Diversity and equality

Wells Fargo and JPMorgan Chase recently avoided shareholder votes tied to their use of arbitration clauses in sexual harassment cases. But socially conscious investors say the issue is likely to flare up again elsewhere and that banks would do well to address a wide range of gender equity matters head on.

Mastercard disclosed its gender pay gap for the first time on Monday, saying that its female employees worldwide make 7.8% less than the men. The company said it is working toward parity.

Some institutions have taken steps to ensure their websites meet accessibility standards, but experts say many credit unions could still be doing more.

CFPB Director Kathy Kraninger promised to complete the rule mandated by Dodd-Frank one day after a California court set a process for doing so.

The collaboration is the African-American Credit Union Coalition's second high-profile announcement related to DEI issues so far this year.

After dragging its feet, the agency has agreed to a court-supervised process for writing a Dodd-Frank-mandated rule aimed at stamping out discrimination.

National Credit Union Administration board member Todd Harper also emphasized the risks of poor succession planning during remarks on Wednesday.

The money will help moderate- and low-income communities in Detroit and Cleveland.

Elizabeth Warren, Sherrod Brown and three other Democrats asked nonbank lenders to ensure they comply with fair-lending laws following a report suggesting they charge higher rates to those who have attended historically black or predominantly Hispanic colleges.

Authorities looking into Barclays CEO’s dealings with Jeffrey Epstein; controversial pick Judy Shelton, critics charge, would jeopardize Fed independence.

Humanidei and the African-American Credit Union Coalition have committed to the goal of at least 30% racial and gender diversity in the C-suite within the next 10 years. It will take more than just lip service from the rest of the movement.

A study by the House Financial Services Committee on the industry’s efforts to hire and promote more women and minorities has sparked a dispute over whether banks should have to be more transparent about those efforts.

Wells is thought to be the first big U.S. bank to allow harassment victims to go to court instead of arbitration. An investment firm that advocates for progressive causes claimed credit for the policy change.

It could take a while to achieve those goals – more than half of credit union boards don’t have term limits for directors, the report showed.

The African-American Credit Union Coalition will recognize three industry leaders, one posthumously, during an event in Washington later this month.

The Financial Services Committee will also hold hearings next month on monetary policy, the CFPB and "astroturfing" worries, among other things.

All three executives began as tellers and have been with the institution for a dozen years or more.

Until the gender gap of the technology, banking and payment industries change, innovation will continue to be impacted, says Itemize's Samantha Fisher.

The changes will mean a bigger gap between the best and worst borrowers; the bank will require companies they take public to have a ‘diverse’ board member.

The Madison, Wis.-based think tank's latest initiative is another sign of the increasing emphasis the credit union industry is placing on diversity, equity and inclusion.