Press release
PayPal and the Congressional Black Caucus Institute Release New Research Examining the Racial Financial Health Gap
Research conducted in partnership with Dillard University and Wiley College outlines the opportunity for the financial services industry to economically
About this update from Paypal Holdings, Inc.
[{"type":"text","content":"Research conducted in partnership with Dillard University and Wiley College outlines the opportunity for the financial services industry to economically empower the Black community and advance racial justice\n\n\nSAN JOSE, Calif., Nov. 30, 2021 /PRNewswire/ -- PayPal Holdings, Inc. (NASDAQ: PYPL) and the Congressional Black Caucus Institute (CBCI), in partnership with two historically Black colleges and universities (HBCUs) Dillard University and Wiley College, released new research as part of PayPal's commitment to advancing racial equity. The white paper, titled \"Reducing the Racial Financial Health Gap: The Opportunity for Responsible Fintech,\" addresses the importance of financial health in the Black community and the unique role that financial technology (fintech) companies can play in reducing the financial health and wealth gaps. \nThe paper was funded as part of PayPal's $535 million commitment announced in June of last year to support Black-owned businesses, strengthen underserved communities and address economic inequality. A critical component of the commitment involves partnering with non-profit and public sector experts to explore the breadth of the racial wealth gap and the potential solutions that the public and private sectors can implement to help close it. \n\"We all have an opportunity and a responsibility to play a role in addressing the ongoing racial inequities within the U.S. economy and around the world,\" said Dan Schulman, president and CEO, PayPal. \"We need to work together to ensure that future innovation in the financial services industry is inclusive and accessible to all. We're proud to partner with the Congressional Black Caucus Institute, Dillard University and Wiley College on releasing this important study and are grateful to the faculty members who guided this effort.\" \nThe paper outlines the history of how gaps in education, income, employment, credit access and banking access, reinforced by racial discrimination, have contributed to both the racial wealth gap and disparities in financial health. It also presents recommendations for how both the private and public sectors can help reduce the financial health gap, including: \nPartnering with HBCUs: Today, the nation's 106 HBCUs make up three percent of America's colleges and universities, yet they produce almost 20 percent of all Black g...