Racial bias

The Federal Reserve could ease capital rules, foster the creation of special-purpose banks and take other steps to strengthen minority communities and businesses without legislation being sought in Congress — if it has the will to do so, experts say.

The CFPB is giving stakeholders until Dec. 1 to file comments on a potential overhaul to its rules related to the Equal Credit Opportunity Act, which prohibits discrimination in credit and lending decisions.

Dennis Devine will have to navigate a number of issues, including economic strife and a pandemic, as he takes the helm at the $13 billion-asset institution.

A report from the trade group, released Tuesday, follows a June resolution from its board of directors recognizing historic, systemic and institutional racism in the U.S.

The agency sought feedback on potential changes to the Equal Credit Opportunity Act. But a coalition of industry and advocacy groups want a longer comment period to afford “a greater opportunity for thoughtful public participation.”

Some institutions have long worked to recruit a diverse workforce and address discrimination but these initiatives have taken on greater importance as protests have highlighted racial inequality.

The Federal Reserve Racial and Economic Equity Act would direct the Fed to consider racial inequality in employment, income and access to affordable credit when making monetary policy and in its regulation and supervision of banks.

The regulator approved a proposal that mirrors a rule banking regulators implemented in February 2019 to cushion the Current Expected Credit Losses standard's impact on capital levels.

The streaming service is taking out a two-year certificate of deposit with Hope Credit Union, which plans to use the funding to provide credit to communities often overlooked by mainstream banking.

The company's foundation, whose mission had been carefully planned by BB&T and SunTrust before their merger, opened just nine days before the novel coronavirus was declared a pandemic. Here’s what happened next.