Diversity and equality

In congressional testimony, the director of the credit union regulator's Office of Minority and Women Inclusion outlined steps the agency is taking to increase diversity at the agency.

Bank of America announced how it plans to spend a third of its $1 billion commitment to address racial and economic inequities and the effects of the coronavirus pandemic in communities of color.

Even though financial institutions have "slightly" stepped up assessments of diversity practices, "we are not satisfied with the level of responsiveness,” a senior Federal Reserve official said in congressional testimony.

A New York CDFI is halfway to its $100 million fundraising goal for a fund that would put deposits in Black-owned banks and make loans to key businesses or projects. It hopes the moves will improve availability of capital and access to mainstream financial products.

Larry Sewell has also pledged to continue a series of industrywide conversations on race relations.

Discover is working to help Black-owned businesses and other merchants maintain foot traffic — safely — through the use of the card network's payments technology and its marketing heft.

Piedmont Federal Savings is working with historically Black colleges and universities to hire and train prospective commercial lenders and managers who better reflect the community it serves.

The move is part of the effort by lenders and other companies to promote racial equity and be more sensitive to the stresses on front-line employees. It also coincides with rising concerns about the postal system’s ability to handle the rush of absentee ballots.

The move is part of the effort by banks and other companies to promote racial equity and be more sensitive to the stresses on front-line employees.

Political donations from the sector and interviews with industry experts highlight a wide range of views on affordable housing resources, the appropriate level of regulatory relief and how policymakers should enforce fair housing rules.

"It's on-demand capital for us," Optus Bank's CEO says of the payment company's deposit. The funds are part of PayPal's broader effort to confront race and income inequality.

If the U.S. Postal Service can hold talks with big banks, like JPMorgan Chase, about offering financial services in post offices, then it could easily strike up similar conversations with credit unions.

"It's on-demand capital for us," Optus Bank's CEO says of the payment company's deposit. The funds are part of PayPal's broader effort to confront race and income inequality.

The Federal Reserve could ease capital rules, foster the creation of special-purpose banks and take other steps to strengthen minority communities and businesses without legislation being sought in Congress — if it has the will to do so, experts say.

If the U.S. Postal Service can hold talks with big banks, like JPMorgan Chase, about offering financial services in post offices, then it could easily strike up similar conversations with credit unions.

A decision by some banks to replace in-person campus visits with video interviews is intended to increase diversity by reaching beyond the handful of elite business schools and Ivy League universities long associated with the finance industry.

Treasurer Ma has championed programs to give minority and women-owned businesses a seat at the table throughout her career. A mission of the Treasurer is increasing diversity to increase equitable outcomes.

Unlocking the power of diversity doesn't just happen, it starts with inclusion, so we can benefit from diverse insights that will drive innovation to shape the future of payments, says TD Bank's Angela Conti..

The CFPB is giving stakeholders until Dec. 1 to file comments on a potential overhaul to its rules related to the Equal Credit Opportunity Act, which prohibits discrimination in credit and lending decisions.

Dennis Devine will have to navigate a number of issues, including economic strife and a pandemic, as he takes the helm at the $13 billion-asset institution.