Racial bias

In late July, the Justice Department notified the Houston bank of a potential lawsuit alleging violations between 2013 and 2017, according to a securities filing. Cadence said that its prospective merger partner, BancorpSouth, supports the settlement discussions.

The 2013 rule, which was weakened under the Trump administration, established a comparatively low bar for plaintiffs alleging discrimination.

Under a plan signed into law in March, the agency will first target direct loans that it has made to socially disadvantaged farmers. Guidance that will affect small banks that have made government-backed agricultural loans is due in 120 days.

The lender will expand certain mortgage products, like its HomeRun program, which requires lower down payments and removes mortgage-insurance requirements for lower-income borrowers.

“You all will not let me breathe” is just one example in the CFPB’s complaint database where a consumer likened alleged mistreatment by a financial institution to social injustice. An artificial intelligence firm uses technology to help companies flag such language.

The agency has suggested it could go beyond enforcing fair-lending laws to urge financial institutions to help narrow the wealth gap. But those very same laws pose obstacles to achieving that goal.

Several organizations serving the industry are speaking out following a series of murders in Atlanta.

"On streets, online and in many Asian-owned small businesses, we are seeing physical assault, verbal harassment and refusal of service," JPMorgan Chase CEO Jamie Dimon wrote in a memo to staff. "These racist acts cannot — and will not — be tolerated."

With a steady stream of Senate hearings held on the racial wealth gap and inequities in the financial system, the new chairman has set a consumer-focused agenda that leans further left than even past Democratic chairs.

The number of credit unions having serious conversations about diversifying their boards is on the rise, according to a new study from CUES, but those efforts are more likely to succeed if targets, education and other factors are in place.

The industry has a key role to play as policymakers push to expand access to affordable financial services for all Americans.

The ongoing national conversation about race and social justice has increased calls for boards of directors that better reflect credit union membership. But any real change won't happen quickly.

Reimagining LGBTQ+ efforts at UBS for improving diversity in their recruitment process

Interim CFPB Director Dave Uejio expressed concern that financial institutions have dragged their feet in resolving disputes with consumers for service issues during the pandemic.

The pandemic has decimated small businesses, and minority-owned firms have been hurt the most. How can banks and regulators jump-start the small-business economy?

Dave Uejio, acting director of the Consumer Financial Protection Bureau, promised to protect veterans from predatory loans and to crack down on companies that improperly garnish stimulus checks or mistreat struggling borrowers.

The president’s executive action looks to assess the impact of the previous administration's alterations to the Affirmatively Furthering Fair Housing and Disparate Impact rules, while reinforcing Biden’s vow to eliminate discriminatory lending practices.

The Iowa-based institution hopes the funds can help narrow the racial homeownership gap in the state, which is believed to be among the worst in the nation.

The credit union announced a $1 million commitment to the New Jersey Education Association spread over 10 years, with the first installment helping expand the group’s Human and Civil Rights Division.

Just like the industries that they cover, the lack of Black representation among news outlets acts as a barrier against understanding and eliminating systemic racism.