Congressman Cleaver Calls for Investigation Into JPMorgan Chase Following Allegations of Racial Discrimination

(Washington, D.C.) – Yesterday, United States Representative Emanuel Cleaver, II (D-MO), along with Rep. Al Green (D-TX), sent a letter to JPMorgan Chase CEO Jamie Dimon and federal regulators calling for an investigation into allegations of race-based discrimination practices against both clients and employees from the banking giant.

"The allegations of racial discrimination within JPMorgan Chase purported in media reports are extremely troubling," said Congressman Cleaver. "It seems clear from the reporting and the statement released from the bank that there were practices of discriminatory behavior within a regional branch. Now, we want to know whether or not this kind of discrimination has spread throughout the entirety of the company and what the bank is doing to ensure they are complying with federal antidiscrimination laws."

Last week, the New York Times reported allegations of race-based discrimination within JPMorgan Chase in a story entitled "This Is What Racism Sounds Like in the Banking Industry." In the report, recordings from a Phoenix-based employee and a customer show clear discriminatory behavior from multiple employees within an Arizona branch of the company. Congressman Cleaver's letter asks the bank and five financial regulators to investigate whether or not this is an isolated incident or a pattern of discriminatory behavior from the financial institution. The regulators called to investigate the allegations include: Consumer Financial Protection Bureau (CFPB), Federal Reserve Board of Governors, Office of the Comptroller of the Currency, Securities and Exchange Commission, Department of Justice, and Equal Employment Opportunity Commission (EEOC)

The letter also calls for the bank to respond to a series of questions from the legislators, including:

• What are JPMorgan's policies and investigative practices governing claims of discrimination against clients, prospective clients, and employees?

• Do you concur with the findings of the Arizona branch of the firm that there was no evidence of race-based discrimination?

• How do you plan to address concerning allegations by employees of color regarding discrimination within your firm?

• Does your firm have plans to review company-wide operations and determine the extent to which any gathered evidence may indicate systemic patterns of race-based discrimination?

• What exactly is the racial breakdown of the Financial Advisors at each of your branch locations?

• Are branches serving lower income and minority communities provided the same services as all other branches of JP Morgan? If not, why not?

"It is absolutely unacceptable for any financial institution to deprive service or employment opportunities to anyone based on their racial makeup," Congressman Cleaver said. "We've come a long way in the fight to ensure all Americans have equal access to financial opportunities, tools, and services, but we have to remain vigilant. I look forward to hearing from Mr. Dimon, and working with the bank to ensure nothing like this ever happens again at JPMorgan Chase."

You can find the letter here.

Emanuel Cleaver, II is the U.S. Representative for Missouri's Fifth Congressional District, which includes Kansas City, Independence, Lee's Summit, Raytown, Grandview, Sugar Creek, Blue Springs, Grain Valley, Oak Grove, North Kansas City, Gladstone, Claycomo, and all of Ray, Lafayette, and Saline Counties. He is a member of the exclusive House Financial Services Committee; Chairman of the House Subcommittee on National Security, International Development, and Monetary Policy; member of the Select Committee on the Modernization of Congress; member of the Committee on Homeland Security; and a Senior Whip of the Democratic Caucus. For more information, please contact Matthew Helfant at 202-225-4535 or Matthew.Helfant@mail.house.gov a high-resolution photo of Congressman Cleaver is available here.