Corporate governance

A new study from Moody’s found a small correlation between greater gender diversity and higher credit ratings. But researchers at the ratings firm warned that their efforts were hampered by a lack of consistent data.

The chair of the Federal Reserve said the backlash over the personal financial transactions of two Fed bank presidents — made when they were privy to discussions about the central bank’s coronavirus response — demonstrated that internal guidelines can be bolstered to avoid the appearance of conflicts.

Anthony Taylor was recently honored for his hard work in helping build Ascend into one of the largest credit unions in Tennessee. Taylor says he jumped at the opportunity to give back to the credit union that decades earlier welcomed him and other Black consumers when they struggled to find affordable credit elsewhere.

In the wake of Hurricane Ida, the latest storm to batter the Gulf Coast, John Hairston is grappling with the consequences of a warming planet. He suggests that it's imperative for banks and their regulators to be part of the solution.

The sale comes nearly a year after the Cleveland bank said it would stop making consumer loans through car dealerships and focus more on relationship-oriented businesses. It plans to spend the proceeds on repurchasing up to $585 million of its own stock.

Alastair Borthwick, the president of global commercial banking, will succeed Paul Donofrio, who is transitioning to a new role as head of sustainable finance. The company also appointed three women to its executive leadership team.

Winston has previously served as interim CEO of Bed, Bath & Beyond and as chief financial officer at Family Dollar Stores and Scholastic.

An opponent of affirmative action is challenging the U.S. Securities and Exchange Commission’s approval of a rule to get more women and minorities on the boards of companies trading on Nasdaq.

The new standards give some 300 listed banks up to five years to meet targets for including women and minorities on their boards, or explain why they aren't doing so. State officials and investors had already pushed banks about the need to rethink their approaches to recruiting directors.

Steven Black was a board member of BNY Mellon when Wells CEO Charlie Scharf led the trust bank. He will become Wells Fargo’s fifth chairman in five years.