The number of shareholder proposals appearing in banks' proxy statements is down significantly this year, due to Trump-era regulatory changes and new concerns about political blowback.

The largest U.S. bank will now call the initiative Diversity, Opportunity & Inclusion, or DOI, Chief Operating Officer Jenn Piepzak said in a memo to staff Friday.

The Trump administration's attack on diversity, equity and inclusion programs raises the question: Will big banks continue their support of minority depository institutions?

"We have made certain adjustments to reflect developments in the law in the U.S.," Chief Executive Officer David Solomon said.

Wells Fargo joins Bank of America, Citi and Charles Schwab in stepping away from its DEI policies.

Banks' latest annual reports, filed in the early weeks of the second Trump administration, provide a window into how the industry is adjusting to a new political climate.

The New York megabank facilitates much of the U.S. government's payment network domestically and internationally, making it a major federal contractor and vulnerable to the Trump administration's scrutiny.

Texas and nine other Republican-led states are ratcheting up pressure on Wall Street's diversity programs, asking firms about their policies on hiring and supplier selections as the Trump administration moves to gut DEI.

Women in the payments industry are using the advent of real-time payment networks to help underserved women around the world gain access to vital financial services.

The president-elect's history of deregulatory financial services policies could offer some benefits to minority businesses and consumers, but the more likely outcome is reduced access to capital and higher costs.