It's been around for awhile. Here's the history.
http://www.ldsgenesisgroup.org/history.htm
One of the leaders, Darius Gray, is featured in the PBS documentary on the Mormons. In the documentary he states that it is hard to overcome some of the racist teachings of the past. My husband's aunt, who teaches at BYU mistook him for a pastor from a different religion and thought his comments were critical. I had to point out that he was a faithful member commenting on the the difficulties of overcoming the past.
Not many members know about the group. I'm quite surprised they haven't elevated any of the group's leaders to GAs or other more prominent roles within the church. So in that way I guess it's kind of like relief society for african americans. It's contained and doesn't influence the larger institution.