Joined at the Hip: Community Development Finance and Big Banks
“According to LISC president and CEO Maurice Jones, the goal here is to inject capital into underserved areas and attract business. BofA’s gift fits well with the general trend we’re seeing in bank giving these days: sizable outlays to causes like financial education, youth employment and affordable housing. Of course, there’s a long history of bank involvement in community development stretching back decades. But something seems to have changed lately, judging by the growing streams of financial commitments we’re seeing banks making in low-income communities. An optimistic read is that bank leaders increasingly see the importance of low- and middle-income clientele. Catering to high earners alone won’t make for a stable and profitable economy in the long run.”