Racism

Some Republicans wrote to the FBI, asking for an investigation into Dominic Ng, who was recently appointed to the Asia-Pacific Economic Cooperation's Business Advisory Council, citing allegations he worked for two Chinese intelligence operations front groups.

There is a gaping hole in the financial system in North Minneapolis, where people are preyed upon by payday lenders and fringe bankers, according to Debra Hurston, executive director of the Association for Black Economic Power. Hurston is creating a credit union for this community to help break residents out of a cycle of exploitation and debt. But the issue is far bigger than one city, and the opportunity is one that any bank or credit union can seize.

M&T Bank in Buffalo, New York, said it would increase security at certain branches as its top executive and other firms condemned Saturday’s racist attack in the city.

Lenders don't oppose CFPB data collection for small-business loans but favor changes that would minimize unintended consequences for borrowers, a Consumer Bankers Association official writes.

Banks have supported initiatives aimed at closing the racial equality gap but the industry risks undermining this by fighting new rules to gather demographic data on small-business lending.

Events that unfolded in Minneapolis a year ago ultimately led to debt relief for Black farmers, bigger investments in Black banks, greater support for public banking, and more.

In an interview, the Hong Kong native spoke about the fears of his employees, 74% of whom are Asian American, as well as about his optimism regarding hate crime legislation President Biden signed last week. East West and several other banks have donated to groups working to track and reduce the recent spike in anti-Asian violence.

Sen. Pat Toomey of Pennsylvania, the top Republican on the Banking Committee, told three Federal Reserve regional presidents that a series of events tied to the impact of racism on the job market and housing systems is not within the scope of the central bank.

The Department of Housing and Urban Development will revive a 2013 rule that makes lenders liable for practices that were unintentionally discriminatory as well as 2015 guidelines for how local jurisdictions comply with the Fair Housing Act.

The credit union has made a four-year commitment to support the 1921 Tulsa Race Massacre Centennial Commission and Greenwood Rising, a local history center.