Diversity and equality

Right now it's every bank for themselves when it comes to translating financial disclosures into languages other than Spanish. The process comes with a number of challenges, such as ensuring all customers can understand the information despite nuances in the different Chinese dialects.

The company is rolling out a special-purpose credit program to help address what it describes as "the biggest barriers to achieving homeownership." Such programs are gaining popularity among banks.

Putting the pressure on employees to return to the office could cost financial companies their leadership.

The Department of Housing and Urban Development is reviewing HSBC's lending practices in certain majority Black and Hispanic neighborhoods, the bank disclosed. The regions under scrutiny include New York, Seattle and several parts of California, according to the nonprofit organization whose complaint prompted the investigation.

In the wake of the decisions to roll back affirmative action provisions within college admissions, many executives are looking for ways to continue championing diversity, equity and inclusion.

The Supreme Court's ruling on affirmative action in higher education has opened the door to challenges of diversity initiatives in the financial services sector, legal experts say. Internship programs for minority students could face scrutiny, as could efforts to increase workforce diversity.

Eligible customers would receive a credit of up to $5,000 that can be put toward expenses like closing costs, or used to secure a lower interest rate. It's the latest example of a bank launching a program aimed at extending credit to minority borrowers.

Deborah Donnelly, senior program manager of talent and performance at BECU in Washington state, has prioritized training the next generation of professionals in each position she's held.

While 48% of hiring managers admit to having bias, 68% think that AI could be the key to removing it from the hiring process.

Eligible borrowers would receive a credit for up to $5,000 to pay for expenses like insurance, taxes and closing costs. The program comes months after fair-lending advocacy groups criticized KeyBank for its low rate of lending to Black borrowers.

The company directed its bilingual team to steer customers away from products with no closing costs toward "predatory lending options" without disclosing the costs, in part by refusing to provide Spanish-language written materials, according to a lawsuit filed by current and former members of the company's bilingual mortgage sales team.

Few large banks fully support the Spanish language. Those making the effort, including U.S. Bank and Square, could better reach a fast-growing population.

Under a 2-year-old program, homebuyers receive grants of up to $5,000 for down payments and closing costs. JPMorgan Chase said the latest expansion — to some new 3,000 census tracts in 16 U.S. markets — may help an additional 1,000 customers obtain mortgages.

A Florida pension fund is demanding the bank turn over files about a possible criminal probe into whether the bank violated federal law by setting up fake job interviews to meet in-house diversity guidelines. 

JPMorgan Chase, Regions Financial and TD Bank Group are among those deploying technology to level the playing field for customers of varied abilities.

Pride month is the perfect time to take a hard look at the discrimination that LGBTQ people face in the financial services industry, particularly when it comes to obtaining credit.

The pro football league plans to borrow up to $78 million over the next three years from 16 financial institutions, most of which are Black-owned or Black-led. It follows the lead of Major League Soccer, which announced a similar plan last year.

Financial institutions that received funding from the Emergency Capital Investment Program grew their loans by 35% between 2021 and 2022, according to new research. Now leaders at those institutions are turning their attention to the need for patient deposits.

Citigroup, Bank of America, Wells Fargo and KeyCorp are part of a coalition that last year pledged to move $1 billion of deposits to minority depository institutions and community development financial institutions. On Thursday, organizers announced that the group has reached its goal.

The FDIC gave Cadence Bank in Mississippi the highest possible rating on its most recent Community Reinvestment Act evaluation. Cadence was the product of a 2021 merger completed just months after the acquired bank settled a federal lending discrimination case.