb2IE5rTZOYPxLxfZlX4&amp;r=b8iCANJjLlDzgmI1DhIxZS-McRP4R7RcWpchMfWzEiw&amp;m=yNYD6_i6UC_ssXZmAcOaLfhwTNcmIjnpZQ8atc1oofA&amp;s=ip4yEW8ZkJT6qOyH7YgDpViGrRbJtwRh72uyup60--0&amp;e=">recognized</a> as a top company in Equileap’s 2022 Gender Equality Global Report for its commitment to equality and investment in opportunities for women around the world.JPMorgan Chase recently announced&nbsp;<a href="https://www.jpmorganchase.com/news-stories/jpmc-commits-30m-to-help-close-wealth-gaps-for-black-and-latina-women">six winners</a>&nbsp;to receive $5 million each as part of an annual competition to source innovative and sustainable ideas to advance equity in communities across the U.S.&nbsp; This year, the firm sourced proposals for projects designed for and by Black and Latina women to address racial and gender wealth gaps.&nbsp; JPMorgan Chase awarded six winning cities—Washington, DC., Baltimore, Minneapolis, New Orleans, Miami, and Los Angeles— $5 million each over a period of three years, for a total of $30 million in philanthropic commitments. The winning proposals aim to address challenges faced by Black and Latina women across several sectors, including early childhood education, entrepreneurship, and real estate development.The Morgan Stanley Institute for Inclusion’s <a href="https://www.morganstanley.com/press-releases/equity-in-education-and-career-consortium">Equity in Education and Career Consortium</a> launched a multi-year program focused on eliminating barriers to degree completion and career readiness for Community College students from underserved communities nationwide. College Possible and CUNY ASAP will receive $5.5MM in grants to scale their programs building on a <a href="https://www.morganstanley.com/press-releases/equity-in-education-and-career-consortium">previously announced commitment</a> of $20MM to address the education and career achievement gap for young adults from low- to moderate-income backgrounds.Reflecting State Street’s commitment to increasing diverse representation in the financial services industry, the firm <a href="https://newsroom.statestreet.com/press-releases/press-release-details/2022/State-Street-Engages-Women-Owned-Broker-Dealers-to-Underwrite-500-Million-of-Senior-Unsecured-Debt/default.aspx">announced</a> that it has issued $500 million of senior unsecured debt. The offering was structured in keeping with State Street’s ongoing inclusion, diversity and equity efforts, with R. Seelaus &amp; Co., LLC and Siebert Williams Shank &amp; Co., LLC acting as bookrunners, and MFR Securities, Inc., Stern Brothers &amp; Co., and Tigress Financial Partners, LLC acting as co-managers. These five broker-dealers are women-owned.Wells Fargo <a href="https://newsroom.wf.com/English/news-releases/news-release-details/2022/Wells-Fargo-Expands-Resources-for-Women-Owned-Small-Businesses/default.aspx">announced</a> support to help increase the growth of women-owned small businesses, including a $1.5 million grant to&nbsp;<a href="https://urldefense.com/v3/__https:/cts.businesswire.com/ct/CT?id=smartlink&amp;url=https*3A*2F*2Fwww.howwomenlead.com*2F&amp;esheet=52592014&amp;newsitemid=20220309005230&amp;lan=en-US&amp;anchor=How*Women*Lead&amp;index=1&amp;md5=acd2871e1ab39f5818b67de9c5636489__;JSUlJSsr!!F9svGWnIaVPGSwU!-JimdYUvezmCVd-gmG0W5copfXqE6p0QdzOKC--p5Te_iAcS9_rF_Xgb4HW8riDg8os3XA$">How Women Lead</a>&nbsp;to disrupt the unequal venture capital system for women founders. The grant will help inspire 10,000 women to invest with venture capital for the first time, ultimately building a $1 billion fund. In addition, the company is sharing new data and an interactive toolkit on closing the economic gaps facing women entrepreneurs.

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The Forum File, 2022 Edition #2

Fact Sheet

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We advocate for sound policies that recognize the importance of ensuring that banks are able to support the economy, compete internationally, and remain strong. In particular, the Forum supports a review of the GSIB surcharge, a capital requirement that was agreed to internationally, but that U.S. regulators have implemented in a manner that places higher requirements on U.S. banks than that required of foreign competitors. 

The Forum has also weighed in on an international assessment of post-crisis reforms and the clear need to differentiate between jurisdictions and to acknowledge the progress made in the United States.


Capital and Financial Stability

Buybacks and Dividends – Supporting the Economy

Article

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Forum members recognize that climate change poses risks to the world’s economy.
The transition to a low-carbon economy will occur over several decades and requires collaboration between a wide range of industries and government. The Forum advocates for appropriate policies and international cooperation to ensure that climate policies and regulations related to the financial industry are based on science, risk, and sound methodologies.


Climate Finance

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The Goldman Sachs Group, Inc.

David Solomon is Chairman and Chief Executive Officer and a member of the Board of Directors of The Goldman Sachs Group, Inc.

Previously, he was President and Chief Operating Officer and prior to that, he served as Co-Head of the Investment Banking Division from 2006 to 2016. Before that, Mr. Solomon was Global Head of the Financing Group, which includes all capital markets and derivative products for the firm’s corporate clients. He joined Goldman Sachs as a Partner in 1999.

Mr. Solomon is a member of the Board of Trustees of Hamilton College and serves on the board of The Robin Hood Foundation.

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David Solomon

The Goldman Sachs Group, Inc. Chairman and Chief Executive Officer, Forum Chairman

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State Street Corporation

Ron is chairman and chief executive officer of State Street Corporation. He is also a member of State Street Corporation’s Board of Directors.

Ron was previously president and chief operating officer of State Street Corporation, and before that president and chief executive officer of State Street Global Advisors, the investment management arm of State Street Corporation. He joined State Street in 2015.

Prior to State Street, Ron was president of Asset Management & Corporate Services for Fidelity Investments, responsible for all Fidelity asset management organizations and Fidelity’s corporate functions and enterprise technology. He served at Fidelity from 2010 to 2014.

Prior to joining Fidelity, Ron served as president and chief executive officer of BNY Mellon Asset Management in Boston, a position to which he was named in 2007. During this time, he also served as vice chairman of Bank of New York Mellon Corporation and was a member of its Executive Committee. Additionally, Ron oversaw all of Bank of New York Mellon’s activities in Asia. Prior to the 2007 merger of Bank of New York and Mellon, he was vice chairman of Mellon Financial Corporation and president and chief executive officer of Mellon Asset Management. He served at Mellon and Bank of New York Mellon from 1997 to 2010.

Prior to Mellon, Ron was with McKinsey & Company, Inc., from 1986 to 1997 and was elected a partner in 1992. He founded the Investment Management practice worldwide and was co-founder and co-leader of the firm’s North American Personal Financial Services practice. Additionally, he was a member of the Worldwide Property & Casualty Insurance practice. During his tenure with McKinsey, Ron served in the firm’s Boston, New York, and Stockholm offices.

Ron received his Bachelor of Arts degree in political science from Syracuse University in 1980 and his Master of Business Administration from Harvard Business School in 1986.

Ron serves on the boards of Unum Corp. and Rhode Island Commerce Corporation. He also serves on the boards of Beth Israel Lahey Health, The Boston Foundation, IYRS School of Technology and Trades, Syracuse University and WBUR. Ron’s philanthropic and civic interests include corporate governance, retirement/healthcare policy and funding, education, and climate. He has led several initiatives on gender equality. Ron is a frequent speaker and writer, and an avid offshore sailboat racer.

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Ronald O'Hanley

State Street Corporation Chairman And Chief Executive Officer, Forum Vice Chairman

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Bank Of America

Brian Moynihan leads a team of more than 200,000 employees dedicated to making financial lives better for people, companies of every size, and institutional investors across the United States and around the world.

Bank of America is recognized as a top employer by Working Mother magazine and Military Times. The company is also listed on Fortune magazine’s list of the Best Workplaces for Diversity and the Best Workplaces for Parents. It was also named one of the Best Places to Work for Disability Inclusion by the U.S. Business Leadership Network and the American Association of People with Disabilities. In 2018, Euromoney recognized Bank of America as the World’s Best Bank and the World’s Best Bank for Diversity and Inclusion, as part of their annual Global Awards for Excellence. Bank of America was also named the 2019 Catalyst Award winner, honored for supporting the continued development, empowerment and advancement of women in the company and around the world.

Moynihan participates in several organizations that focus on economic and market trends, including the World Economic Forum International Business Council, the Financial Services Forum, the Bank Policy Institute (chair), the Business Roundtable, and the American Heart Association CEO Roundtable (co-chair). He is also a member of the Federal Advisory Council of the Federal Reserve Board.

Moynihan leads the company’s Global Diversity and Inclusion Council and is a member of the museum council for the Smithsonian’s National Museum of African American History and Culture. Moynihan is also a member of the Brown University Corporation’s Board of Fellows and the Congressional Medal of Honor Foundation Board.

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Brian Moynihan

Bank Of America Chairman Of The Board And Chief Executive Officer

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BNY Mellon

Todd Gibbons currently serves as the Chief Executive Officer of BNY Mellon. Prior to that, Todd had been a Vice Chairman of BNY Mellon and CEO of Clearing, Markets and Client Management. In that role he oversaw the Pershing clearing business; the trading, financing, collateral and liquidity management solutions delivered through the Markets business; treasury services and commercial payment activities; the U.S. government securities clearance and U.S. tri-party repo businesses delivered through BNY Mellon Government Securities Services Corp; credit services; global client management; and regional area management. From 2008 through 2017, he served as CFO. Previously, for six years he was Chief Risk Policy Officer, overseeing credit, operational and market risk management of the company and The Bank of New York.

Todd also served as CFO of The Bank of New York for almost a year prior to the merger. He first joined The Bank of New York in 1986 and held top management positions in the capital markets business, including head of global treasury, with responsibility for asset and liability management, funding, money market trading, swaps and derivative products. Prior to joining The Bank of New York, he was assistant treasurer at Handy and Harman, a leading refiner, processor and fabricator of precious metals.

Todd is a member of BNY Mellon’s Executive Committee. He also serves on the advisory board of Wake Forest University’s Business School. He holds a B.S. in Business Administration from Wake Forest University and an MBA from Pace University.

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Thomas Gibbons

BNY Mellon Chief Executive Officer

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Citigroup

Jane Fraser is the Chief Executive Officer of Citi, the world's most global bank, serving millions of consumers, businesses and institutions across 160 countries and jurisdictions. She is the first female CEO in the firm’s history. Jane has deep experience across Citi’s consumer and institutional businesses and, in many ways, she helped shape Citi into the company it is today. Before becoming CEO in February 2021, she was President of Citi and CEO of the Global Consumer Bank, responsible for all of Citi’s Consumer businesses, including Retail Banking and Wealth Management, Credit Cards, Mortgage and Operations and Technology in 19 markets. Before that, she was the Chief Executive Officer of Citigroup Latin America from 2015 to 2019. From 2013 to 2015, she was the Chief Executive Officer of the U.S. Consumer and Commercial Banking and CitiMortgage. From 2009 to 2013, Jane served as the Chief Executive Officer of Citi's Global Private Bank. Prior, Jane was the Global Head of Strategy and Mergers & Acquisitions for Citi from 2007 to 2009. She joined Citi in 2004 in the Corporate and Investment Banking division.
Before joining Citi, Jane was a Partner at McKinsey & Company. She started her career at Goldman Sachs in the Mergers & Acquisitions department in London and then worked for Asesores Bursátiles in Madrid, Spain. Jane serves as a Board Member for the Business Roundtable and the Council on Foreign Relations. She is Vice Chair for the Partnership for New York City and a member of Harvard Business School’s Board of Dean’s Advisors, the Stanford Global Advisory Board and the Economic Club of New York. Jane has an M.B.A. from Harvard Business School and an M.A. in economics from Cambridge University. She is married with two children.

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Jane Fraser

Citigroup Chief Executive Officer

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JPMorgan Chase & Co.

Jamie Dimon is Chairman of the Board and Chief Executive Officer of JPMorgan Chase & Co., a global financial services firm with assets of $2.5 trillion and operations worldwide. The firm is a leader in investment banking, financial services for consumers, small business, commercial banking, financial transaction processing and asset management.

Dimon became CEO on January 1, 2006 and one year later also became Chairman of the Board.  He was named President and Chief Operating Officer upon the company’s merger with Bank One Corporation on July 1, 2004. Dimon joined Bank One as Chairman and CEO in 2000.

Dimon began his career at American Express Company.  Next, he served as Chief Financial Officer and then President at Commercial Credit, which made numerous acquisitions and divestitures, including acquiring Primerica Corporation in 1987 and The Travelers Corporation in 1993. Dimon served as President and Chief Operating Officer of Travelers from 1990 through 1998 while concurrently serving as Chief Operating Officer of its Smith Barney Inc. subsidiary before becoming co-Chairman and Co-CEO of the combined brokerage following the 1997 merger of Smith Barney and Salomon Brothers.  In 1998, Dimon was named President of Citigroup Inc., the global financial services company formed by the combination of Travelers Group and Citicorp.

Dimon earned his bachelors degree from Tufts University and holds an MBA from Harvard Business School. He serves on the boards of directors of a number of non-profit institutions including the Clearing House and Harvard Business School. Additionally, he is the Chairman of the Business Roundtable and serves on the executive committee of the Business Council and the Partnership for New York City, and is a member of the Financial Services Forum, Financial Services Roundtable and Council on Foreign Relations.

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Jamie Dimon

JPMorgan Chase & Co. Chairman And Chief Executive Officer

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Morgan Stanley

Mr. Gorman is Chairman and CEO of Morgan Stanley.

Mr. Gorman became CEO in January 2010 and Chairman in January 2012. He joined the Firm in February 2006 and was named Co-President in December 2007.

Before joining Morgan Stanley, Mr. Gorman held a succession of executive positions at Merrill Lynch. Prior to this, he was a senior partner of McKinsey & Co. and began his career as an attorney in Melbourne, Australia.

Among his civic activities, Mr. Gorman serves as a Director of the Federal Reserve Bank of New York and the Council on Foreign Relations, and is a member of the Board of Overseers of the Columbia Business School, the Monetary Authority of Singapore International Advisory Panel, the Business Council, and the Board of the Institute of International Finance.

He formerly served as President of the Federal Advisory Council to the U.S. Federal Reserve Board, Co-Chairman of the Partnership for New York City, Chairman of the Board of the Securities Industry and Financial Markets Association and Co-Chairman of the Business Committee of the Metropolitan Museum of Art.

Mr. Gorman, who was born in Australia, earned a B.A. and Law degree from the University of Melbourne and an M.B.A. from Columbia University.

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James Gorman

Morgan Stanley Chairman And Chief Executive Officer

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Wells Fargo & Company

Charles W. Scharf is chief executive officer and president, and a member of the Board of Directors of Wells Fargo & Company.

A financial services veteran with 24 years of experience in leadership roles in the banking and payments industries, Charlie served as chief executive officer of Bank of New York Mellon from July 2017 to October 2019 and the chairman of its board from January 2018 to October 2018. He also was chief executive officer and a director of Visa Inc. from October 2012 to December 2016.

During his tenure at Bank of New York Mellon, Charlie demonstrated a strong track record in initiating and leading change, driving results, strengthening operational risk and compliance, and innovating amid a rapidly evolving digital landscape.

As the CEO of Visa, Charlie transformed the firm into a technology-driven digital commerce company by partnering with the world’s leading technology companies to drive new payment experiences and introduce new technologies to improve payment system security.

Previously, he was a managing director of One Equity Partners at JPMorgan Chase & Co. and chief executive officer of Retail Financial Services at JPMorgan Chase. He also was chief executive officer of the retail division of Bank One Corp., chief financial officer of Bank One Corp., chief financial officer of the Global Corporate and Investment Bank division of Citigroup, and chief financial officer of Salomon Smith Barney and its predecessor company.

Charlie earned a Bachelor of Arts degree from Johns Hopkins University and an MBA from New York University.

He is a director of Microsoft Corporation, serves on the board of trustees of Johns Hopkins University, is a member of The Business Council, and is chairman of the New York City Ballet. He lives in New York City.

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Charles Scharf

Wells Fargo & Company Chief Executive Officer And President

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We are the eight largest and most diversified financial institutions headquartered in the United States. Our more than 750,000 U.S. employees&nbsp;serve millions of consumers, businesses, investors, and communities across the country.

Forum members increased credit to businesses and households by 11% to $9.2 trillion in 2021.

<h2>Agenda</h2><h3> Large Banks and the U.S. Economy</h3>U.S. businesses, households, and the overall economy have faced significant challenges during the COVID-19 pandemic. What have we learned about the relationship between large banks and the economy during this time and how should that inform our thinking about policy going forward? We evaluate if there are lessons from this period that will require longer-run policy changes or if the pandemic has been more of a “one-off” event.Panelists:<a href="https://www.brookings.edu/experts/donald-kohn/">Donald Kohn</a>, Robert V. Roosa Chair in International Economics and Senior Fellow, Economic Studies, Brookings Institution <a href="https://www.fdic.gov/about/jelena-mcwilliams/">Jelena McWilliams</a>, Former Chairman, Federal Deposit Insurance Corporation <a href="https://www.businesswire.com/news/home/20210816005447/en/Citi-Announces-Appointment-of-New-Global-Chief-Economist">Nathan Sheets</a>, Global Chief Economist, CitiModerator:<a href="https://fsforum.com/who-we-are">Kevin Fromer</a>, President and CEO, Financial Services Forum<h3> Regulations and the U.S. Economy in a Time of Change</h3>The U.S. economy is strong, but is facing significant inflationary headwinds, leading the Federal Reserve to remove the proverbial punch bowl, raise interest rates and announce plans to taper its balance sheet. At the same time, bank and market regulators are evaluating potential updates. We’ll discuss the implications for these developments with a focus on the regulation of large bank capital and liquidity, the relation to recent Federal Reserve developments, and the economy.Panelists:<a href="https://www.stern.nyu.edu/faculty/bio/richard-berner">Richard Berner</a>, Clinical Professor of Finance and Professor of Management Practice and Co-Director, The Volatility and Risk Institute, New York University Leonard N. Stern School of Business &nbsp;&nbsp; <a href="https://www.mayerbrown.com/en/people/o/andrew-olmem?tab=overview">Andrew Olmem</a>, Partner, Mayer Brown <a href="https://www.ey.com/en_us/people/marc-saidenberg">Marc Saidenberg</a>, Americas Financial Services Regulatory Lead and Principal, U.S. Financial Services Consulting, Ernst &amp; Young LLPModerator:<a href="https://fsforum.com/who-we-are">Sean Campbell</a>, Chief Economist and Head of Policy Research, Financial Services Forum&nbsp;<h3>A Conversation with Nellie Lang</h3><a href="https://home.treasury.gov/about/general-information/officials/nellie-liang">Nellie Liang</a>, Under Secretary for Domestic Finance, U.S. Treasury<h3> Climate Risk and Transition Policy</h3>What are the most unique and pressing climate-related financial risks for large banks, and what can we expect from regulators in the near term? How are large banks responding to the increased focus on climate-related financial risks? &nbsp;What are the opportunities and challenges associated with a transition to a lower carbon economy?Panelists:<a href="https://www.occ.gov/about/who-we-are/leadership/bio-jonathan-fink.html">Jonathan Fink</a>, Assistant Chief Counsel and Climate Risk Officer, Office of the Comptroller of the Currency <a href="https://www.debevoise.com/alisonhashmall">Alison Hashmall</a>, Counsel, Debevoise &amp; Plimpton <a href="https://www.rmahq.org/speakers/mary-obasi/?gmssopc=1">Mary Obasi</a>, Head of Global Climate Risk for Global Risk Management,&nbsp;Bank of AmericaModerator:<a href="https://fsforum.com/who-we-are">Tiffany Haas</a>, Co-Head of Government Affairs, Financial Services Forum<h3>&nbsp;</h3><h3>The Future of Digital Assets and the Banking System Nexus</h3>The rapid growth of digital assets in the past few years raises a variety of important questions about how the financial system will continue to adapt to these new assets and technologies. We will look at what role we expect large banks to play in the development, intermediation, and adoption of these products and how we think about the rapidly evolving pace of regulation in this area. &nbsp; &nbsp;Panelists:<a href="https://www.sec.gov/biography/commissioner-hester-m-peirce">Hester Peirce</a>, Commissioner, Securities and Exchange Commission <a href="https://www.cravath.com/people/david-l-portilla.html">David Portilla</a>, Partner, Cravath, Swaine &amp; Moore LLP <a href="https://www.linkedin.com/in/andreswolbergstok/">Andres Wolberg-Stok</a>, Global Head of Strategy in the Office of the Chief Technology Officer, CitiModerator:<a href="https://fsforum.com/who-we-are">Brett Quick</a>, Co-Head of Government Affairs, Financial Services Forum&nbsp;<h2>Registration Information</h2><h3>Date</h3>July 18, 2022<h3>Time</h3>8:30AM - 1:30PM<h3>Location</h3>700 Pennsylvania Ave. SEWashington, DC 20003&nbsp;This event is free and by invitation only. If you or someone you know would like to attend, please email <a href="mailto:ForumSummit2022@conferencedirect.com">ForumSummit2022@conferencedirect.com</a> to receive an invitation.&nbsp;&nbsp;<h3><a href="https://web.cvent.com/event/b790c936-4b59-418b-817c-43ef9991bdb1/summary?locale=en-US&amp;tm=T0FWqpBDqAn_jLsgxy05xjC00uJlDfrxHP1ss11Eqaw">Learn more here</a></h3>

The Financial Services Forum Summit

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<ul><li>We hold more than $4.2 trillion in loans, accounting for 40% of total lending to businesses and households.</li><li>We provide more than $679 billion, or nearly half, of all consumer loans by banks in the U.S., supporting everything from the purchase of a new car to furnishing a new home.</li><li>Lending by our institutions accounts for 34% of total commercial and industrial (C&amp;I) lending by banks, helping businesses grow and contribute to the economy.</li><li>We represent a major source of lending to small businesses in communities across the country, holding $126 billion in small business loans&nbsp;and allowing the economy to grow at both a local and national level.</li><li>We also collectively meet nearly three-quarters of the bank funding needs of other financial institutions, supporting community banks, insurance companies and mortgage finance companies, for example, which then provide important services to businesses and households.</li></ul>

Our institutions lend to consumers, businesses and other financial institutions, promoting savings and investment that positions individuals and entities at all layers of the U.S. economy for resiliency and success. At the same time, we are supporting consumers, governments, and businesses of all sizes in growing and creating American jobs.

<ul><li>We underwrite nearly three-quarters of debt and equity transactions – such as initial public offerings – among large institutions in the U.S., providing a critical service that other U.S. institutions cannot offer on a similar scale.</li><li>With $4.2 trillion of mutual funds and annuities under management, we support the retirement and other savings needs of many Americans.</li><li>We finance a significant portion of state and local government expenditures for vital projects, like hospitals, roads, bridges, and schools, through $120 billion in municipal securities holdings. Additionally, we support a large portion of federal government expenditures through $1.1 trillion in U.S. Treasury securities holdings.</li></ul>

Our institutions help foster deep and liquid capital markets, ensuring the U.S. government and private institutions are able to effectively finance public spending and investments in the real economy. 

Our institutions collectively employ more than 750,000 people, offering a variety of benefits and opportunities to help our employees achieve their personal and professional goals.

Forum members increased credit to businesses and households by 10%
to nearly $8.3 trillion in 2020.


Essential to the U.S. Economy

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<ul><li>Bank of America exceeded its original $250 million commitment to support PPP lending through CDFI loan funds and CDFI and minority-owned banks, providing $254 million in new credit facilities and $10 million in grants to CDFIs in 2020. Additionally, as part of its $1 billion commitment to closing the racial wealth gap, the bank has committed $50 million to support MDIs.</li><li>Citi has provided $173 million in capital, administered over $886 million in financing, and committed more than $79 million in philanthropic funding to more than 80 CDFIs across the country since 2015. The bank has also made its ATM network available free of charge to clients of nearly 30 MDIs and CDFIs – providing their customers with convenience and nearly $1 million in savings.</li><li>Goldman Sachs&nbsp;provided $774.5 million to eight different CDFIs between 2016 and 2020.</li><li>JPMorgan Chase&nbsp;has made 64 loans totaling more than $870 million to CDFIs and invested more than $1.4 billion in 49 different CDFIs through the New Markets Tax Credit program since 2015. Additionally, from 2015 to 2019 the firm provided 1,001 grants to 145 CDFIs totaling $194 million and continues to mentor and advise select MDIs and CDFIs to help them achieve their future success.</li><li>Morgan Stanley&nbsp;has provided $3.6 billion in investment in 41 CDFIs and $30.5 million in investment in three MDIs between 2016 and 2020. Additionally, the firm has <a href="https://www.morganstanley.com/press-releases/morgan-stanley-announces--10-million-to-support-minority-deposit">committed</a> $10 million in grants supporting MDIs.</li><li>Wells Fargo&nbsp;has invested $847 million in 305 unique CDFIs through grant and debt capital since 2015. Additionally, the bank has <a href="https://stories.wf.com/wells-fargo-announces-seeking-commit-50-million-capital-minority-depository-institutions/">committed</a> to investing up to $50 million in capital for MDIs.</li></ul>

We are supporting hundreds of Community Development Financial Institutions (CDFIs) and Minority Depository Institutions (MDIs) by providing over $8.5 billion in capital and financing between 2016 and 2020.

<ul><li>Bank of America&nbsp;in 2020&nbsp;<a href="https://newsroom.bankofamerica.com/press-releases/bank-america-announces-four-year-1-billion-commitment-supporting-economic">committed</a> $1 billion over four years to help local communities address economic and racial inequality. The firm has also <a href="https://newsroom.bankofamerica.com/press-releases/community-development/smithsonian-announces-race-community-and-our-shared-future#:~:text=Bank%20of%20America's%20%2425%20million,economic%20opportunity%20in%20minority%20communities.">committed</a> an additional $25 million to the Smithsonian to fund its Race, Community and Our Shared Future initiative, <a href="https://newsroom.bankofamerica.com/press-releases/corporate-philanthropy/bank-america-expands-support-boys-girls-clubs-america-1">provided</a> a $1 million grant to the Boys &amp; Girls Clubs of America, and made a $22.1 million <a href="https://newsroom.bankofamerica.com/press-releases/corporate-philanthropy/bank-america-expands-support-boys-girls-clubs-america-1">investment</a> in 2020 Neighborhood Builders and Neighborhood Champions in Support of Local Organizations.&nbsp; &nbsp;&nbsp;</li><li>BNY Mellon&nbsp;has <a href="https://www.bnymellon.com/us/en/about-us/newsroom/company-news/bny-mellon-commits-20-million-to-fund-the-future-workforce.html">committed</a> $20 million to community colleges and a select group of local and national organizations to support workforce training programs in traditionally underrepresented minority groups and communities. Additionally, the bank made an initial pledge of $1.5 million to organizations including My Brother’s Keeper, the NAACP Legal Defense and Education Fund, the Southern Poverty Law Center, the National Network for Safe Communities and the Vera Institute of Justice.</li><li>Citi <a href="https://www.citigroup.com/citi/news/2020/200923a.htm">launched</a> more than $1 billion in strategic initiatives in 2020 aimed at closing the racial wealth gap. The bank also <a href="https://www.citigroup.com/citi/news/2020/200117a.htm">launched</a> the $150 million Citi Impact Fund to make equity investments in ‘double bottom line’ private sector companies, with a focus on women and minority owned businesses.</li><li>Goldman Sachs&nbsp;has launched the One Million Black Women <a href="https://www.goldmansachs.com/our-commitments/sustainability/one-million-black-women/index.html">initiative</a>, a $10 billion investment initiative to advance racial equity and economic opportunity by investing in Black women with the goal of impacting the lives of at least 1 million Black women by 2030. It has also <a href="https://www.goldmansachs.com/media-relations/press-releases/current/gs-fund-for-racial-equity.html">created</a> the Goldman Sachs Fund for Racial Equity, which launched with $10 million – building on the more than $200 million the firm has granted over the past decade to organizations serving communities of color – and aims to support organizations addressing racial injustice, structural inequity and economic prosperity.</li><li>JPMorgan Chase&nbsp;in 2020 <a href="https://www.jpmorganchase.com/news-stories/jpmc-commits-30-billion-to-advance-racial-equity">committed</a> $30 billion to advance racial equity over the next five years through growing Black- and Latinx-owned businesses, improving financial health and access to banking in Black and Latinx communities and accelerating investment to build a more diverse and inclusive workforce.</li><li>Morgan Stanley&nbsp;<a href="https://www.morganstanley.com/press-releases/morgan-stanley-announces-10-million-to-support-national-urban-le">announced</a> $10 million in grants to support the National Urban League, aimed at supporting financial literacy, homeowner counseling and workforce development programs. The firm also <a href="https://www.morganstanley.com/press-releases/morgan-stanley-commits--5-million-to-naacp-legal-defense-and-edu">committed</a> $5 million on top of matching employee contributions to the NAACP Legal Defense and Education Fund to support its work in fighting for racial justice.</li><li>State Street&nbsp;in 2020 <a href="https://www.statestreet.com/content/dam/statestreet/documents/New_Commonwealth_Racial_Equity_and_Social_Justice_Fund_Press_Release.pdf">announced</a> a five year, $5 million commitment to the New Commonwealth Racial Equity and Social Justice Fund, which supports Black- and brown-led organizations that are working on economic empowerment, youth civic engagement, healthcare equity and criminal justice reform.</li></ul>

We are dedicated to combatting inequality through a series of important initiatives. These initiatives support minority owned small businesses and provide funding for community organizations that are dedicated to closing the racial wealth gap.

<ul><li>Bank of America in 2020 provided $5.9 billion to build sustainable communities, creating more than <a href="https://newsroom.bankofamerica.com/content/newsroom/press-releases/2021/02/bank-of-america-community-development-banking-provided-record--5.html">13,000 affordable housing units</a>, including 1,650 units developed by minority and women- owned businesses. This year, the bank tripled its affordable homeownership initiative to $15 billion through 2025, giving homebuyers as much as $10,000 for down payments and as much as $7,500 for closing costs. In May the bank and NACA <a href="https://newsroom.bankofamerica.com/content/newsroom/press-releases/2021/05/bank-of-america-and-naca-expand-mortgage-program-to--15-billion-.html">expanded their program</a> to provide $15 billion in mortgages to low-to-moderate income homebuyers through May 2027.</li><li>Citi in 2020 issued the first <a href="https://www.citigroup.com/citi/news/2020/201030a.htm">affordable housing bond</a> with a notional value of $2.5 billion. Proceeds will finance the construction, rehabilitation and preservation of quality affordable housing for low- and moderate- income populations in the U.S. Citi is also investing more than $200 million, out of a $550 million three- year commitment to affordable housing, in five equity funds co- managed by Black investment managers to preserve multi-family rental housing.</li><li>Goldman Sachs promotes affordable housing through its <a href="https://www.goldmansachs.com/what-we-do/asset-management/impact-investing/">Urban Investment Group</a>, a domestic, multi-asset class investing and lending business deploying over $1 billion annually in community and economic development through real estate and other projects. In Utah, the bank’s work has led to the development of 4,700 affordable housing units, while in Newark and neighboring East Orange, N.J., investments by Goldman Sachs have led to over 2,000 units of mixed- income housing.</li><li>JPMorgan Chase in 2020 announced a five-year <a href="https://www.jpmorgan.com/commercial-banking/insights/breaking-down-barriers-to-affordable-housing---jpmorgan-chase">commitment</a> to finance 100,000 affordable housing units in underserved communities, originate 40,000 home loans for Black and Latinx households, and help 20,000 Black and Latinx households lower their mortgage payments through refinancing. The bank also expanded its Homebuyer <a href="https://media.chase.com/news/chase-homebuyer-grant">grant program</a> to up to $5,500 to help cover closing costs and down payments in 6,700 minority neighborhoods nationwide.</li><li>Morgan Stanley <a href="https://www.morganstanley.com/press-releases/morgan-stanley-continues-commitment-to-sustainable-investing-wit">last year</a> issued its inaugural social bond for $1 billion to support affordable housing projects, the latest step in the bank’s work to advance market-based solutions to address sustainability challenges. Morgan Stanley intends to allocate an amount equal to the net proceeds of the social bond to affordable housing projects, which aim to provide housing at affordable rates to low- or moderate-income individuals and/or families in the United States.</li><li>State Street in 2020 invested over $240 million in <a href="https://www.statestreet.com/values/economic-responsibilities.html">affordable housing</a> communities throughout the U.S., through the Low-Income Housing Tax Credit (LIHTC) program. This investment resulted in the creation or preservation of approximately 9,500 affordable units in 25 states. Since 2010, State Street has invested over $1.7 billion in affordable housing, reaching nearly 100,000 households, including $85 million in the first few months of 2021.</li><li>Wells Fargo works with NeighborWorks® America <a href="https://www.wellsfargo.com/mortgage/lift/">to provide</a> down payment assistance and homebuyer education for low- and moderate- income families. Last year, the bank facilitated over $1.2 billion in bond offerings that provided critical funding to preserve and develop more than 10,400 homes intended for underserved communities. The bank also has made a $1 billion philanthropic commitment to address housing affordability solutions by 2025 and&nbsp; <a href="https://stories.wf.com/60-billion-plan-aims-to-boost-african-american-homeownership/">launched</a> a ten-year initiative with the National Urban League and the National Association of Real Estate Brokers to provide $60 billion in home loans to 250,000 African American homeowners and to invest $15 million in homeowner education and counseling.</li></ul>

Forum members are playing a leading role in promoting affordable housing throughout the country. In 2020 alone, Forum banks created or preserved more than 158,000 affordable housing units.

<ul><li>Recognizing the importance of a banking relationship to help narrow the wealth gap, Forum members were founding lenders in a pilot program with CFE to offer&nbsp;<a href="https://cfefund.org/project/bank-on/">BankOn accounts</a> to people across the country. More than <a href="https://2wvkof1mfraz2etgea1p8kiy-wpengine.netdna-ssl.com/wp-content/uploads/2021/07/CFE-Fund_-2021-Bank-On-100-Accts-Press-Release.pdf">100 lenders</a> big and small now offer BankOn accounts, <a href="https://www.stlouisfed.org/~/media/files/pdfs/community-development/bank-on/bankon_data.pdf?la=en">successfully</a> bringing people into the banking system.</li><li>Forum members have worked with CFE Fund and others to launch Financial Empowerment Centers in cities across the country. These centers offer free financial counseling, helping clients navigate complex financial situations and plan for the future. Additionally, the program supports strategic research projects to enhance the success of financial counseling.&nbsp;<a href="https://cfefund.org/project/financial-empowerment-centers/">Learn more</a>.</li><li>Bank of America, Citi, JPMorgan Chase, and Wells Fargo have long partnered with Cities for Financial Empowerment (CFE) to provide low-cost, low-fee checking accounts to help bring more people into the banking system.</li><li>The Citi Foundation <a href="https://www.prnewswire.com/news-releases/the-citi-foundation-and-cities-for-financial-empowerment-fund-to-increase-summer-job-opportunities-financial-education-and-banking-access-to-an-additional-140-000-young-people-301316128.html">announced</a> an additional $3.66 million in support to the CFE&nbsp;to increase summer job opportunities, financial education, and banking access to an additional 140,000 young people.</li><li>Forum members are working with the OCC on&nbsp;<a href="https://www.occ.treas.gov/topics/consumers-and-communities/minority-outreach/project-reach-fact-sheet.pdf">Project REACh</a>, a program to promote financial inclusion.&nbsp;Led by JPMorgan Chase, banks have worked to find ways to help people without traditional credit histories access credit. The banks have created a tool to import non-traditional data sources, such as deposit account activity, to allow lenders to have greater options to assess creditworthiness.</li><li>The Wells Fargo Foundation <a href="applewebdata://9AC3D0AC-44A3-42B2-AAA0-A73664A505E0/%E2%80%A2%09https:/cfefund.org/cfe-fund-and-wells-fargo-announce-third-cohort-of-bank-on-fellowship/">announced</a> a $1 million grant to CFE to increase the size of the BankOn Fellowship Program, which funds a full-time BankOn coalition leader focused on improving banking access for residents.</li></ul>

Forum members have long been on the frontlines in the effort to bring unbanked and underbanked Americans into the financial mainstream.

<ul><li>Bank of America&nbsp;has committed to spending nearly $2 billion annually with diverse businesses through its <a href="https://about.bankofamerica.com/en-us/what-guides-us/vendor-management.html#fbid=tlM4qFkwCad">Supplier Diversity program</a>.</li><li>BNY Mellon&nbsp;has established a dedicated <a href="https://www.bnymellon.com/us/en/supply-chain-responsibility-program/supply-chain-responsibility-program-statement.html">Supply Chain Responsibility program</a> to build and maintain a diverse supplier base, as well as host workshops and expos to support diverse vendor development.</li><li>Citi actively seeks diverse suppliers through minority and women business development organizations and participation in various trade show activities while utilizing diverse suppliers and consultants through their <a href="https://www.citigroup.com/citi/suppliers/who.htm">Supplier Diversity program</a>.</li><li>Goldman Sachs&nbsp;has <a href="https://www.goldmansachs.com/our-commitments/sustainability/our-vendor-program/vendor-diversity/">committed</a> to increasing spending with diverse vendors by 50 percent by 2025.</li><li>JPMorgan Chase&nbsp;has set a goal of continually exceeding $1 billion in spending with <a href="https://www.jpmorganchase.com/about/suppliers/supplier-diversity">diverse suppliers</a> each year.</li><li>Morgan Stanley&nbsp;<a href="https://www.morganstanley.com/about-us/supplier-diversity">partners</a> with supplier diversity organizations like the Women’s Business Enterprise National Council and the National Minority Supplier Development Council.</li><li>State Street&nbsp;has committed to increasing its spending with diverse suppliers over the next three years in order to strengthen Black- and Latinx-owned businesses.</li><li>Wells Fargo&nbsp;aims to spend 15 percent of its procurement budget with diverse suppliers through the bank’s <a href="https://www.wellsfargo.com/about/diversity/supplier-diversity/commitment/">Supplier Diversity program</a>.</li></ul>

Our institutions are committing to partner with diverse vendors and suppliers to support minority and women-owned businesses.

We invested nearly $9 billion in Community Development Financial Institutions between 2016 and 2020.

Supporting Historically Underserved Communities

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<ul><li>BNY Mellon&nbsp;started the <a href="https://www.bnymellon.com/us/en/about-us/diversity-inclusion.html">IMPACT</a> network to help cultivate a diverse and inclusive workplace by promoting the recruitment, retention, professional development and advancement of multicultural employees.</li><li>Morgan Stanley&nbsp;has established an ‘<a href="https://www.morganstanley.com/articles/diversity-hiring-black-banking-professionals">Experienced Professionals Program</a>’ to recruit Black professionals with two or more years of post-graduate or work experience for full-time positions to help expand the talent pool of Black financial professionals.</li><li>State Street&nbsp;helps create a diverse workforce through its <a href="https://www.statestreet.com/values/social-consciousness.html">Global Inclusion program</a>, which offers mentoring, events and performance goals focused on diversity and inclusion, and employee networks.</li></ul>

We are building a pipeline of diverse talent by expanding the pool of diverse managers and ensuring an inclusive workplace.

<ul><li>Bank of America&nbsp;has a Global Diversity &amp; Inclusion Council chaired by CEO Brian Moynihan, which leads D&amp;I efforts and works with the management team setting related goals for the company.</li><li>Citi&nbsp;has named members of the CEO’s leadership team as co-chairs of its affinity groups, which set and reinforce the company’s diversity priorities and goals.</li><li>JPMorgan Chase&nbsp;<a href="https://www.jpmorganchase.com/news-stories/jpmc-announces-brian-lamb-as-global-head-of-diversity-inclusion">named</a> a new Global Head of Diversity &amp; Inclusion in April 2020, a newly created position that reports directly to the firm’s co-presidents.</li><li>Wells Fargo has created a new expanded diversity role reporting directly to the CEO, with a broad mandate to drive diversity and inclusion in both the firm’s workplace and business.</li></ul>

Our institutions are establishing and empowering Diversity & Inclusion leadership roles dedicated to advancing diversity, inclusion and equity in the workplace in partnership with chief executives.

<ul><li>Bank of America&nbsp;offers Employee Networks that provide teammates from diverse backgrounds opportunities to connect with each other, develop leadership skills, and build strong ties with the communities they serve.</li><li>JPMorgan Chase&nbsp;has multiple <a href="https://careers.jpmorgan.com/us/en/about-us/diversity">Business Resource Groups</a> (BRGs) that help foster networks of employees and connect women and minority employees with each other to provide mutual support and sharing.</li><li>Morgan Stanley&nbsp;has multiple <a href="https://www.morganstanley.com/people-opportunities/enetworking">Employee Networks</a> designed to enhance employee engagement, deliver substantive content, create a framework for cross-business unit connectivity and idea-sharing, and advance the firm’s overall culture of inclusion.</li></ul>

We have launched and expanded our Employee Resource Groups (ERGs) and other affinity groups to support employees and create conditions for them to succeed.

<ul><li>Bank of America&nbsp;has created unconscious bias trainings and offers diversity &amp; inclusion training.</li><li>Citi trains all hiring managers and Human Resources employees on unconscious bias.&nbsp;</li><li>JPMorgan Chase&nbsp;requires all employees to participate in unconscious bias and diversity &amp; inclusion training.</li><li>Wells Fargo&nbsp;requires live anti-racism manager training and has developed a series of educational sessions in which employees can share with their colleagues their personal stories and perspectives on the realities of racism in the U.S.</li></ul>

We are creating and offering training focused on concepts like anti-racism, unconscious bias, and social justice.

<ul><li>Bank of America&nbsp;has committed to hiring 10,000 individuals from low- and moderate-income communities by 2023.</li><li>Citi has set a goal of having 30% Black and Hispanic/Latinx colleagues in its U.S. analyst and associate programs.</li><li>Goldman Sachs&nbsp;<a href="https://www.goldmansachs.com/media-relations/press-releases/current/update-on-inclusion-and-diversity.html">announced</a> a plan to, by 2025, achieve a representation among its vice presidents that equates to 40 percent women globally, 7 percent Black professionals in the Americas and UK, and 9 percent Hispanic/Latinx professionals in the Americas.</li><li>JPMorgan Chase&nbsp;has committed to hiring 4,000 Black students in full-time positions, apprenticeships and internships over the next five years.</li><li>State Street&nbsp;has <a href="https://www.statestreet.com/values/inclusion-diversity/diversity-goals.html">set</a> three- and five-year goals for achieving higher percentages of employees of color in SVP, MD, and VP positions across the firm.</li><li>Wells Fargo&nbsp;has committed to doubling the number of Black employees in leadership positions over the next five years.</li></ul>

Our institutions have established hiring commitments to diversify our workforces.

**Our commitment to diversity, equity and inclusion**

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