Diversity and equality

Billions of government and corporate dollars are pouring into minority banks and community development lenders, complicating the efforts of some investment funds that had similar goals. Still, banks owned and run by African Americans say the equity infusions are small in the context of the nation’s wide racial wealth gap.

Central bankers need to speak up about economic barriers prompted by racism and the need for inclusion and diversity, Federal Reserve Bank of Atlanta President Raphael Bostic said, a response to critics who see the work as a distraction from the Fed’s main goals. 

Banks and credit unions need to do more for (and assume less about) customers who are over 50, says Theo Lau, founder of the advisory firm Unconventional Ventures.

Experts discuss the proliferation of chief diversity officers across the industry and what it may mean for future progress in diversity.

The Arkansas bank is working with 10 universities' athletic departments to create programs for women it hopes will one day join its ranks.

Take an inside look at leading issues in financial and social inclusion with an industry expert.

More than 180 community development financial institutions and minority depository institutions will receive the federal funds under a pandemic-era program. “It’s a lifesaver,” a credit union CEO said.

An audit found most of the biggest banks and largest community banks fail to meet basic Americans with Disabilities Act rules for website and app readability. U.S. Bank does more than most to make digital channels accessible.

A few changes to underwriting rules could result in a huge opportunity for both lenders and minority women who own businesses.

Banks in Mastercard's True Name program, which allows transgender and nonbinary customers to get cards bearing their preferred name, often use those customers' legal names elsewhere. Three challenger banks have made adaptations to achieve greater consistency across all communication channels.

The sale could end minority ownership for Alamerica Bank in Alabama, further reducing the number of Black-owned banks in the U.S.

Financial services companies tend to push out older employees. That’s a mistake, both because of the loss of institutional knowledge and because it’s older bankers who can build the best rapport with boomer customers.

Recruiting from competitors can be hard to pull off, and it won't create more equity in the industry. Some of the Best Banks to Work For are finding ways to develop, support and promote women who are already on the payroll.

Adelphi Bank in Columbus, Ohio, would be just the nation’s fourth depository with a predominantly African American board of directors. “The hope is that we change lives,” said Jordan Miller Jr., who would serve as president and CEO.

Morgan Stanley is introducing an initiative to draw more young people from diverse backgrounds to the finance industry, furthering its outreach efforts a week after appointing to the bank’s board its first woman of color.

The card network chose the majority-Black city as the site of its new operations center in part to improve the racial makeup of its workforce and create a new path to leadership for minorities.

The largest of the 2021 Best Banks to Work For, those with more than $10 billion of assets, are trying new recruiting tactics and ramping up diversity efforts.

The Pennsylvania community bank lacked the resources to go all-in on developing a diversity, equity and inclusion policy, so it turned to grad students at Georgetown University for help.

The bank is partnering with Anthemis to match investors with female entrepreneurs, who according to Findexable research attract just 1.5% of investment in the sector.

The U.S. Treasury is creating a new role of point person for racial equity, hiring JPMorgan Chase veteran Janis Bowdler for the job.