DETROIT, Feb. 2, 2021 /PRNewswire/ -- With Black
History Month underway, Ally recognizes that access to careers with
long-term growth potential is still not equal for everyone. To
address this inequity, the digital financial services company today
announced more than $1.3 million in
scholarships and programs to open new pathways for Black students
and candidates in a variety of professions, including legal, public
policy, insurance and other roles within financial services.
Ally is working closely with the Congressional Black Caucus
Foundation, the Thurgood Marshall College Fund and other
professional and university groups to spur success for Black
candidates in professions that have largely eluded them.
"The data shows 86% of lawyers are white,1 just a
mere 2.4% of actuaries are Black,2 and it's no secret
financial services as a whole remains predominantly white and
male," said Reggie Willis, Ally's
chief diversity officer. "We believe one of the best ways we can
honor and remember our Black history is by actively working for a
brighter Black future. By providing targeted financial support and
mentorship at the college, post-grad and recruitment levels, we can
help fill opportunity gaps and promote lasting career
development."
Ally will make the following investments in career opportunities
for Black candidates:
- Congressional Black Caucus Foundation (CBCF) legal and
public policy scholarships: Ally is sponsoring three
scholarships in collaboration with the CBCF to support increased
Black representation in the legal and public policy professions.
Ally and CBCF will provide one legal scholarship for $20,000, renewable up to four years, to an
undergraduate senior who is entering an accredited law school upon
graduation. That recipient will receive a four-year scholarship in
the amount of $20,000 annually. Each
year a new, four-year scholarship will be awarded to an additional
recipient. Ally will also award two one-year, non-renewable
$10,000 scholarships to two
undergraduates pursuing degrees in public policy or a related area
of study.
- Thurgood Marshall College Fund (TMCF) legal
scholarships: Ally will sponsor two scholarships in
collaboration with TMCF, renewable up to four years, each in the
amount of $20,000 for undergraduate
seniors who are entering an accredited law school upon graduation.
Each year, two new recipients will be selected. Importantly, the
TMCF and CBCF legal and public policy scholarships include a
mentoring component to provide students with professional insights
that can help them successfully navigate law school and potential
career opportunities.
- Moguls in the Making 2021 financial services
scholarships: Ally and TMCF will host their third
consecutive Moguls in the Making business pitch competition in the
fall and will begin accepting applications on March 1. The event offers Historically Black
College and University (HBCU) students an opportunity to learn and
practice vital business skills, while earning scholarships and
internship opportunities at Ally that often turn into long-term
employment positions within the company. Ally has hired seven
full-time employees and 29 interns through the program since it
began two years ago.
- Insurance scholarship and recruitment funding: Ally's
Insurance unit has invested in career pathways for Black candidates
in the actuary, operations and sales areas. This includes joining
the corporate advisory council of the International Association of
Black Actuaries to help drive interest in actuarial science as well
as providing scholarships; giving $100,000 in scholarships at Southern Illinois University for those pursing
automotive technology educations; and contributing to Michigan State University's Sales Leadership Minor
program.
After working with CBCF for several years, Ally expanded its
scholarship commitment with the organization based on the
significant contributions it has made to growing diversity in the
public policy arena.
"We need companies like Ally Financial who want to step up and
help cultivate the next generation of legal and public policy
practitioners," said CBCF President and CEO Tonya Veasey. "Together, we can do so much more
to advance the Black community by fostering educational advancement
and pipelines to career opportunities for students who might not
otherwise have access."
Ally and TMCF are entering their 15th year of working together
to build a relationship that provides students with professional
experience and new possibilities and the company with strong
employees who bring diverse ideas and perspectives. The
collaboration has spanned a variety of internship, mentoring,
entrepreneurship and leadership programs all designed to provide
added exposure to and access into business and financial services
for talented Black students.
"Solving diversity issues takes more than funding. It also takes
trusted connections and long-term commitments that lead to the
kinds of innovative approaches that will work," said Dr.
Harry L. Williams, president &
CEO of the Thurgood Marshall College Fund. "The collaborative
nature of the relationship we've long enjoyed with Ally has enabled
us to make a real difference in the lives of the students we
support."
1American Bar Association. July 2020. 2020 Profile of the Legal Profession
report.
https://www.americanbar.org/content/dam/aba/administrative/news/2020/07/potlp2020.pdf
2Data USA/U.S.
Census Bureau
https://datausa.io/profile/soc/actuaries#demographics
About the CBCF
Established in 1976, the Congressional
Black Caucus Foundation, Inc. (CBCF) is a non-partisan, nonprofit,
public policy, research and educational institute committed to
advancing the global Black community by developing leaders,
informing policy and educating the public. For more information,
visit cbcfinc.org.
About the Thurgood Marshall College Fund
(TMCF)
Established in 1987, the Thurgood Marshall College
Fund (TMCF) is the nation's largest organization exclusively
representing the Black College Community. TMCF member-schools
include the publicly supported Historically Black Colleges and
Universities and Predominantly Black Institutions, enrolling nearly
80% of all students attending black colleges and universities.
Through scholarships, capacity building and research initiatives,
innovative programs and strategic partnerships, TMCF is a vital
resource in the PK-12 and higher education space. The organization
is also the source of top employers seeking top talent for
competitive internships and good jobs.
TMCF is a 501(c)(3) tax-exempt, charitable organization. For
more information about TMCF, visit: www.tmcf.org.
About Ally Financial Inc.
Ally Financial Inc. (NYSE:
ALLY) is a leading digital financial-services company with
$182.2 billion in assets as of
December 31, 2020. As a
customer-centric company with passionate customer service and
innovative financial solutions, we are relentlessly focused on
"Doing it Right" and being a trusted financial-services provider to
our consumer, commercial, and corporate customers. We are one of
the largest full-service automotive-finance operations in the
country and offer a wide range of financial services and insurance
products to automotive dealerships and consumers. Our award-winning
online bank (Ally Bank, Member FDIC
and Equal Housing Lender) offers mortgage lending, personal
lending, and a variety of deposit and other banking products,
including savings, money-market, and checking accounts,
certificates of deposit (CDs), and individual retirement accounts
(IRAs). Additionally, we offer securities-brokerage and
investment-advisory services through Ally Invest. Our robust
corporate finance business offers capital for equity sponsors and
middle-market companies.
For more information and disclosures about Ally, visit
https://www.ally.com/#disclosures.
Contact:
Brenda Rios
Brenda.Rios@ally.com
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SOURCE Ally Financial