The Role of Community Managers Explained | Advancing Black Pathways | JPMorgan Chase & Co.

Summary

In this episode of the JPMorgan Chase Career Series, Soledad O'Brien speaks with Jared Evans, Community Manager, and Regina Broadnax, Education and Counseling Market Manager, about financial resilience in Black communities. They discuss the importance of sustainability, preparedness, and credit management in overcoming financial challenges, particularly during the pandemic. They also address the racial wealth gap, focusing on homeownership disparities and JPMorgan Chase's efforts to narrow this gap through grants and community-focused initiatives. The conversation highlights the impact of passion-driven careers in community banking and the tools available to help individuals achieve financial stability and success.

Takeaways

• 😀 Financial resilience means being prepared for life's challenges, such as financial setbacks, and having resources like savings to weather difficult times.
• 😀 Sustainability is a key aspect of financial resilience, emphasizing the need for long-term financial stability, especially during tough economic times.
• 😀 Community managers play an essential role in bridging the gap between the bank and local communities, offering financial education and support to underserved individuals.
• 😀 Financial education focuses on practical tools like savings, budgeting, and credit management, helping people improve their financial health.
• 😀 66% of Black households with children faced significant financial challenges during the pandemic, highlighting the need for targeted financial education and support.
• 😀 Credit management is crucial, as it affects major life decisions like home ownership, car purchases, and insurance rates. Chase offers tools like Credit Journey to help individuals manage and monitor their credit scores.
• 😀 The racial gap in homeownership continues to widen, with a 30% increase in the gap between Black and white Americans in the past year.
• 😀 JPMorgan Chase is taking proactive steps to reduce the homeownership gap, including creating roles like community home lending advisors and offering grants for homebuyers and homeowners to support financial inclusion.
• 😀 The Chase Home Buyer grant, which is up to $5,000, supports minority communities with down payments and closing costs, helping more individuals achieve homeownership.
• 😀 The work in community banking is driven by passion for helping people, not just numbers. Success comes from improving lives, and the rewards include personal stories of achievement from those helped.
• 😀 For those interested in a career in banking and community management, JPMorgan Chase offers various opportunities, and interested individuals can explore these career paths through their platform.

Q & A

What is the role of financial resilience in the community?

Financial resilience is about being able to weather life's storms, such as financial crises or unexpected hardships. It involves being prepared with savings and having the ability to recover from financial setbacks.

What does sustainability mean in the context of financial resilience?

Sustainability refers to the ability to manage financial resources in a way that ensures long-term stability and survival during challenging times. It's about being prepared to handle difficult financial situations without significant harm.

How does a community manager help people who are struggling financially?

A community manager acts as a bridge between the bank and the community. They provide financial education, help with budgeting, savings, credit management, and assist with building or maintaining good credit, all while fostering trust within the community.

What specific financial struggles did Black households face during the pandemic, according to the data mentioned?

According to data from NPR, the Robert Wood Johnson Foundation, and the Harvard T.H. Chan School of Public Health, 66% of Black households with children reported serious financial problems during the pandemic, compared to 51% of white households.

How can monitoring and maintaining credit scores help individuals, especially in challenging times?

Managing and monitoring credit scores is crucial because credit impacts various aspects of life, such as buying a home, car, and even determining car insurance rates. Resources like Chase's Credit Journey can help individuals track and improve their credit scores.

What is the significance of owning a home in building generational wealth?

Homeownership is one of the most common ways people build generational wealth. Owning a home can increase financial stability and provide assets that can be passed down to future generations.

How is JPMorgan Chase addressing the racial homeownership gap?

JPMorgan Chase is actively working to reduce the homeownership gap by creating roles like community home lending advisors, community managers, and community lending managers, who mirror the communities they serve. They have also introduced grants and resources to assist with down payments and closing costs.

What is the Path Forward commitment, and how does it help address homeownership disparities?

The Path Forward commitment is JPMorgan Chase’s $30 billion initiative aimed at addressing systemic economic disparities, including the homeownership gap. It includes products like the Chase Home Buyer grant, which helps people in minority communities with down payments and closing costs.

What qualities are important for someone pursuing a career in community banking?

Passion for helping people is key. While numbers are important, community banking is fundamentally about serving people, building relationships, and providing support to help individuals achieve financial success and stability.

How can someone explore career opportunities in community banking with JPMorgan Chase?

Interested individuals can visit JPMorgan Chase's career website to explore available opportunities in community banking, including roles like community managers and lending advisors, which focus on making a positive impact in underserved communities.