The Cleveland-based bank says it will submit to a racial equity audit conducted by an outside law firm, as Citigroup and Wells Fargo have previously done. The bank's decision follows a request that regulators investigate Key's mortgage lending practices for alleged redlining.

Liberty Bank, an $11.6 million-asset lender in Salt Lake City, is the first FDIC-supervised bank in six years to be hit with the lowest Community Reinvestment Act rating possible twice in a row. Regulators identified an unspecified "illegal credit practice" during their review of the bank's performance.

The placement of Wells Fargo, JP Morgan Chase, and Bank of America on the list makes them ineligible for state and local government contracts.

Kaua'i Federal Credit Union in Lihue is launching an "economic resiliency center" for members in the Kapa'a community. It hopes to support minority-owned businesses throughout the area by providing access to housing resources and other funding.

The National Credit Union Administration is seeking the perspective of credit union leaders in areas vulnerable to natural disasters to gauge the true scope of environmental changes and to inform best practices for managing their impact.

At the two big banks, proposed phaseouts of lending for new fossil-fuel exploration drew less shareholder support on Tuesday than they did a year ago. The results were a blow to activists who want big banks to take stronger action to combat climate change.

Bank of America hits 100% recycled-plastic card goal for Earth Day, First U.S. Community Credit Union names new CEO, Santander partners with DailyPay, and more in this week's banking news roundup.

JPMorgan's board of directors recommended shareholders reject three proposals for the bank to divest from fossil fuels, set new emissions reduction targets and detail 2030 decarbonization plans.

"Florida will not side with economic central planners; we will not adopt policies that threaten personal economic freedom and security," said Gov. Ron DeSantis.

How banks' social responsibility goals can encompass working for women's economic empowerment

Federal banking regulators should allow banks to receive Community Reinvestment Act credit for making loans to community news organizations.

The New York megabank unveiled the most complete accounting to date of its carbon footprint, and pledged to further reduce emissions from various high-emitting industries. Climate activists offered a mix of praise and concern.

The measure prohibits government contracts with companies deemed to be "boycotting" the fossil fuel, firearm, timber, mining, and agriculture industries.

President Joe Biden's nominee to lead the World Bank said there's sufficient scientific evidence that burning fossil fuels contributes to climate change, seeking to address criticism about the lender's commitment to the issue under its outgoing chief.

A Bloomberg report shows that the headway made to date isn't enough for the planet to reach the crucial goal of net-zero emissions by mid-century.

Banks with up to $225 billion of assets are making some progress in assessing climate-related financial risks, but they still lag behind bigger banks in taking action, according to a report from the consulting firm Baringa Partners US.

A bill introduced by Sen. Dave Min would prohibit banks that invest in gunmaking from working on any aspect of state public finances, including bond sales.

JPMorgan Chase, Morgan Stanley and Bank of America threatened to leave climate group NZBA late last year if limits on their fossil-fuel activities were imposed, concerned that they would be legally bound, according to people familiar with the process.

The findings suggest that it pays to build expertise in ESG, as some of the world's largest banks resort to deep cuts in more traditional corners of their business.

Two proposals by Democratic state senators would force companies doing business in the Golden State to report greenhouse gas emissions and disclose climate-related financial risks. The banking trade group opposed similar efforts two years ago.