CEO John Turner said green projects present a strong business opportunity for the Birmingham, Ala., company.

The fintech Fair isn’t using terms like “sharia” or “Islam” in its messaging, but it is offering interest-free loans and socially responsible investments that comply with Islamic rules.

Under the leadership of former Chief Risk Officer John D'Angelo, the new environmental, social and governance office will oversee the bank's sustainability and corporate social responsibility functions.

Called by House and Senate Democrats, the hearings with the heads of the nation's six largest banks will take place over two days and will likely examine the industry's response to the pandemic and efforts to address climate change and racial equity.

JPMorgan Chase set a goal to finance $2.5 trillion in initiatives that combat climate change and advance sustainable development over the next 10 years, while Citigroup said it would back $1 trillion of similar efforts by 2030.

Bank of America, which has had an environmental business goal since 2007, is significantly increasing its current commitment.

In his annual message to investors, the JPMorgan Chase CEO said Big Tech and fintechs are "here to stay" and vowed to be aggressive in taking on these new challengers. He also predicted that the economy would take off this year, but said capital rules prevented banks from doing more to help blunt the impact of the pandemic recession.

Policymakers have scrutinized social disparities in the financial system and banks' climate-change risks. That has led to a new line of attack from Republicans who say agencies such as the Federal Reserve should stay in their lane.

Activist investors are pressuring big banks to further curtail lending to the fossil-fuel industry, undergo so-called racial-equity audits and disclose more about their lobbying practices and financing of nuclear weapons manufacturers.

Bank of America said Tuesday that it would up its initial commitment from $1 billion to $1.25 billion and would increase support in Asian American communities, where violence and incidents of harassment have risen sharply during the COVID-19 pandemic.