Investments

Data as of Mar. 31, 2022. Dollars in thousands.

Community development financial institutions will receive low-interest loans from Bank of America and use that money to fund the development of primary health care centers in communities of color and rural areas.

"It's probably the only asset class where maybe the client knows more than the advisor right now," Maxwell Lane, head of product for Flourish, said at Financial Planning's Invest conference.

Firms owned by people of color have suffered more over the last two years than those owned by whites, according to a survey by the Federal Reserve Banks. Asian American-owned firms reported the biggest increase in financial challenges.

Large banks are facing an increasingly difficult challenge on environmental and social issues: balancing the demands of progressive activists and their own employees with those of Republican state officials. One analyst calls it the “goldilocks dynamic.”

The bank, which is already a major advertiser in women’s sports, challenged other companies to follow its lead in balancing financial commitments to men's and women's athletics.

Pushes for transparency on charitable donations and ghost guns, among others, were voted down.

The Bank Policy Institute and the Financial Services Forum argue that the agency’s proposal could conflict with bank regulators’ efforts to address climate change. They are also criticizing the SEC’s proposed treatment of so-called Scope 3 emissions.

The state-sponsored entity plans to launch a $250 million “community decarbonization fund” to finance electrification, energy efficiency and onsite power projects in disadvantaged communities.

The Basel Committee on Banking Supervision finalized guidelines for supervising and managing the risks climate change pose to banks. While capital requirements aren’t included, U.S. regulators are directed to play a hands-on role in assessing banks’ preparedness.