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Chase, Citi, and Bank of America say they'll begin lowering lending rates for black and brown-owned companies involved in reverse factoring programs.

This is an interesting diversity initiative that uses an innovative method to bypass the Equal Credit Opportunity Act, which states that credit decisions cannot be based upon race. From the Wall Street Journal.

Banks Give Black-Owned Businesses Advantage on Supply-Chain Finance Terms Citigroup, JPMorgan Chase and Bank of America are offering preferred terms to Black-owned firms in supply-chain finance programs, after decades in which U.S. banks charged Black borrowers higher rates or denied them service.