Separately, CUNA's State CU Subcommittee is completing work on the handbook, Credit Unions Support Financial Literacy in High Schools, which will illustrate the credit union commitment to financial literacy. "We highlight the new and fresh ideas credit unions are using now to raise the awareness of the public and lawmakers to the importance of financial literacy," said CUNA's Colleen Kelly.
The news media investigation of transactions by nefarious actors puts certain large banks in a negative light, but it also points to inefficient use of suspicious activity reports and other anti-money-laundering issues that the industry has decried for years.
The fund will support Community Development Financial Institutions that lend to minority- and women-owned businesses. The Charlotte, N.C., company is the latest big bank to make a large dollar commitment focused on alleviating racial and economic inequality.
Under fire for saying that the potential pool of talent is "limited," CEO Charlie Scharf issued a memo to employees Wednesday acknowledging that his words reflected his own "unconscious bias" and vowing to improve diversity in the bank's leadership.