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Advancing Equity in Banking Commission

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Advancing Equity in Banking Commission (AEBC) 

The Reversing Systemic Racism & Black Divestment in Banking Virtual Town Hall with Illinois State Treasurer Michael Frerichs, Chicago City Treasurer Melissa Conyears-Ervin and banking leaders was held on Juneteenth, June 19, 2020, the holiday honoring the day in 1865 when the last group of enslaved Black Americans in Texas finally learned that the Civil War had ended and they had been freed by the Emancipation Proclamation two years earlier. On this day, we announced the formation of the Advancing Equity in Banking Commission (AEBC), which will work to reverse systemic racism and drive equity within the banking industry and increase investment in Black communities. 

The Advancing Equity in Banking Commission is a network of prominent banking institutions anchored in Illinois and committed to advancing equity and eliminating systemic racism in the banking industry through equitable hiring and lending and investment in Black neighborhoods. 

The inaugural members of the AEBC commission ​were: 

  • Michael O’Grady, Chairman, President and CEO, Northern Trust 

  • David Casper, CEO, BMO Harris NA 

  • Mike Scudder, Chairman of the Board and CEO, First Midwest Bancorp 

  • Mark Hoppe, Executive Vice President, Regional President – Chicago, Fifth Third Bank 

  • Ed Wehmer, CEO & Founder, Wintrust 

​Since the initial participants signed on to the commission in 2020, other banks have joined to include:

  • Bank of America

  • BMO Harris

  • CIBC

  • Fifth Third 

  • JP Morgan Chase

  • PNC

  • Wintrust

Banking executives who would like to take part in the commission should contact City.Treasurer@cityofchicago.org

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