In combining with the special-purpose acquisition company InterPrivate III Financial Partners, the fintech says it will have more than $400 million to pour into marketing campaigns and invest in new technology.

The Pittsburgh bank's commitment covers areas that include renewable energy, clean transportation and green buildings.

The new standards give some 300 listed banks up to five years to meet targets for including women and minorities on their boards, or explain why they aren't doing so. State officials and investors had already pushed banks about the need to rethink their approaches to recruiting directors.

Ando, a challenger bank focused on sustainability, is helping Virginia Community Capital Bank expand its 5-year-old clean energy lending program by finding a bigger pool of depositors who are eager to fund solar loans.

Sen. Patrick Toomey, the ranking Republican on the Banking Committee, has argued that research by the Federal Reserve into these topics could result in “mission creep.” Fed officials have said their job includes fostering inclusive economic growth and ensuring the banking system is girded against financial risks posed by climate change.

Until recently, only the largest financial services firms were tallying the risks from climate change and opportunities in the green economy. But a new report from Regions Financial suggests the practice is gaining wider traction.

Sen. Patrick Toomey, the top Republican on the Banking Committee, criticized acting Comptroller of the Currency Michael Hsu and others in the Biden administration for advancing “social goals that are unrelated to banking.”

BlackRock and other major financial institutions are working on plans to accelerate the closure of coal-fired power plants in Asia in a bid to phase out the use of the worst man-made contributors to climate change.

The agreement will allow the state-backed investment fund to meet surging financing demand for renewable energy projects. It is the largest-ever private fundraising deal by a green bank in the U.S.

The state's department of financial services is asking firms that it supervises to report information about the composition of their boards and senior leadership. It expects to publish aggregate findings in early 2022.