Bank of America Is Donating br $1 Billion to Fight Racial Inequality CNN Business says the $1 billion will expand br upon Bank of America's donations to br minority-owned businesses. The donation will be spread out br over the next four years to help fight br economic and racial inequality. Recipients will include businesses and community br programs affected by the coronavirus pandemic. It will also go to nonprofits br and the growth of br community health services. Another part of the $1 billion br donation will go towards helping to br recruit workers in impoverished areas. In a press release, CEO Brian Moynihan br said the coronavirus heightened br social and economic disparities. Amid ongoing protests against br police brutality, he adds that there br is a "true sense of urgency." Bank of America's charity comes as its br history with minorities is on shaky ground. In the past, the bank has been br accused of discriminating against br African-American job seekers. In 2013, Bank of America paid br a $2.2 million penalty for its br actions from 1993 to 2005.