MILWAUKEE, WI—BDPA would like to welcome Northwestern Mutual as a Gold Sponsor! This partnership is an opportunity to work with Northwestern Mutual to discover new insights and to create new opportunities through networking and potential employment. During the 43rd Annual Conference, this partnership will be highlighted in several ways.
BDPA’s Data Science Academy (DSA) and Northwestern Mutual are partnering to provide experiences for educational and career growth through research and lab-based programs for students and professionals.
Message from Northwestern Mutual
Our BDPA partnership extends beyond the sponsorship and funding.
It provides opportunities to build relationships with diverse talent, especially students, opening the door for future tech talent to participate in our world class tech internships program and the possibility of a tech career at Northwestern Mutual and beyond.
At the same time, we can support our communities and grow local tech talent through working with the BDPA Milwaukee chapter.
“We’re excited to work with a new group of data and analytics professionals to deliver impactful learning experiences that attract, develop, and retain the best talent in the industry.”
KERI MCCONNELL, SENIOR DIRECTOR DATA SCIENCE & ANALYTICS, NORTHWESTERN MUTUAL, & CO-DIRECTOR, NORTHWESTERN MUTUAL DATA SCIENCE INSTITUTE
WASHINGTON —Money is a social and legal construct underpinned by trust. Conceptions of money have evolved and money has taken many forms over the years. In North America, pre-colonial trade was often conducted in wampum, corn, and fur pelts.
Today, for the United States, whatever specific objectives may arise for a central bank digital currency (CBDC), they should be consistent with the Federal Reserve’s longstanding objectives of the safety and efficiency of the nation’s payments system, as well as monetary and financial stability. A CBDC arrangement must be in keeping with these objectives, which have guided the central bank since its establishment in 1913.
A foundational element for introducing a CBDC is understanding its purpose: What can a CBDC be used for, how it can be used, and what potential value does it provide? A recent Bank for International Settlements report highlighted a number of potential benefits for a CBDC. These include enhancing payment system resiliency, increasing payments diversity, encouraging financial inclusion, and improving cross-border payments. Research papers and other reports have referenced the potential for a CBDC to support monetary policy. It is important to consider that a CBDC that is designed to support monetary policy transmission or economic stimulus payments, for example, would be quite different than a CBDC that is designed to be an alternative to cash. Without clear objectives, it would be difficult to establish business requirements for a CBDC.
Sources: This map was compiled using data from the March 2020 BIS Quarterly Review and a 2020 working paper from the IMF, “A survey of research on retail central bank digital currency,” and supplemented through additional secondary research. CBDC activity tracking sites from organizations such as the Atlantic Council were used. Motivations were broadly determined by the authors using the public statements attributed to sources within the central banks themselves or in some cases other news sources.
Central bank interest in CBDC research and experimentation varies significantly. However, these interests generally fall into two broad categories. One set of central banks is primarily looking to address present-day challenges, while for others it is exploring future capabilities. For some jurisdictions, a CBDC is intended to address a specific problem — inefficient payment systems, weak banking infrastructure, or declining cash use — or to promote national policy goals, such as supporting payments inclusion and protecting monetary sovereignty.
For many advanced economies, the primary motivations are centered on potential payments innovation and general preparedness for a potential future state. highlights some of the central banks’ primary motivations.
Source and Map: Federal Reserve by Jess Cheng, Angela N Lawson, and Paul Wong. Select here to visit their website for this full article.
ARLINGTON, VA—The first-ever, all-digital CES® 2021, owned and produced by the Consumer Technology Association (CTA)®, opened its full digital experience to audiences around the world. Following a day of exclusive, media-only press conferences and a keynote from Verizon Chairman and CEO Hans Vestberg on Jan. 11, this transformational event provides audiences with a front row seat to the innovation and technologies that will move the world forward. CES 2021 will feature more than 1900 exhibitors representing the entire tech spectrum and more than 100 conference sessions will showcase industry leaders who will share visions for a better future. General Motors (GM) Chairman and CEO Mary Barra will present the official opening keynote address at 9 AM EST on Jan. 12, where she’ll share GM’s transformational strategy to advance mobility.
CES 2021 attendees will experience a highly personalized show where they can see the latest product launches, hear insights from global visionaries, engage with global brands and startups, chat and meet with attendees from around the globe and receive recommendations based on personal preferences. In addition, a live anchor desk will serve as a “home base” to guide audiences through the digital experience.
“The pandemic forced us to take a step back from a traditional CES, throw out the playbook and transform how we’d bring the tech community together,” said Gary Shapiro, president and CEO, CTA. “CES looks different this year, but the foundation of the show – innovation, connection, collaboration – remains strong and consistent. The digital transformation will continue for years, even as we return to Las Vegas in 2022. We have seen the value of connecting digitally and we can welcome even more people from around the world.”
CES 2021 innovations and products will span the tech industry, from automotive to digital health, 5G, smart cities and beyond. On Jan. 11, the world’s media had exclusive access to nearly 20 press conferences from global brands. Media Day provided a sneak peek at the expected themes and trends for CES 2021, including a smarter home that creates a home, office and workout space; sustainable products for a longer, safer future; and innovations in transportation and mobility.
“Media Day offered an exciting preview for what’s to come at CES 2021, yet only scratched the surface of this groundbreaking CES experience,” said Karen Chupka, EVP, CES, CTA. “Audiences across the globe, many for the first time, will participate in a true broadcast event this week. With more than 100 conference sessions, including special entertainment events, attendees will hear the latest topics impacting the industry. They’ll also interact directly with exhibitors and fellow CES attendees, forming business connections for the future.”
Following Media Day, Verizon Chairman and CEO Hans Vestberg delivered a keynote focused on 5G. Vestberg shared how the essential qualities of Verizon’s 5G Ultra Wideband network have come to life. These qualities include unparalleled upload and download speeds, enormous capacity and ultra-low lag, supporting more connected devices and mobile connection, and providing faster, more responsive service deployment and a new standard for energy efficiency and reliability. Verizon shared updates on the various projects and partnerships enabled by 5G Ultra Wideband, including the Verizon 5G Super Stadium Experience in the NFL app and the transformation of watching and experiencing sports; expanding the museum experience with 5G and an immersive art experiences with the Metropolitan Museum of Art; partnership with UPS and Skyward to support a nationwide drone delivery network; and deployment of 15 Live Nation venues enabled by 5G Ultra Wideband. Also, Verizon provided audiences with an immersive 5G-enabled entertainment experience from the Black Pumas.
Media Day featured a full day of press conferences from top exhibitors who broke news to a media-only audience, just as they would in Las Vegas. Media heard the latest breaking news, product launches and technology trends as a preview to the exhibitor showcase opening.
Bosch: Showcased commitments to sustainability as the first global industrial enterprise to become carbon neutral and introduced an AI-enabled wearable fitness tracker that recognizes and records any type of fitness activity that is based on repetitive, cyclative patterns.
Canon: Provided a sneak peek of Canon’s plans for the all-digital CES beyond cameras and printers, including redefining viewing the planet, skateboarding and tackling food waste
Caterpillar: Shared the first application of command for Caterpillar’s autonomous mining trucks and groundbreaking technology in the most challenging conditions.
Hisense: Announced the 2021 TriChroma Laser TV line.
Indy Autonomous Challenge: Unveiled the world’s first autonomous racecar, to be used in the Indy Autonomous Challenge where 500+ university students are developing the technology to drive the racecar and win the competition for a $1.5 million prize.
Intel/Mobileye: Shared news around the future of mobility for Mobileye, including plans to open deployment centers in Shanghai, Tokyo, Paris and Detroit, and use house-built lidar sensors.
Kohler: Introduced a ceiling mount kitchen faucet with simple touch control; Kohler whole home water monitor that mounts underneath the cabinets, in partnership with Phyn; new Innate intelligent toilet; touchless bathroom faucets; freestanding soaking bath.
LG Electronics: Announced next generation of LG PuriCare™ line for high-quality air management solutions; reimagined side-by-side refrigerator, including a wider window, premium interior look and Craft Ice feature; WashTower™ with convenient controls, built in intelligence and advanced cleaning; 2021 OLED evo TV lineup and QNED MiniLED TVs; CLOi UV-C Robot for disinfection; ThinQ App will transform into an open platform for lifestyle innovation.
Magna International: Launched a joint venture with LG Electronics to manufacture e-motors, inverters and on board chargers and related e-drive systems for certain automakers, to support the growing global shift towards vehicle electrification.
Mercedes-Benz: Showcased the MBUX (Mercedes-Benz User Experience) Hyperscreen, which uses AI to offer a seamless driver and passenger experience.
OMRON Healthcare: Announced VitalSight – first remote patient monitoring service designed specifically for hypertension management.
Panasonic: Announced technology partnership with Illuminarium Experiences to bring the new 360-degree immersive entertainment centers to life; launched newest OLED TV JZ2000; new Technics wireless headphones will launch later this year.
Philips: Discussed the Philips vision and experience in the consumer and professional health tech space and announced the Philips Sonicare 9900 Prestige that is backed by SenseIQ technology and artificial intelligence to intuitively adjust to the need of the user.
Samsung Electronics: Announced 4-Door Flex Bespoke refrigerator that can be customized for any kitchen; JetBot 90 AI+ uses object recognition technology and sensors to identify and classify objects and decide the best cleaning path; Eco-packaging will be used for all TV products; Galaxy Upcycling at Home program where users can decide how to repurpose the Galaxy as other convenient home devices.
Schneider Electric: Showcased Square D Energy Center, first-ever Square D connected light switches (X & XD range series) and Acti9 Active product, which together deliver a unique end-to-end energy management solution for homes in response to sustainability, resiliency, efficiency and personalization.
Skyworth: Presented 2021 TV line up for North America – five series of TVs comprised of 16 different models.
Sony: Introduced Airpeak, which integrates AI and robotics to enable creators to explore new heights for photo and video; shared preview of a new, immersive reality concert performance from Madison Beer to demonstrate the music showcase that will be available on Sony PlayStation VR, mobile devices, music video streaming platforms and more.
Taiwan Tech Arena: Previewed some of the 100 startup teams from Taiwan Tech Arena that will unveil innovation at CES 2021. Startups are divided into Smart Living, Tech for Good, Cybersecurity & Cloud Solutions, Healthcare & Wellness and Mobility Tech.
TCL: Announced OD Zero™ Mini-LED technology that provides viewers with a more realistic and sharper picture and allows for an ultra-thin TV profile; TCL’s first-ever Google TV; NXTPAPER tablet, TAB10s, MOVEAUDIO S600 wireless headphones, MOVETRACK Pet tracker and TCL 20 Series phones, with the 5G and SE phones available this month.
CTA’s Steve Koenig and Lesley Rohrbaugh presented 2021 Tech Trends to Watch during Media Day and gave an exclusive preview of the U.S. Consumer Technology One-Year Industry Forecast. They shared the retail sales revenue for the technology industry will reach $461 billion in the U.S. in 2021 – a 4.3% increase year-over-year. And as millions of Americans remain home and rely on tech to stay entertained, connected and healthy during the pandemic, streaming services, 5G connectivity and digital health devices will stand out in the tech sector in 2021. For more, visit CTA.tech/forecasts.
Over twenty leading technology companies and BDPA mission-partners including Microsoft, Amazon Web Services (AWS), DocuSign, BAE Systems, Hewlett-Packard Enterprise (HPE) and more will be in attendance and hiring for over 5,000 combined positions. Tech professionals of all experience levels and from all locations are welcome to attend. Although BDPA Members or candidates with active security clearances are in very high demand, an active security clearance is not required to register nor attend this event. All are welcomed, register today.
Seemingly undisturbed by 2020’s craziness, and largely unfazed by bitcoin’s wild price swings that concluded with new all-time highs in December, Bitcoin’s technical community continues to plow ahead. Bitcoin’s software and the many projects around it were gradually improved throughout the year, as software was optimized, bugs fixed and privacy leaks patched. The bulk of this work, as vital as much of it is, doesn’t attract headlines.
Yet, a bird’s-eye view on Bitcoin’s tech development over the span of a year helps highlight new milestones in Bitcoin’s ongoing technological march forward. In 2020, too, the consistently growing Bitcoin development community introduced a number of useful new features, several particularly important upgrades and some especially notable improvements.
As this volatile year is drawing to a close, these were some of Bitcoin’s most notable technical developments over the past 12 months…
New Privacy Tools With PayJoin And CoinSwap
On Bitcoin’s privacy front, the PayJoin and CoinSwap projects this year represented two promising advancements.
PayJoin, also known as Pay to Endpoint (P2EP), is a trick that lets recipients of a transaction partake in the transaction through a CoinJoin, to basically send funds to themselves while also receiving the actual payment from the real sender. If a snoop, conducting blockchain analysis, were to assume that all coins sent in a transaction belonged to the same person — as they normally would — they’d be wrong. This already benefits the privacy of both sender and receiver, as the snoop would confuse (past) coin ownership between them. Moreover, if enough people use PayJoin, it could render this important heuristic for blockchain analysis useless altogether, in turn benefiting even the privacy of those who didn’t make PayJoin transactions themselves.
The Lightning Network Became More Robust With Watchtowers (And More)
The Lightning Network, Bitcoin’s Layer 2 protocol for faster, cheaper and more private payments, continued to improve across the board in 2020. With Lightning implementations LND, Eclair, C-Lightning and — since July — Electrum rolling out a number of new software releases, and a growing number of projects building on top of the protocol, Lightning development was more active than ever. Among the more notable developments, Watchtowers resolved one of the Lightning Network’s remaining weaknesses, resulting in a more robust protocol.
After Miniscript, Bitcoin Programming Was Made Easier With Minsc
The code embedded in Bitcoin transactions that specifies what conditions must be met to spend the coins in a next transaction is written in a programming language specifically designed for Bitcoin, called Script. Script can be tricky to work with, however: in programmers jargon, Script is hard to “reason about.” This means that, especially as it becomes a bit more complex, it can be difficult to understand what a piece of script actually allows: a transaction may unintentionally include code that allows the coins to be spent under different conditions than originally intended. This is one reason why many Bitcoin software applications, like wallets, refrain from utilizing Script’s full potential.
Smart Contracts Became Smarter With DLCs
Whenever smart contracts depend on external data — data that doesn’t live on the blockchain — they rely on an external source for that data referred to as an “oracle.” If two users want to bet on the outcome of a sports match, for example, the oracle would have to use the result of the match to settle the bet in favor of whoever made the correct prediction (at least in case of a dispute).
Holding Is Getting Safer With Bitcoin Vaults
The long list of exchange hacks and other bitcoin heists are testament to the fact that securely storing private keys continues to be a challenge, especially where many coins are at stake. But more secure solutions to store coins are in development. Bitcoin vaults — a concept dating back to 2016 — are a type of smart contract that secure coins so that it takes several confirmed transactions and a time delay to really spend them. This gives potential victims the opportunity to revert a heist before it is too late. 2020 saw the release of two types of vault prototypes.
Taproot Is Now Good To Go, As Activation Is Under Consideration
Taproot is set to be the first Bitcoin protocol upgrade since Segregated Witness activated in August 2017. First proposed by Bitcoin Core contributor Gregory Maxwell in January 2018, Taproot lets users “hide” smart contracts in regular-looking Bitcoin transactions: complex multisig construction could be indistinguishable from a simple payment.
For an even more extensive and detailed summary of Bitcoin’s 2020 tech developments, also see the Bitcoin Optech 2020 Year-in-Review Special. Aaron’s full article is linked here.
BARCELONA, SPAIN―BusUp, the leading corporate bus commuter management platform in the European Union (E.U.) announces their integration of LISNR’s ultrasonic technology platform to enable contactless mobile boarding pass authentication. LISNR’s ultrasonic technology enables contactless “Person Present” authentication and transactions across numerous mobility and retail commerce experiences that require contactless fulfillment. In the “new normal” where contactless methods are needed at distances greater than what NFC or QR can provide, LISNR is proving to be the safest and most seamless option for merchants as shown in this partnership with BusUp.
“Incorporating LISNR technology into our on-boarding process is a real breakthrough for BusUp. Thanks to LISNR we can offer our daily passengers with an even faster and safer contactless check-in on board.” – Rui Stoffel, CEO and co-founder of BusUp
LISNR’s frictionless solution will prove invaluable for BusUp’s extensive list of clients that include Siemens, Accenture, Louis Vitton and Cognizant amongst others. While the Coronavirus brought most forms of shared transportation to a halt, BusUp has taken a proactive approach in selecting a safe and seamless solution.
“A recent survey showed that 88% of BusUp users feel safe or very safe with BusUp. By incorporating LISNR ultrasound technology, we are confident that we will be able to improve these excellent results.” – Thibaud Kistler, CEO USA
Priding themselves on incorporating the most advanced technology for their customers, BusUp saw LISNR as a safer and more efficient solution to QR code. They recognized LISNR’s technology as the market leader for reasons such as safety, efficiency and ability to function without an internet connection. Safety for the riders and drivers through contactless authentication. Efficiency and speed to better eliminate queues and ensure less reading errors. The fact that the technology works without an internet connection was imperative since BusUp is a global company providing services in areas with less than stable internet connection, especially in LatAm where they are currently operating in Brazil and Peru.
“BusUp is a perfect use case for our contactless, “person present” authentication. They are a prominent corporate transportation provider in the E.U. and U.S. for a reason. They work with some of the biggest brands to help ensure their most valuable asset, their employees, have a safe commute to the workplace. We’re excited to be an integral part in making sure that process stays reliable, safe and seamless in these “new normal” times.” – Eric Allen, CEO LISNR
As BusUp continues to expand globally, LISNR will continue to play an essential part of their contactless authentication process. Overall LISNR has seen contactless authentication and transactions skyrocket in many different verticals like mobility (transportation + delivery) and retail (scan pay & go, BOPIS, curbside pickup). According to McKinsey contactless services have seen a rise, and many consumers intend to continue using methods like self checkout (79%) + BOPIS (64%) after the pandemic subsides.1. With universal safety regulations recommending distances greater than what incumbent solutions like QR Code or NFC technology are effectively able to carry out, LISNR’s ultrasonic proximity platform is proving to be a stronger & safer alternative for these new times.
Co-founded in 2012 by Rodney Williams and Chris Ostoich, LISNR is located in Oakland, CA and Cincinnati, OH. Major investors include Visa, Intel, Jump Capital, NTT DOCOMO Ventures, Mercury Fund, R/GA, and Synchrony Financial. Rodney Williams, an alumnus of West Virginia University and Howard University, is a mission partner of the National BDPA’s Cincinnati Chapter. He is responsible for leading all of the company’s commercial activities and strategy execution as Chief Commercial Officer. He has been with LISNR® since its founding and served as the CEO until August 2018. Rodney serves clients by solving complex problems with his years of entrepreneurship and technical expertise.
LISNR’s ultrasonic ‘data-over-sound’ technology enables contactless proximity verification and authentication across commerce experiences for merchants, financial service providers, and mobility companies. Today, multiple Fortune 100 companies trust LISNR to power data transmission & authentication between devices.
Discover more about the LISNR technology by visiting: http://LISNR.com or email: email@example.com.
ARLINGTON, VA — The Consumer Technology Association (CTA)® today announced CES 2021® — January 6-9, 2021 — will be an all-digital experience connecting exhibitors, customers, thought leaders and media from around the world. The new format will allow participants to hear from technology innovators, see cutting-edge technologies and the latest product launches, and engage with global brands and startups from around the world.
“Amid the pandemic and growing global health concerns about the spread of COVID-19, it’s just not possible to safely convene tens of thousands of people in Las Vegas in early January 2021 to meet and do business in person,” said Gary Shapiro, president and CEO, CTA. “Technology helps us all work, learn and connect during the pandemic — and that innovation will also help us reimagine CES 2021 and bring together the tech community in a meaningful way. By shifting to an all-digital platform for 2021, we can deliver a unique experience that helps our exhibitors connect with existing and new audiences.”
CES 2021 will be a new immersive experience, where attendees will have a front row seat to discover and see the latest technology. This highly personalized experience will bring a global event to the comfort and safety of your home or office.
For over 50 years, CES has been the global stage for innovation. CTA’s goal for CES 2021 is to provide an engaging platform for companies large and small to launch products, build brands and form partnerships, while prioritizing health and safety. Members of the tech community thrive by coming together, sharing ideas and introducing products that will shape our future.
Mark your calendars for the first week in January and be on the lookout for more exciting news about CES 2021. CES plans to return to Las Vegas for CES 2022, combining the best elements of a physical and digital show.
WASHINGTON [bdpatoday] — The IRS announced today that due to COVID-19, deadlines for any federal income tax filings and tax payments due from April 1 to July 14, 2020 have been postponed until July 15, 2020. BDPA Chapters and other IRS 501(c)(3) organizations normally filing on or before May 15th now have until July 15, 2020 for tax years ending December 31, 2019.
Of particular relevance to nonprofits, this relief applies to IRS Form 990, Form 990-EZ, Form 990-N, Form 990-PF, and Form 990-T. The deadlines for Form 4720 excise taxes filings, quarterly estimated tax payments on Form 990-W, Form 1065 partnership returns, and Form 1120-POL for political organizations have been similarly extended to July 15, 2020.
The extension of the deadlines until July 15, 2020 is automatic—nonprofits do not need to file any extension forms to qualify. However, those who need additional extensions beyond July 15, 2020 will be permitted to extend only until their original statutory or regulatory extension dates. Visit IRS FAQsfor additionalfacts and deadlines.
TRENTON, NJ (BDPA-NJ) — “New Jersey needs COBOL Programmers.” At a press conference today, governor Phil Murphy asked for the help of volunteer coders who still know how to program in COBOL.
In New Jersey and perhaps other states with “legacy systems”, experts are urgently needed to fix COBOL-based unemployment insurance systems—some at least four decades old—that are overwhelmed due to COVID-19 related job losses.
The state recently experienced a 1,600% increase in claims volume in a single week, said labor commissioner Robert Asaro-Angelo during today’s briefing, stating that “over the prior two weeks we saw more than 362,000 people apply for unemployment as a result of this public health emergency.”
Tech industry and cybersecurity experts feel such “volunteers”, similar to demographics of National BDPA’s founding members, are likely well over 60 years old making them especially vulnerable to COVID-19. Whether they would risk venturing back out to work or volunteer to update legacy systems that should have been updated decades ago remains an open challenge, especially if they cannot remotely perform emergency upgrades from home or a secured facility. bt
Discover more. Preview related technical content, archives, or career articles from Industry and local BDPA Chapters via LinkedInandPinterest.
— Sources: New Jersey Department of Labor, Quartz, and BDPA-NJ Top courtesy photo: Newark, NJ
Visit page 4 (COBOL | Mainframes: AdmiralGrace Hopper) of your March 2020 special Womens History Month edition of bdpatoday.
JPMorgan Chase reaffirms commitments to creating economic opportunities for Black Americans
WASHINGTON—One year after launching the Advancing Black Pathways (ABP) program, JPMorgan Chase is reaffirming its commitment to help more black Americans achieve sustained economic success. ABP builds on the firm’s existing efforts to help communities of color by focusing on three key areas where black Americans have historically trailed other ethnic groups: wealth creation, educational outcomes and career success.
“We’re committed to bringing the full force of our firm to provide improved access to education, job training and wealth creation for the black community,” said Jamie Dimon, Chairman and Chief Executive Officer of JPMorgan Chase. “We believe we’ve laid a strong foundation for Advancing Black Pathways to achieve lasting, meaningful impact, but recognize that we have a long way to go towards accomplishing that goal.”
According to Prosperity Now, if the current trends persist, the median wealth of black Americans will fall to $0 by 2053 1. In addition, despite accounting for nearly 13% of the U.S. population 2, black people occupy less than 8% of the nation’s white-collar jobs 3. The educational achievement gap is significant as well. Only 46% of black college students complete four-year degree programs within six years, compared to 69% of white students and 77% of Asian American students 4.
“JPMorgan Chase formed Advancing Black Pathways over a year ago to invest in black individuals, families and businesses in an effort to help more African Americans fully participate in our growing economy,” said Thasunda Brown Duckett, CEO of Chase Consumer Banking and executive sponsor of ABP.
“We’re proud of the progress we’ve made through Advancing Black Pathways to hire more black talent, invest in black owned-businesses and help black Americans of all wealth levels achieve their long-term financial goals. We look forward to building on these efforts for years to come,” Duckett said.
Here are some highlights of what JPMorgan Chase accomplished through ABP to help black Americans in 2019.
1. Wealth Creation:
In partnership with Essence Communications, ABP engaged nearly 16,000 people, primarily black women, in dialogue about how to achieve financial wellness through Currency Conversations. ABP gathered women in bank branches and in other locations nationwide to explore basic financial topics and set goals as a key step towards long-term wealth creation.The firm focused on this demographic because more than 70% of black women are either the sole or primary breadwinners for their families, according to the Center for American Progress 5 .
ABP partnered with the firm’s Supplier Diversity group to support black businesses in 2019, helping to double the number of black suppliers to JPMorgan Chase. The firm was also inducted into the Billion Dollar Roundtable, an exclusive group of U.S.-based companies that have spent at least $1 billion with diverse suppliers, and work collectively to advance supplier diversity.
2. Education and Careers:
ABP created an apprentice program dedicated to helping black college underclassmen get on a path to internships and entry-level roles with the firm after graduation. The initial class of 50 apprentices worked on real-time business challenges for Business Banking clients in Plano, Texas; Columbus, Ohio; and Wilmington, Delaware. The firm hired more than 1,000 black students in 2019. ABP will help drive the firm’s efforts to hire at least 4,000 by 2024 as apprentices, interns and full-time analysts.
Through ABP’s efforts, the firm delivered financial health training to more than 4,000 students, including 2,000 summer interns. The training consisted of live instruction on a wide range of personal finance topics, including budgeting and saving, credit health, and how to manage a monthly budget. Incoming Howard University students were required to take this training as part of their freshman orientation program, which will be delivered to additional Historically Black Colleges and Universities (HBCUs) in 2020.
JPMorgan Chase launched the Advisory Development Program in 2018, which seeks to expand racial, ethnic and gender diversity of financial advisors. Today, with support from ABP, this program has 222 participants—25% of whom are black.”
How JPMorgan Chase Is Building on its Commitment to Helping the Black Community
1. Student Financial Hardship Fund
Through ABP, JPMorgan Chase is committing $1 million to help students attending HBCUs cover the cost of personal finance emergencies. The United Negro College Fund (UNCF) and Thurgood Marshall College Fund (TMCF) will evenly administer these funds to students who attend publicly-supported HBCUs within their respective networks of 84 member schools.
Students can access these funds to pay for a wide range of expenses – including outstanding tuition balances, apartment deposits, unanticipated car repairs, medical expenses, unpaid utility bills and short-term food insecurity. Students can also use these funds to buy textbooks, or travel home for family-related emergencies.
“TMCF prides itself on removing as many barriers to opportunity as possible for the nearly 300,000 students in our 47 member-school network,” said Harry L. Williams, TMCF President and CEO. “Mission-driven partners like JPMorgan Chase understand that finances can be a significant hurdle for our students but they are doing something about it through this important scholarship.”
UNCF President and CEO Michael Lomax said that for low-income families – like those of the 92% of UNCF students who qualify for financial aid – the money needed to handle an emergency can mean the difference between staying in school and dropping out.
“This program is vital because once students leave school due to financial hardship, there is a huge risk that they will never return,” Lomax said. “We owe it to these students to be there for them when their college education is at risk.”
UNCF is the nation’s largest private provider of scholarships and other educational support to African American students.
2. Advancing Black Entrepreneurship
JPMorgan Chase also announced a new initiative to improve access to capital and business advisory services for black small business owners. This initiative— which is still under development and will launch later in 2020— will prepare black entrepreneurs for the loan application process and provide improved access to Chase’s Business Banking advisory services.
To create the program, ABP and Chase’s Business Bank formed a coalition with four partners: the National Minority Supplier Development Council, National Urban League, U.S. Black Chambers and Black Enterprise. McKinsey & Co. and E. Smith Advisors will assist the effort as consultants.
“In addition to homeownership, entrepreneurship holds an important key towards closing the racial wealth divide,” said Sekou Kaalund, Head of Advancing Black Pathways. “Black entrepreneurs are job creators, and possess a net worth that’s 12 times higher than black non-entrepreneurs 6, so we must do our part to promote and advance small business ownership.”
3. Helping Non-Profit Organizations Advance Racial Equity in Local Communities
Prosperity Now: JPMorgan Chase announced a $3 million commitment over two years to help nonprofit leaders of color in Minneapolis and Seattle address racial economic inequality. This new philanthropic investment brings the firm’s support for this initiative to more than $8.8 million across eight cities – Dallas, Wilmington, New Orleans, Miami, Baltimore, Chicago, Seattle and Minneapolis – since 2015. The initiative provides leaders with intensive leadership training, resource development and support for network building to enable them to both help their clients build wealth and strengthen
their organizations. It also supports critical research and policy efforts to help address the racial wealth divide. Research from Prosperity Now shows that from 1983-2013, the wealth of African American households declined by 75% compared with a 14% percent increase for white American households. “Through our partnership with JPMorgan Chase, we are building a national network of leaders of color working to achieve racial economic equity,” said Lillian Singh, Vice President of Racial Wealth Equity. “Through the release of our city-level racial wealth divide profiles, there is consensus that we must address growing racial economic inequality – so we are investing in the capacity and resilience of organizations to harness public, private, philanthropic, and political partnerships as they build power to serve their clients and build community-level assets.”
Inclusiv: The firm is making a $1 million commitment to Inclusiv to help people in low- and moderate-income communities in Detroit and Cleveland, improve their financial health. With JPMorgan Chase’s support, up to 10 Minority Depository Institutions (MDI) credit unions will increase their operational capacity to better serve more people in the communities where they operate. In addition, with JPMorgan Chase’s support, Inclusiv will build tailored FINtech solutions to address the needs of low-and-moderate-income individuals. Inclusiv will share best practices and lessons learned with the 264 credit unions in their network that spans 48 states. “Inclusiv was organized over 40 years ago by primarily minority credit unions, and these institutions continue to serve a critical function today, acting as a force for economic empowerment and inclusion within communities traditionally excluded from accessing safe and affordable financial services,” said Cathie Mahon, Inclusiv President and CEO. “African American credit unions are, and will continue to be, some of the best tools we have to strengthen our communities and fight back against the growing divide of income inequality and the racial wealth gap.”
Additional Efforts by JPMorgan Chase to Help Communities of Color
In addition to ABP, JPMorgan Chase has a number of programs designed to help people of color achieve economic and career success. These programs include:
The Entrepreneurs of Color Fund: A program that has provided support to more than 400 minority-owned businesses through community lending partners across five U.S. metro areas.
The Fellowship Initiative (TFI): The Fellowship Initiative (TFI): Launched in 2010, TFI is a three-year intensive program that provides young men of color with academic support, college preparation, professional development and mentorships. In the decade since TFI’s launch, the program has expanded to serve 200 Fellows across four cities (NYC, LA, Chicago and Dallas). One hundred percent of TFI graduates have been accepted into college. Four have been hired by our firm. JPMorgan Chase is expanding the program and also working with nonprofit partners across the country to implement the TFI model to reach significantly more young men of color.
Advancing Black Leaders (ABL): Launched in early 2016, ABL is a firm-wide strategy focused on increasing black representation across all businesses and levels. The ABL team works with senior leaders and the HR community to identify and implement strategies that close the gap in attracting, hiring, retaining and advancing black talent within JPMorgan Chase. Through strategic sourcing, internal talent development, manager accountability and a focus on students, the program is committed to creating an inclusive environment where all can thrive and advance.
— Source and photos: JPMorgan Chase,H.O.P.E. Project DMV, and National BDPA
ATLANTA—Today, African-Americans are reversing their great migrations, abandoning false promises from U.S. technology hubs in the West, Northwest, and Northeast to reclaim cities in the South. In an article released this week from USA Today, Brookings Institution demographer William Frey, author of “Diversity Explosion: How New Racial Demographics are Remaking America,” says Atlanta leads all other metropolitan areas in black migration, increasing more than five-fold from 1970 to 2017.
Leading these migrations are younger, highly educated talent who demand quality of life without exorbitant price tags and excessive taxation. Demographer Joel Kotkin, executive director of the Center for Opportunity Urbanism, underscores the fact that Atlanta’s big draw for African-Americans is the large number of entrepreneurs. Direct access to tech start-ups, students, interns, and protégés from the Atlanta University Center Consortium (AUCC) and leading technology schools make Atlanta extremely attractive. Moreover, as a strategic triad of academia and public-private partnerships, local HBCUs, Georgia State, and Georgia Tech actively are engaging governments, industry partners, and community technology organizations such as BDPA and LISTA to expand smart cities research while organically growing local talent.
National BDPA will convene its 41st annual technology conference in Atlanta, Georgia from August 1-3, 2019. Headquarters for BDPACON19, this year’s conference, will be the Hyatt Regency Atlanta with technology workshops and presentations at local mission partner facilities and participating colleges and universities.
Top Coders and National HSCC Champions
Annual BDPA conferences feature technology career expos, National collegiate and high school IT Showcases, Mobile App Showcase, National High School Coding Competitions (HSCC) featuring top-coders from local BDPA Chapter cities and Jr. Devs from every BDPA region, and annual Youth Technology Camps (YTC). This year’s Host Chapter, BDPA Atlanta, will try to recapture their National HSCC championship (shown above) with another title in 2019. BDPA St. Louis is 2018’s defending HSCC World Champion.