What happened
On September 23, 2020, Citi launched Action for Racial Equity, a more-than-$1 billion package it said would expand banking access in communities of color, invest in Black-owned businesses, support Black homeownership, and change industry practices. The same announcement included a $10 million donation to Black-led racial-justice groups—a cash item much smaller than the headline billion.
On November 9, 2021, the bank said it had already invested $1 billion in year one and was on track to exceed $1.1 billion. That progress language is Citi’s. Procurement opportunities and housing finance are not grants to Black households.
The Cookout read
Mixed. The program is explicitly about the U.S. racial wealth gap and Black economic access. Most of the dollars are the bank doing banking and buying, counted by the bank.