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Bank of America may have something up its sleeve to make the home buying process less painful for first-time buyers. According to a news release, the financial institution announced its new mortgage option, which would offer first-time home buyers the opportunity to purchase with no down payments, no closing costs, and no minimum credit score. The program is geared toward leveling the playing field for Black and Hispanic individuals looking to own a home.
Chris Brown said, “These girls ain’t loyal,” but who would have thought that reference would be true for banking institutions? Now, it is no real shocker that large banks often act in the best interest of their own bottom line, but the most recent discovery about Bank of America may cause some to clutch their pearls. In an alleged internal memo obtained by The Intercept, Bank of America seems to have some odd “hopes.”
Sometimes, all it takes is one dream to change a person’s life forever. Somalian refugee-turned-banker to the wealthy elite, Dega Nalayeh, created the blueprint for her success early on in life. After migrating to Canada with her family at the age of 11, Nalayeh had to overcome a few feats including adapting to the country’s cold weather and learning English. As the daughter of a former Somali politician, she knew the power of decision-making and would soon develop a love for math and science, mainly because of her school’s lack of ESL courses. While she managed to find a balance between staying on top of her school work and working a newspaper route to help support the family, Nalayeh had no idea what she wanted to be once she grew up, but she did have hard-working supportive parents. “My parents made it exciting, that I was a girl with this freedom in a country where i was safe and had choices,” said the 49-year-old in an interview with Insider. It wasn’t long before she used her...
Pesky overdraft fees could soon be a thing of the past thanks to a historic move by Citi. The United States bank has revealed plans to drop its overdraft fees just in time for summer vacation, CNN reports. “This latest enhancement is a significant step for Citi as a leader in the banking industry offering the most consumer-friendly overdraft practices,” Gonzalo Luchetti, CEO of US Personal Banking at Citi, said in a statement . “We are continuously looking for ways to utilize our industry-leading capabilities to make the financial system easier and more equitable for communities who have little or no financial buffer.”
In a press release, Jumpstart Nova has announced that it has closed a $55 million oversubscribed fund to invest exclusively in Black founded and led healthcare companies nationwide. Jumpstart Health Investors (JHI) were joined by global institutions such as Eli Lilly and Company, HCA Healthcare, Cardinal Health, Atrium Health, Henry Ford Health System, LHC Group, Meharry Medical College, and American Hospital Association. The fund was launched alongside partners Bank of America, Pinnacle Financial Partners, FirstBank, Ingram Industries, Truxton Trust, and Vanderbilt University. “We’re excited about the potential of Jumpstart Nova and to serve as one of its strategic health care partners,” said Dr. James E.K. Hildreth, President, and CEO of Meharry Medical College, according to a press release. “Particularly, in the world of health care, the small percentage of minority-founded and led businesses—5 percent—is almost reflective of the percentage of Black physicians practicing in...
An unprecedented leap of faith would lead Kiesha Nix to achieve history with the Lakers, serving as the first Black woman to become a vice president within the Los Angeles Lakers organization, Sports Illustrated reports. During Nix’s career spanning nearly 30 years, her heart of philanthropy has remained at the forefront of her professional objectives. Before landing the historic position, she initially worked as a project manager at Merrill Lynch, but a company merge would lead Nix to manage contracts under Bank of America. Thriving in her role as a managing investor, Nix landed high net worth clients and CEOS, Sports Illustrated reports. Working outside of her job description, Nix dedicated countless hours and nearly two decades to curate events and raise fundings for the bank’s charitable foundations. “It was not part of my normal day-to-day job responsibilities, but I did that work for 18 years,” Kiesha Nix says in a press statement, according to Sports Illustrated. “I saw it as...
Johnson C. Smith University (JCSU) will soon get a huge gift on behalf of Bank of America. According to a press release, the banking institution has pledged $10 million to what is considered one of the leading private liberal arts Historically Black Colleges and Universities (HBCUs) in the South. The funds are a part of Bank of America’s Mayor’s Racial Equity Initiative in the Charlotte, NC region. It includes the company’s larger, $1.25 billion, five-year commitment to create more economic opportunities and push the advancement of racial equality within local communities. “Education is a gateway to a better life,” said Kieth Cockrell , President of Bank of America Charlotte in an official statement. “Our long-term relationship with JCSU has set the foundation for this critical moment – a collective partnership among the public and private sectors working to eliminate existing barriers by providing unique opportunities to JCSU students. Together, we will grow a strong pipeline of...
Bank of America has upped the ante. We previously told you that the mega-bank set up a $300 million investment fund for Black businesses and banks in an effort to increase racial equality efforts. Then, the bank announced that they made a four-year, $1 billion commitment to racial equality efforts. Now, according to Business Wire, Bank of America has increased that commitment to $1.25 billion. “The urgency we feel to address long-standing issues of inclusion and racial inequality has only increased following the attacks and hate speech directed at Asian people over the last year,” said Bank of America Chairman and CEO Brian Moynihan in the press release announcement. “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.” The additional funds that were announced today will be used for racial justice and equality efforts....
Bank of America is standing on its commitment to uplift and support the Black community. According to a press release, the financial institution has announced its move of $22 million in philanthropic funding that will support education, entrepreneurship, health and housing, and jobs for people and communities of color. This initiative continues to deliver on its $1 billion, four-year commitment to advance economic opportunity and racial equality. The grants will build on its $250 million in philanthropic funding the company allocates annually to nonprofit partners that will address critical needs in the communities that they serve. “Workforce development, job creation, and access to health and housing services are some of the most pressing needs facing Black, Hispanic-Latino and Native American individuals,” said Ebony Thomas, Bank of America’s Racial Equality and Economic Opportunity Executive in a news release. “By providing this support alongside our national and local partners,...
Bank of America has forged the ultimate partnership with the Black Economic Alliance Foundation, Morehouse College and Spelman College in an effort to build a new Center for Black Entrepreneurship (CBE) to empower the next generation of Black business leaders. A press release reports that the development of this new project — powered by a two-year $10 million grant — comes as a first-of-its-kind academic center created to “assemble, educate and empower a new class of Black entrepreneurial talent.” The idea behind the CBE is to not only provide more opportunities for young aspiring Black entrepreneurs, but also to show how important it is to come together and support a cause that’s crucial to our future in this country. “The Center for Black Entrepreneurship will help close the opportunity gaps among industry, the investment community and Black entrepreneurs. The CBE will harness the multiplier effect of education, exposure, mentorship, access to capital and opportunity,” said David...
Financial inclusion in Black communities is more than needed to strengthen our economic development and encourage generational wealth. That inclusion comes from the support we obtain from Black-owned banks who aim to provide resources specifically catered to our needs. Unity National Bank of Houston — the only Black-owned bank in Texas — is working to complete that mission through a new partnership with Bank of America. According to Black Business , Bank of America has acquired approximately 5 percent of the bank’s common equity, with its investment aimed at offering benefits to the communities that Unity serves through services such as lending, housing, neighborhood revitalization, and more. “Unity remains committed to the vision of providing banking services to historically underserved businesses and individuals during these trying times,” said Unity’s Board Chairman Dr. Kase L. Lawal in a statement . “Bank of America’s investment in Unity will strengthen our core community...
As part of its progress for racial and economic equality, financial giant Bank of America has announced a $300 million investment fund as part of its $1 billion commitment to be allocated toward Black and brown-led businesses and banks, Black Enterprise reports . According to American Banker , the Charlotte, NC bank shared that it plans to dedicate all $300 million of the funds to four key areas: $200 million to Black and brown entrepreneurs and businesses; $50 million to minority depository institutions; $25 million to community outreach; and $25 million to support job initiatives in Black and brown communities across the nation. “These initiative investments will address access to jobs and support for small businesses by creating more pathways to employment in communities of color and more support for minority entrepreneurs,” Chairman and CEO, Brian Moynihan, said in a press statement . After announcing its huge billion-dollar four-year commitment to economic opportunity...
Many employees have been laid off and suddenly found themselves jobless due to the coronavirus outbreak. According to the Washington Post , The Labor Department reported 281,000 people have applied for layoff benefits as of Thursday, and the figure is expected to worsen in the coming weeks. In efforts to combat the nation’s coronavirus induced financial crisis, many mainstream companies are stepping up to the plate and providing financial assistance to their employees. Walmart The country’s largest retailer, Walmart, announced Thursday that the corporation will be providing a cash bonus to their hourly employees at stores, clubs, offices, and supply chains for their hard work during the outbreak. Bonuses include $150 for part-time employees and $300 for full-time employees. The bonuses will tally up to more than $365 million with a payout date of April 2, 2020. PepsiCo PepsiCo is providing additional compensation for its 90,000+ frontline employees who work at their North American...