Diversity and equality

Bank of America was an anchor investor for a new $100 million fund managed by Mendoza Ventures, which backs companies with founders from minority and other diverse backgrounds in the financial technology, artificial intelligence and cybersecurity industries.

Minority depository institutions have limited budgets and staff to upgrade their technology. Some are turning to secondment programs and like-minded fintechs to tackle these problems.

Executive coaching programs and specialized employee resource groups have helped financial institutions broaden their available pools of talent and ensure more representation throughout all levels of management.

Banks and other lenders revived special-purpose credit programs after racial-equity protests in 2020 prompted them to reexamine their services for historically underserved groups. Now they're taking those initiatives nationwide.

On issues from guns and abortion to climate change to corporate diversity, banks that have been trying to satisfy progressive groups felt blowback this year from right-leaning organizations and Republican officials.

The challenger bank for Black and Latino individuals introduced Elevate, a membership-only tier that includes access to private clubhouses and networking aimed at people of color.

Treasury Secretary Janet Yellen hailed the work done by women in her department as she unveiled the first U.S. banknotes bearing the signature of a female secretary.

A group of Hispanic lawmakers urged the Federal Reserve to appoint its first-ever Latino as a regional president after recent searches for the top roles at three other district banks resulted in the hiring of non-Latino candidates.

Since her 20s, Wechter has served as a sounding board to Chairmen Richard Parsons and Mike O'Neill and CEOs Michael Corbat and now Jane Fraser. Wechter, 41, eventually took over the human resources department, where she has set in motion changes reshaping life at the bank for its 238,000 employees.

The homeownership gap between Black and white populations has widened in the years since the Great Recession, putting obstacles in the way of achieving wealth for a large percentage of Americans. How did we get here, and what do the housing and home lending industries need to do to change the current course?