Diversity and equality

For Members Only Federal Credit Union in Chicago, which was founded by the African American sorority Alpha Kappa Alpha, is focused on helping members build generational wealth.

A fraught but often-overlooked episode near the end of the retired baseball legend's life carries lessons and inspiration for financial professionals.

The bank's delay in investigating the case forced the plaintiff to resign from the bank in July 2021, according to the complaint. Wells said that it takes allegations of misconduct "very seriously."

The minority depository institution largely caters to Mexicans in the U.S. Their trust in smartphones and distrust of traditional banking has influenced its approach to developing digital tools.

The nonprofit is entering phase two of its project with JPMorgan Chase intended to understand how conversational AI and emerging technologies can help low- to moderate-income consumers.

Bank of America named 360 managing directors, with more than half of the promotions awarded to women or people of color, according to people with knowledge of the matter.

The challenger bank will run a co-marketing campaign with the Eastern Shawnee Tribe of Oklahoma when it launches this spring and share interchange revenue with the tribe.

The Inclusiv Network and the National Association of Latino Credit Unions and Professionals opened the Juntos Avanzamos-NLCUP regional chapter in California last month. It's the first part of a campaign to address financial inclusion on a local level.

A month after the National Community Reinvestment Coalition blasted KeyBank's mortgage lending record to Black borrowers, the group said it will send letters to the Federal Reserve and OCC about its findings.

Burdensome regulations have decimated correspondent banking relationships, harming the most vulnerable in the U.S. and abroad.

Bank of America was an anchor investor for a new $100 million fund managed by Mendoza Ventures, which backs companies with founders from minority and other diverse backgrounds in the financial technology, artificial intelligence and cybersecurity industries.

Minority depository institutions have limited budgets and staff to upgrade their technology. Some are turning to secondment programs and like-minded fintechs to tackle these problems.

Executive coaching programs and specialized employee resource groups have helped financial institutions broaden their available pools of talent and ensure more representation throughout all levels of management.

Banks and other lenders revived special-purpose credit programs after racial-equity protests in 2020 prompted them to reexamine their services for historically underserved groups. Now they're taking those initiatives nationwide.

On issues from guns and abortion to climate change to corporate diversity, banks that have been trying to satisfy progressive groups felt blowback this year from right-leaning organizations and Republican officials.

The challenger bank for Black and Latino individuals introduced Elevate, a membership-only tier that includes access to private clubhouses and networking aimed at people of color.

Treasury Secretary Janet Yellen hailed the work done by women in her department as she unveiled the first U.S. banknotes bearing the signature of a female secretary.

A group of Hispanic lawmakers urged the Federal Reserve to appoint its first-ever Latino as a regional president after recent searches for the top roles at three other district banks resulted in the hiring of non-Latino candidates.

Since her 20s, Wechter has served as a sounding board to Chairmen Richard Parsons and Mike O'Neill and CEOs Michael Corbat and now Jane Fraser. Wechter, 41, eventually took over the human resources department, where she has set in motion changes reshaping life at the bank for its 238,000 employees.

The homeownership gap between Black and white populations has widened in the years since the Great Recession, putting obstacles in the way of achieving wealth for a large percentage of Americans. How did we get here, and what do the housing and home lending industries need to do to change the current course?