A Mastercard SVP shares how the company’s recent $500 million commitment is helping to close the racial wealth gap in the US
- Date: 17-Sep-2020
- Source: Business Insider
- Sector:Financial Markets
- Country:Middle East
A Mastercard SVP shares how the company’s recent $500 million commitment is helping to close the racial wealth gap in the US
Mastercard announced Thursday that it will commit $500 million to help close the racial wealth gap in the US.
Marla Blow, senior vice president of social impact for Mastercard, said Black Americans have been left behind in the financial system.
The median white family had more than 10 times the wealth of the median Black family in 2016, the Fed's 2017 "Survey of Consumer Finances" found.
The company will work with several cities across the country including Atlanta, Birmingham, Dayton, Los Angeles, New Orleans, New York, and St. Louis to expand digital financial products.
They will also donate money to people facing evictions, as well as small businesses facing bankruptcy due to the pandemic.
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Mastercard is committing $500 million to help close the racial wealth gap and
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