Citi Targeted Digital Mortgage to Reduce Racial Inequality in America | Investment

Citigroup

Citigroup said it would invest in digital mortgage proposals as a pledge to improve home ownership rates among non-white communities

Hey Citigroup Said it would invest in the offer The mortgage As part of a promise to improve home ownership rates Blondes.

According to Citigroup, processed and origination rates for black and Hispanic consumers decreased last year, while it increased for Asian homeowners. In response, the bank also plans to expand its community lending team and network of correspondent banks.

Promise to increase number of company Black rich Owning a home is part of a $ 1 billion three-year investment initiative announced last year to help reduce race-based wealth inequality in the United States.

As part of that effort, Citigroup also vowed to become an anti-racist institution, provide greater access to banking products for non-white communities and increase investment in black-owned businesses.

After opposition to the Black Lives Matter movement in the US last year, Citigroup and rivals made promises to help black Americans and help non-white communities gain greater access to credit. On average, black families in the United States account for 0.1% of whites’ wealth, and the number of blacks with their homes is the lowest level in six decades.

Citigroup also released the annual Environmental, Social and Governance Report on Monday, which details the racial division of the workforce in the United States. The company said 637 out of 11,234 senior executives are identified as black or 5.7%, slightly higher than a year ago.

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Nevertheless, the bank asked shareholders to vote against a resolution that would require the board to oversee a racial equity audit to analyze the company’s adverse effects on non-white communities. Investors are expected to vote on the proposal during Citigroup’s annual meeting on Tuesday.

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Sarah Gracie

About the author: Sarah Gracie

Sarahis a reporter covering Amazon. She previously covered tech and transportation, and she broke stories on Uber's finances, self-driving car program, and cultural crisis. Before that, she covered cybersecurity in finance. Sarah's work has appeared in The Wall Street Journal, Bloomberg, Politico, and the Houston Chronicle.

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