BofA expands racial equity pledge with focus on Asian Americans

Bank of America said Tuesday that it will expand $1 billion commitment to racial equity first made last summer, amid nationwide protests over inequality.

The company is upping its total commitment to $1.25 billion over five years and will increase support in Asian American communities, where violence and incidents of harassment have risen sharply during the COVID-19 pandemic.

In the immediate term, BofA is committing $1 million to nonprofits and civil rights groups offering services ranging from bystander intervention training to in-language legal support and social services assistance.

Bloomberg

“Across the public and private sectors, it is clear that we must do more — to take action, help others convene, and serve as a catalyst for a broad-based, collective response to the critical issues affecting our nation,” Chairman and CEO Brian Moynihan said in a press release.

Bank of America, PNC Financial Services Group and other banks made big pledges to advance racial and class equity last summer amid nationwide unrest sparked by the deaths of George Floyd, Breonna Taylor and Ahmaud Arbery.

Hate crimes against Asian Americans have spiked during the past year, fueled by xenophobic public discourse blaming them for the coronavirus outbreak, which originated in China. One group that tracks violence against Asian Americans said it had received over 2,800 reports of hate crimes last year, but some civil rights groups believe these attacks are underreported, making the true total much higher.

Initially, Bank of America pledged $1 billion over four years. It said Tuesday that it has so far made $350 million in investments related to that initial plan. Examples included $188 million in 61 private equity funds focused on minority and women entrepreneurs and another $10 million invested into Native American Bank, the only American Indian-owned community development bank in the U.S.

The Charlotte, N.C.-company also said that it had added Connie Chung Joe, the CEO of Asian Americans Advancing Justice in Los Angeles, to its National Community Advisory Council. The council advises the company on its business policies, practices and products.