Jacqueline Howard's personal interest in helping close the wealth gap prompted her to steer Ally Financial toward a more concerted effort on this front.
The bank is pledging to lend another $2 billion in a market where it has invested $3.6 billion in various community development initiatives since 2016. Most of the new funds will be used to make loans to small businesses that operate in low- and moderate-income neighborhoods.
The pledge comes as Fifth Third, which had previously committed $30 billion to community development, looks to close on its acquisition of MB Financial in Chicago.
Through the "Where We Live" program, the bank will direct philanthropic giving to two wards in the nation's capital and provide financing for affordable housing.
The French banking giant said Tuesday that it had signed a pledge that guarantees paid parental leave, insurance and the right to unionize to all of its 200,000 employees worldwide.
Employees at First Federal Savings & Loan Association of Pascagoula-Moss Point love to eat, so much so that they started raising money for charity by selling lunches.
