The move is part of the effort by banks and other companies to promote racial equity and be more sensitive to the stresses on front-line employees. It also coincides with rising concerns about the postal system’s ability to handle the rush of absentee ballots.
The bank's five-year commitment will focus on providing more capital to small businesses and expanding access to affordable housing and home ownership.
The Minneapolis company’s partnership with the Black Business Investment Fund and other community development financial institutions is an example of how banks can fulfill multimillion-dollar pledges aimed at closing the racial wealth gap.
Devon Bryan, who held similar jobs at KPMG and the Federal Reserve System, succeeds Brian DiPietro, who had been information security chief since 2016.
Criticized assets are on the rise, especially in commercial portfolios, and may be the forerunner of a wave of loan losses later this year or next year unless economic conditions strengthen.
Besides reauthorizing the Paycheck Protection Program, Congress should upgrade the loan forgiveness process, offer businesses the chance to take out a second loan and ensure the pricing satisfies lenders, bankers say.
The marketing and tech-sharing opportunities for Google's eight financial institution partners are captivating despite the risk of data privacy or other issues cropping up down the road.
