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CONTACT: Barbara Hagenbaugh&nbsp;(202) 457-8783bhagenbaugh@fsforum.com&nbsp;Forum Welcomes Record Low in Unbanked and Underbanked Households“This work helps ensure Americans have a solid financial foundation to safely and affordably meet their everyday banking needs and save for the future,” Forum CEO saysWashington, D.C. – Financial Services Forum President and CEO Kevin Fromer issued the following statement after the FDIC <a href="https://www.fdic.gov/household-survey/2023-fdic-national-survey-unbanked-and-underbanked-households-executive-summary">reported</a> that the number of U.S. households that were either unbanked or underbanked reached a record low in 2023:“The decline in the number of U.S. households that are either unbanked or underbanked to a record low marks an important milestone in the impactful work by the nation’s largest banks and others to bring more Americans into the banking system. This work helps ensure Americans have a solid financial foundation to safely and affordably meet their everyday banking needs and save for the future.“Financial Services Forum members were founding bank partners in a pilot program to provide low-cost, low-fee checking accounts, known as <a href="https://joinbankon.org/">BankOn</a> accounts, nearly a decade ago. There are now 12 million BankOn accounts at Forum member banks across the country. Our members will continue to be leaders in this effort to bring even more households into the banking system so they can help secure their financial future.”&nbsp;###&nbsp;Click <a href="https://financialservicesforum.cmail19.com/t/r-i-tdurltdy-l-t/">here</a> for more information on Forum members’ work to bring more people into the banking system.&nbsp;The Financial Services Forum is an economic policy and advocacy organization whose members are 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. 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 Welcomes Record Low in Unbanked and Underbanked Households

CONTACT:&nbsp;Barbara Hagenbaugh(202) 457-8783<a href="mailto:bhagenbaugh@fsforum.com">bhagenbaugh@fsforum.com</a>&nbsp;Washington, D.C.&nbsp;-&nbsp;Financial Services Forum President and CEO Kevin Fromer issued the following statement today regarding the outcome of the 2024 presidential election:“The Forum congratulates President-elect Trump and Vice President-elect Vance along with the newly elected members of the House and Senate who will serve in the 119th Congress. Our member institutions are strong and serve an essential role in supporting the prosperity of businesses and households throughout our economy.&nbsp; The Forum will continue to advocate for policies that advance the goals of consumers, businesses of all sizes and communities across the country.”&nbsp;###&nbsp;The Financial Services Forum is an economic policy and advocacy organization whose members are 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>

Financial Services Forum Statement on Election Results

Basel III Endgame - Harming our Capital Markets and the U.S. Economy 

This week we learned that bank regulators may re-propose their rule to implement the Basel III Endgame in the United States.&nbsp; The potential changes were outlined in a <a href="https://www.federalreserve.gov/newsevents/speech/barr20240910a.htm">speech</a> by Federal Reserve Vice Chair for Supervision Michael Barr and were the first public explanation of the “broad and material” changes announced by him and Fed Chair Powell earlier in the year.As we await a re-proposal, it is worth considering some initial observations.First, it is important to consider the potential capital impact of 9 percent.&nbsp; In a world in which the largest U.S. banks are demonstrably very highly capitalized and strong, and in which the U.K. has announced its Basel III Endgame will result in an impact of less than 1 percent and the EU stands at 5.6 percent, we still fundamentally question why this proposal raises capital for U.S. banks, and why our policymakers would choose that outcome for the U.S. economy.&nbsp; Basel III Endgame was never intended to increase capital requirements. Given the array of strong prudential safeguards that have been enacted over the past 15 years, it is entirely unclear as to why any measurable increase in large bank capital is needed.&nbsp;Second, the process for reconsidering the proposal is an unusual one.&nbsp; We expect to see revisions that have been agreed by the Fed, the OCC, and the FDIC, but we will not see potential revisions of areas that are still being considered. Commenters will have to determine if their concerns were addressed and to what extent, or completely unaddressed.&nbsp; In addition, the re-proposal likely will be complex and lengthy.Third, the original proposal lacked critical economic analysis, including cost-benefit analysis, that is essential for the public to have and consider.&nbsp; Many decisions in the original proposal lacked justification, and for us, defied explanation.&nbsp; Hopefully, a re-proposal will address these serious shortcomings.The most meaningful changes previewed would alter the imposition of higher capital charges for certain credit exposures, equity exposures, and operational risk.&nbsp; What appears to be largely unaddressed, however, are very significant and higher charges for <a href="https://fsforum.com/a/media/basel-iii-endgame-market-making-requirement-threatens-liquidity,-economy,-and-financial-stability.pdf">exposures</a> associated with trading, market making, and underwriting.&nbsp; These activities are already subject to additional, stringent regulation post-financial crisis, including capital requirements.&nbsp; And they are no less important for the wide range of large companies, mid-market businesses, pensions, state and local governments and other institutions, like universities, which use the services of major banks to access capital, invest, grow and contribute to society. These bank customers serve people and businesses across the country, so not addressing these issues could, as experts have found, increase the costs or reduce the availability of the services they provide.In addition, the re-proposal appears to fall short of providing sensible capital requirements for lending to a wide swath of creditworthy businesses in the United States. The proposal of July 2023 provided a lower capital charge to corporates deemed to be “investment grade” if they are publicly traded (think General Motors), but would apply higher capital charges for companies that are arguably equally credit worthy but privately held (think Chick-fil-A).&nbsp; As we have pointed out, there are a relatively small number of publicly traded companies in the U.S., and many more private ones that would be subject to higher capital charges that are not justified by elevated credit risk.&nbsp; The re-proposal would carve out companies that are “regulated entities” like pensions and mutual funds, but everyone else – essentially non-financial companies – would still be subject to a higher capital treatment.&nbsp; There is no connection between whether a company is high risk or low risk and whether it issues publicly traded securities.&nbsp; If the re-proposal affirms this observation, we believe there will be significant interest in further work on this issue.We look forward to reviewing the re-proposal.&nbsp; It is important we get this right.

Basel III Endgame: Where Things Stand

CONTACT: Barbara Hagenbaugh(202) 457-8783bhagenbaugh@fsforum.com FDIC Proposed Rule on Brokered Deposits is UnwarrantedProposed changes to brokered deposit regulations would unnecessarily reverse recently established policy, disrupt stable, long-term deposit relationships, and harm the economyWashington, D.C. – A proposed rule from the Federal Deposit Insurance Corporation (FDIC) to amend its regulations related to brokered deposits would lead to higher costs for consumers and businesses across the economy, the Financial Services Forum said Thursday.Brokered deposits are funds collected by a broker from multiple customers and deposited into a bank. As financial institutions navigate market challenges, brokered deposits play a vital role in diversifying funding sources and enhancing overall stability. In 2020, the FDIC significantly modernized its brokered deposits regulations following a multi-year comment period. If adopted, the proposed rule would reverse recently established policy without adequate reasoning or justification, potentially destabilizing the brokered deposit marketplace and creating unnecessary costs to the economy.In a letter to the FDIC, the Forum stated that reversing existing rules would disrupt long-established arrangements. The proposed rule would impose significant costs to the banking sector, including the U.S. Global Systemically Important Banks, which are subject to the most stringent prudential requirements. That would ultimately result in higher costs for consumers and businesses and act as a drag on the economy as a whole.“This rapid reversal of existing regulatory practices would impede the practice of safe and sound banking by reducing consistency and transparency surrounding the FDIC’s expectations,” Forum President and CEO Kevin Fromer said. “The FDIC should not engage in such a broad rulemaking that would unnecessarily destabilize its own recently settled approach without first understanding the potential costs and benefits of the Proposal.”The Forum’s full letter can be found <a href="https://fsforum.com/a/media/fsf---brokered-deposits-comment-letter.pdf">here</a>.&nbsp;The Forum also joined a letter on the topic with The Bank Policy Institute, American Bankers Association, U.S. Chamber of Commerce, Financial Technology Association, Independent Community Bankers of America, and Securities Industry and Financial Markets Association. The full letter can be found <a href="https://fsforum.com/a/media/joint-trades-brokered-deposits-comment-letter-11.20.24.pdf">here</a>.&nbsp;###The Financial Services Forum is an economic policy and advocacy organization whose members are the eight largest and most diversified financial institutions headquartered in the United States. 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. Visit our website:&nbsp;<a href="http://www.fsforum.com/">fsforum.com</a>Follow us on Twitter&nbsp;<a href="https://twitter.com/fsforum">@fsforum</a>&nbsp;and&nbsp;<a href="https://www.linkedin.com/company/financial-services-forum/">LinkedIn</a>

Press Releases

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The Forum advocates for appropriate policy and regulation that promotes a strong, diverse financial system and supports the needs of our economy and American competitiveness.

Regulatory, other topics 

FDIC Proposed Rule on Brokered Deposits is Unwarranted

Letters

Forum Brokered Deposits Comment Letter

Joint Trades Letter on Brokered Deposits

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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 &amp; 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 &amp; 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 &amp; 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 Chair

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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 &amp; 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 &amp; Company. She started her career at Goldman Sachs in the Mergers &amp; 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, Forum Vice Chair

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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 

Robin Vince is President and Chief Executive Officer of BNY and a member of its Board of Directors. Previously, he was Vice Chair of BNY and CEO of Global Market Infrastructure. In that role, he oversaw BNY’s Clearance and Collateral Management, Treasury Services, Markets and Execution Services and Pershing businesses. Prior to joining BNY in October 2020, Robin was the Chief Risk Officer of Goldman Sachs and a member of the Management Committee. He joined Goldman Sachs in 1994 and held many leadership roles, including Treasurer, Head of Operations, Head of Global Money Markets, COO of the EMEA region and CEO of Goldman Sachs International Bank, among others. He served on several key subsidiary boards and governance committees. He was named managing director in 2002 and partner in 2006. Robin is a member of National Geographic Society's Hubbard Council and serves on the Board of Advisors of The Hospital for Special Surgery.

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Robin Vince 

BNY Chief Executive Officer 

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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

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JPMorganChase 

Jamie Dimon is Chairman of the Board and Chief Executive Officer of JPMorganChase, 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

JPMorganChase Chairman And Chief Executive Officer

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Morgan Stanley

Edward (Ted) Pick is the Chief Executive Officer of Morgan Stanley.Before becoming CEO in 2024, Mr. Pick served as Morgan Stanley's Co-President, Co-Head of Firm Strategy and Head of the Institutional Securities Group, overseeing Investment Banking, Equities, Fixed Income, Global Capital Markets and Research.&nbsp;In previous roles, Mr. Pick was Global Head of Sales and Trading, engineering a turnaround of the firm’s Fixed Income Division. As Head of Institutional Equities, he led that business to a leading global position. He also served as Head of Equity Capital Markets, helping the firm actively raise capital during the financial crisis.&nbsp;Mr. Pick joined Morgan Stanley in 1990 and was promoted to Managing Director in 2002. He is a member of the firm’s Board of Directors (2024), Operating Committee (2012), Management Committee (2008) and Morgan Stanley-MUFG Steering Committee (2013).Mr. Pick graduated Phi Beta Kappa from Middlebury College (1990) and received an MBA from Harvard Business School (1994). He is a Trustee at the Metropolitan Museum of Art (2018), and serves on the MET’s Nominating &amp; Governance Committees. Mr. Pick is Chair of the Advisory Board for the Morgan Stanley Alliance for Children’s Mental Health and a board member of the Institute of International Finance.

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Ted Pick

Morgan Stanley 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 &amp; 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 &amp; 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.&nbsp;

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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 712,269 U.S. employees&nbsp;serve millions of consumers, businesses, investors, and communities across the country.

Forum members increased credit to businesses and households by 17% to $9.3 trillion in 2021.

Despite the demonstrated strength of the largest U.S. banks, the Federal Reserve, Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency, on split votes, issued a proposal in July 2023 to increase capital requirements. The proposal offers no reason or justification for material increases in capital requirements and would harm American households, businesses, and the broader economy. 

Given the complexity of the proposal, its many and significant negative impacts, and the lack of evidence in support of its changes, the agencies should repropose the rule and include the motivations, data and analysis that demonstrate the need for proposed changes.

Basel 3 Endgame 

The nation’s largest banks are subject to the most stringent liquidity standards among U.S. banks. These standards ensure that the largest U.S. banks have sufficient liquid resources, such as cash, to meet liquidity needs such as when customers withdraw money from their accounts. Since 2009, the U.S. GSIBs have tripled their liquid assets, allowing them to remain strong and continue to lend and support the economy in the face of headwinds.

Liquidity 

Maintaining the international competitiveness of U.S. companies is vital to the success and vibrancy of the U.S. economy. The nation’s largest banks provide crucial support for American companies competing overseas. The Forum supports policies that enable large U.S. banks to continue their vital support of the American economy on the global stage. 

International Competitiveness

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Covid-19 Response

The COVID-19 pandemic is an unprecedented challenge for the world and the global economy and the largest U.S. banks are committed to supporting customers, clients, and the nation.

PPP loans from JPMorgan have supported 3 million workers at small businesses, including those working at Community Wellness Ventures, a mental health services company that serves children and families in Washington, D.C. The PPP loan has helped Dr. Charlayne Hayling-Williams and her husband, Dr. Rod Williams, continue to pay their counselors, social workers, psychologists and housing specialists so that they can continue to serve their community.The majority of Citibank’s PPP loans went to small businesses in the service sector. A PPP loan from Citi helped the Maryland Youth Ballet in Silver Spring retain teaching staff and find a way to teach students safely and retain employees. The students range in age from 2 to 19 years old. “If we hadn’t been able to receive this PPP loan, we wouldn’t be able to keep dancing,” Principal Deidre Byrne says. <a href="https://www.youtube.com/watch?v=dMzepw_oAtQ&amp;feature=youtu.be">Learn more</a>.State Street is a lead sponsor of <a href="https://www.smallbstrong.com/">Small Business Strong</a>, a non-profit organization helping women and minority owned small businesses navigate the devastating impact of the COVID-19 pandemic. Small Business Strong provides expedited, pro-bono resources to small businesses ranging from access to capital to consulting, business restructuring, business growth, digital marketing and customer engagement plans.Another way Forum banks have worked to assist small businesses is by supporting financial institutions with particularly strong connections to certain local communities. Forum banks have increased their support for Community Development Financial Institutions (CDFIs) during the pandemic. CDFIs are private financial institutions that are dedicated to providing responsible, affordable lending to help low-income and typically underserved communities. From 2015 to 2020, <a href="https://www.fsforum.com/wp-content/uploads/2021/01/cdfifactsheetfinal2021.jpg">Forum banks have invested nearly $9 billion in CDFIs.</a> Through such assistance, Forum member banks are working to ensure that small businesses in these communities get the help they need.Goldman Sachs last year committed $1 billion to support lending through CDFIs and other mission-driven lenders. More than 15,000 small businesses with 87,000 employees were supported just partway through the commitments. Nearly half of the initial funds went to businesses in minority communities; one-third went to those in low-income communities. <a href="https://www.forbes.com/sites/maneetahuja/2020/12/15/goldman-sachs-ceo-david-solomon-announces-additional-250-million-investment-in-small-businesses-bringing-total-2020-commitment-to-1-billion/?sh=3739ddc91000">Read more</a>.

Members of the Financial Services Forum have supported small businesses across the country throughout the pandemic, helping provide important resources during a challenging time for many business owners and their employees.

Throughout the pandemic, Forum members facilitated $94 billion in loans to nearly 1.25 million small businesses through the government Paycheck Protection Program. More than a quarter of these loans were made in low- and moderate-income communities and 91 percent of the PPP loans made by Forum members went to businesses with 20 or fewer employees.

At the beginning of 2020, Morgan Stanley launched the <a href="https://www.morganstanley.com/articles/alliance-for-childrens-mental-health-covid-19">Morgan Stanley Alliance for Children’s Mental Health</a> to help address children’s mental health, specifically the far-reaching challenges of stress, anxiety and depression. After the COVID-19 pandemic began, Morgan Stanley made an additional grant to the Child Mind Institute to provide digital mental health resources for children, adolescents and young adults, with a focus on vulnerable communities that traditionally lack access to these resources.Among other areas of focus, the Alliance is promoting public awareness of how the COVID-19 pandemic affects children’s mental health—both now and in the long term.In addition to providing relief to millions of customers, Wells Fargo has redirected millions of dollars from its philanthropic budget to COVID‑19 community relief efforts for the most impacted Americans. The company has worked to streamline grant making and offer highly flexible funding to nearly 1,000 nonprofits reaching more than 800 communities across the country.The program is making a difference in helping those who need it most access small business resources, stay in their homes and obtain financial health resources. In Alabama, a $100,000 grant to the Birmingham Strong Fund is providing emergency loans to small businesses to help stabilize employment, stimulate economic vitality, and offset losses related to COVID‑19. A $100,000 grant to United Way of Greater Los Angeles has helped the group create the Pandemic Relief Fund to support vulnerable populations who are at the greatest risk of health and economic impacts in this crisis. A $160,000 grant to the Institute of Community Alliances is providing rental assistance to shelter residents across the state of Iowa.Bank of America in 2020 announced a $1 billion, four-year commitment of additional support to help local communities address economic and racial inequality accelerated by the global pandemic. The programs are focused on assisting people and communities of color that have experienced a greater impact from the health crisis in areas that include:<ul><li>Virus testing, telemedicine, flu vaccination clinics, and other health services, with a special focus on communities of color.</li><li>Partnerships with historically black colleges and universities and Hispanic-serving institutions in the United States for hiring, research programs, and other areas of mutual opportunity.</li><li>Support to minority-owned small businesses, including clients and vendors.</li><li>Career reskilling/upskilling through partnerships with high schools and community colleges.</li><li>Operating support and investment for affordable housing/neighborhood revitalization, leveraging the company’s nearly $5 billion in Community Development Banking.</li><li>Further recruitment and retention of teammates in low- to moderate-income and disadvantaged communities to build on work the company has already done to serve clients locally.</li></ul>

Forum members have collectively committed billions of dollars to communities in need. This aid is helping organizations and governments increase medical response capacity, address food insecurity, increase access to education in the face of school closures, protect impacted small businesses and provide support to the vulnerable populations.

Financial support is being dispersed to a number of organizations and programs such as the World Health Organization’s COVID-19 Solidarity Fund, the CDC Foundation, No Kid Hungry, Feeding America, National Centers for Disease Control and Prevention’s Emergency Relief Fund, the International Medical Corps and many other community-specific groups.

Forum members have been supporting their customers in a variety of ways, including by providing fee waivers, payment deferrals, and other assistance to help customers in need, with no negative credit bureau reporting for up-to-date clients.

Another key way in which large banks are serving households is the provision of safe, secure deposit accounts. 

People use deposit accounts as a safe store of value during uncertain times. With general economic uncertainty and an increase in market volatility, people are relying more on safe, liquid, bank deposits as they manage a variety of near-term risks. 

As people demand a safe store of value for their hard-earned money, Forum members have provided this critical service. Forum members provide depositors with a range of online services to access their deposits remotely, which are all the more valuable as people practice social distancing. 

Since the start of the crisis, <a href="https://www.bnymellon.com/us/en/insights/content-series/covid-19.html">Bank of New York Mellon</a> has worked to support its employees and their families with a number of actions and programs. The bank has provided paid leave benefits and an Employee Assistance Program for all employees and their direct family members, including a 24/7 COVID-19 support line. It is providing enhanced U.S. healthcare coverage so that COVID-19 testing and related outpatient services are provided without any employee out-of-pocket expense. The firm has also provided a 2-for-1 match for employee donations.

Forum members are actively helping ensure the health and well-being of their more than 720,000 employees. 

From special compensation awards, to additional time off, to counseling services, the nation’s largest banks have been taking significant steps to support their workforces.

In 2020, Forum member institutions:<ul><li>Increased credit to businesses and households by $785 billion to nearly $8.3 trillion.</li><li>Helped raise $2.2 trillion in corporate bonds and $339 billion in equity through the third quarter for U.S. companies, allowing them to continue to pay their workers, operate their businesses and meet their funding needs. This capital raising by large banks fulfills a critical need in the economy to connect savers, such as pension funds and endowments, with companies like Pfizer and 3M that need to borrow capital for everyday business needs. <a href="https://www.fsforum.com/types/press/blog/building-bridges-between-savers-and-borrowers-during-the-pandemic-large-bank-underwriting/">Read more</a>.</li><li>Remained strong and resilient, despite the significant headwinds. The members of the Financial Services Forum in 2020 increased capital and strengthened their liquidity positions while at the same time supporting business and consumers.</li></ul>

Forum member institutions have been a key source of support for the economy during the pandemic. They have supported the economy in a number of important ways.



Throughout the pandemic, we facilitated $94 billion in PPP loans to nearly 1.25 million small businesses across the country.

COVID-19 Response

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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>As part of its 5-year, $1.25 billion commitment to closing the racial wealth gap Bank of America is working to drive systemic change by investing in CDFIs and MDIs, developing financing solutions for minority owned small businesses and entrepreneurs of color, and partnering with national and local nonprofits to support workforce development, entrepreneurship, and home ownership. As part of the $1.25 billion, Bank of America committed $50 million to support MDIs. To date, $36 million of equity capital has been invested in 21 MDIs across the country. This is in addition to approximately $100 million in deposits to MDIs, and the bank’s existing $2 billion CDFI portfolio.</li><li>As part of its $1 billion strategic initiative to close the racial wealth gap, Citi has committed $100 million to MDIs to expand access to banking and credit in communities of color. Citi has allocated more than $50 million so far and the bank has closed nearly $15 million in affordable housing loan participations for MDIs to build revenue and capacity. Citi also emphasizes engagement and mentorship. Through collaboration with <a href="https://www.deloitte.com/global/en.html">Deloitte</a> and the <a href="https://www.nationalbankers.org/">National Bankers Association</a>, Citi has established an MDI technical assistance program to support talent development, enhance technology, and expand business networks.</li><li>Goldman Sachs has deployed over $206 million in capital to support Black-led MDIs, including a $130 million commitment to Hope Enterprise Corporation, a leading MDI and CDFI in the South, to establish the “Deep South Economic Mobility Collaborative,” a public-private partnership with seven cities and nine historically Black colleges and universities across the South. The Collaborative will provide credit and support services to entrepreneurs of color, particularly Black women entrepreneurs, in historically disadvantaged neighborhoods.</li><li>As part of its $30 billion commitment to advance racial equity, JPMorgan Chase is providing diverse-led financial institutions with additional access to capital, connections to institutional investors, specialty support for Black-led commercial projects, and mentorship and training opportunities. In 2020, the firm committed to investing $50 million in Black and Latinx-led MDIs and CDFIs. With nearly $60 million already deployed to nine MDIs, the commitment has been increased to $75 million, which could generate access to as much as $750 million in community lending.</li><li>Morgan Stanley has provided <a href="https://www.businesswire.com/news/home/20200730005759/en/Morgan-Stanley-Announces-14-Million-to-Support-CDFI-Carver-Bancorp-Inc.">commitments</a> to MDIs in the form of grants, including to Carver Savings Bank in Harlem; Industrials Bank in Washington, D.C. and Newark, N.J.; and Citizens Bank in Atlanta. The grants will help the banks assist small businesses that were affected by COVID-19, particularly those that did not receive federal relief loans, and will support additional investments into technology systems to improve delivery of customer, mortgage and business lending services.</li><li>State Street <a href="https://newsroom.statestreet.com/press-releases/press-release-details/2024/State-Street-Announces-100-Million-Program-for-Minority-Depository-Institutions-and-Community-Development-Financial-Institutions/default.aspx">announced</a> a $100 million program to provide low-cost, stable deposit funding to Minority Depository Institutions and Community Development Financial Institutions. As partners with Optus Bank and Mechanics &amp; Farmers Bank, State Street will support the firms’ collective missions of addressing inequities in our communities by working toward a more just and equitable future.</li><li>Wells Fargo has <a href="https://newsroom.wf.com/English/news-releases/news-release-details/2021/Wells-Fargo-Invests-in-Five-Additional-Black-Owned-Banks/default.aspx">committed</a> $50 million in investments in MDIs. Above and beyond the equity investments, Wells Fargo is engaging in long-term partnerships with MDIs, including providing bank coverage teams for each MDI, providing technical assistance, fee-free ATM access for MDI customers, selling some shuttered branches to MDIs and looking at selling certain loan portfolios to MDIs.</li></ul>

We are supporting hundreds of Community Development Financial Institutions (CDFIs) and Minority Depository Institutions (MDIs) by providing over $11.5 billion in capital and financing since the beginning of 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>In the most recent year, Bank of America Community Development Banking (CDB) provided $7.85 billion in loans, tax credit equity investments and other real estate development solutions, which helped build strong, sustainable communities through affordable housing and economic development across the country. This included more than 13,000 housing units for individuals, families, seniors, veterans and the formerly homeless. In addition, Bank of America continues its <a href="https://newsroom.bankofamerica.com/content/newsroom/press-releases/2021/02/bank-of-america-triples-affordable-homeownership-commitment-to--.html#:~:text=Bank%20of%20America%20today%20announced%20it%20will%20triple,than%2060%2C000%20individuals%20and%20families%20to%20purchase%20homes.">$15 billion Community Homeownership Commitment</a> to help 60,000 individuals and families purchase affordable homes by 2025.</li><li>BNY Mellon helps build stronger and more resilient communities by providing financing for affordable housing. Every year, the firm provides letters of credit and equity in the form of Low-Income Housing Tax Credits (LIHTC) to its clients. In 2022, BNY Mellon <a href="https://www.bnymellon.com/content/dam/bnymellon/documents/pdf/2022-esg-report.pdf">offered</a> 10 LIHTC equity investments, producing 938 housing units.</li><li>Citi offers its financial services to affordable housing developers across the nation through <a href="https://www.citibank.com/icg/sa/citicommunitycapital/">Citi Community Capital</a>. In 2022, Citi Community Capital <a href="https://www.citigroup.com/global/news/press-release/2023/citi-ranked-number-one-u-s-affordable-housing-lender-for-2022">provided</a> $6 billion to finance more than 35,000 affordable housing units and over $7.4 billion to finance multifamily affordable housing, education, and other community development projects. Additionally, Citi was <a href="https://www.citigroup.com/global/news/press-release/2023/citi-ranked-number-one-u-s-affordable-housing-lender-for-2022">recognized</a> as the Top U.S. Affordable Housing Lender for the 13th straight year in Affordable Housing Finance Magazine’s annual ranking.</li><li>In 2023, Goldman Sachs’ Essential Housing Impact Partnership—formed by the Michaels Organization, Goldman Sachs Asset Management’s Urban Investment Group, and the Community Development Trust – <a href="https://tmo.com/essential-housing-impact-partnership-acquires-90-affordable-communities/">invested</a> $1.2 billion in the acquisition of 90 affordable housing communities. This investment ensures the preservation of more than 10,000 affordable apartment homes for families and seniors with low and moderate incomes.</li><li>As part of JPMorgan Chase’s efforts to help close the housing affordability gap in Washington D.C., the firm in 2023 <a href="https://www.jpmorganchase.com/news-stories/jpmorgan-chase-announces-new-business-and-philanthropic-commitments">announced</a> a $7.5 million philanthropic commitment to three D.C. based non-profits that work to improve affordable housing. The firm also announced the expansion of Chase Home Lending’s $5,000 Homebuyer grant to communities in the D.C. region. Since 2021, JPMorgan Chase’s commitment to close the housing affordability gap has helped preserve or create more than 12,500 housing units and serve more than 46,000 households.</li><li>Morgan Stanley’s Community Development Finance (CDF) group is the firm’s key driver for supporting affordable housing. In 2022, CDF financed over 75 affordable housing developments for a total of over $1.5 billion in new construction, preservation and rehabilitation of affordable housing. In 2023, CDF continues to address the growing housing affordability crisis by investing in projects like Pinyon Apartments, with a $51 million equity investment for the new construction of 252 affordable homes for families in Reno, Nevada and Villages of East River, a $37.4 million equity investment for the substantial renovation of 202 units of deeply affordable housing with services for families in Washington, DC.</li><li>State Street Bank also makes equity investments in affordable multifamily housing communities throughout the US as part of our Tax Advantaged Investment group and through our participation in the Low Income Housing Tax Credit (“LIHTC”) program. Our current LIHTC portfolio includes 939 properties, encompassing over 79,000 affordable units.</li><li>In 2022, 3,000 Wells Fargo employees <a href="https://www08.wellsfargomedia.com/assets/pdf/about/corporate/diversity-equity-inclusion-report.pdf">volunteered</a> with Habitat for Humanity. Wells Fargo also provided $7.75 million to the organization to renovate and repair more than 380 affordable homes across the nation. Since 2010, Wells Fargo and the Wells Fargo Foundation have donated more than $129 million to Habitat for Humanity International and local affiliates in support of affordable and sustainable housing, including support for new home construction and repairs, helping older adults age in their homes, and neighborhood revitalization and disaster response efforts.</li></ul>

Forum members are playing a leading role in promoting affordable housing throughout the country. In 2023, Forum banks created or preserved more than 244,773 affordable housing units.

<ul><li>Wells Fargo launched the <a href="https://www.wellsfargo.com/jump/enterprise/banking-inclusion-initiative/">Banking Inclusion Initiative (BII)</a>, a 10-year commitment to accelerate the access of unbanked communities to affordable, low-cost banking and provide financial education for minority families. In addition, they’ve introduced Community Connections Branches within LMI neighborhoods specially designed around the needs of diverse communities, which feature redesigned spaces created to deliver one-on-one consultations, improve digital access, and offer financial health seminars. Through the BII, Wells Fargo is helping to increase access to digital solutions by deepening existing relationships with Minority Depository Institutions and fintechs, whose customers can use Wells Fargo’s ATM network without incurring fees from the bank.</li><li>Located in areas that have historically lacked access to traditional banking service, <a href="https://www.jpmorganchase.com/impact/racialequity/financial-health">Chase</a> Community Center branches host free financial health workshops and skills training, serve as a pop-up shops for small business clients, and provide free Wi-Fi access. Each community-style branch is led by a dedicated community manager, hired locally to build trust/engage the community, increase awareness of financial health resources, and address specific needs of the neighborhood. These initiatives among others support JPMorgan Chase’s goal to open 1 million new accounts for the underbanked and unbanked by 2025. Since the launch of the initiative in 2020, the bank has helped nearly half a million US households access low-cost checking accounts and reached more than 250,000 people through financial education events.</li><li>Citi developed Citi Financial Pathways to expand banking access and support financial progress for all. By bringing together some of Citi’s inclusive products, services, and tools, Citi Financial Pathways was designed as a launch point to empower and help its customers make informed decisions about their financial futures. Individuals can explore ways to achieve their goals with strategies to manage money, understand credit, grow wealth, finance a home and run a business. Links to a variety of personal finance articles and money management resources offer additional guidance and context to help individuals take the next step on their path to financial wellness.</li><li>Bank of America operates 1,100 financial centers in low- to moderate-income neighborhoods, helping to connect the unbanked and underbanked to the products and financial education they need. These centers are staffed by trained professionals, many of whom are multilingual, and that feature tools and resources such as kiosks with interactive, self-guided financial education content and conference rooms offering free Better Money Habits education seminars in English and Spanish. The bank also offers <a href="https://bettermoneyhabits.bankofamerica.com/en">BetterMoneyHabits.com</a> to all consumers, and clients have 24/7 access to the bank’s industry leading mobile and online banking platforms.</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.

<ul><li>BNY Mellon&nbsp;started the&nbsp;<a href="https://www.bnymellon.com/us/en/about-us/diversity-inclusion.html">IMPACT</a>&nbsp;network to help cultivate a diverse and inclusive workplace by promoting the recruitment, retention, professional development and advancement of multicultural employees.</li><li>JPMorgan Chase&nbsp;has multiple&nbsp;<a href="https://careers.jpmorgan.com/us/en/about-us/diversity">Business Resource Groups</a>&nbsp;(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 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&nbsp;<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>

Our members recognize that a diversity of talent bolsters competitiveness around the world, helps foster economic opportunity, and leads to better results for consumers, clients, and communities.

We invested more than $11.5 billion in Community Development Financial Institutions since the beginning of 2020. 

Economic Opportunity and Inclusion

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In the real-life stress test of the pandemic, the largest banks have been resilient and increased lending to people and small businesses to move the country forward. This strength has allowed us to support businesses, households, and communities with $9.3 trillion in credit (an increase of $1.48 trillion since the beginning of the pandemic) and fund states and localities to build and upgrade vital infrastructure, like hospitals, schools, roads, and bridges.

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