Investments

Bank of America’s largest philanthropic initiative is reaching into new neighborhoods with programs dedicated to community building and leadership training.

Young entrepreneurs and soon-to-be heirs are expecting more social impact from their investments. Private banks are evolving in response — often by matching clients with like-minded advisors who are closer in age, and by hiring more women and people of color.

Even financial institutions that have updated their practices still don’t hit the basic benchmarks of transparency and fairness.

JAM Fintop's Banktech fund, which is backed by community banks, has invested in Monit, a small-business predictive analytics company. Two of the banks have expressed interest in using its product.

More than two dozen banks have said they can continue working with Texas and its local governments in the wake of new state laws seeking to punish financial institutions that have policies aimed at the gun and fossil fuel industries.

JPMorgan Chase signed a pledge to align its lending and investment portfolios with net-zero emissions by 2050, joining more than 40 rival financial firms in the Net-Zero Banking Alliance.

Climate First Bank in St. Petersburg, Florida, is offering loans for condominium improvements that will reduce carbon emissions while fortifying buildings against serious weather events. More banks may implement similar programs in the years ahead.

Democratic Gov. Gavin Newsom signed legislation that establishes a commission to analyze the possibility of offering federally insured, fee-free bank accounts.

Through these partnerships, lenders can diversify their portfolios and even help members recoup their investment by selling or gaining credits for excess energy.

Finucane aims to establish BofA as a global leader in financing the transition to a greener economy.