Diversity and equality

Credit unions have individually made progress in making their ranks more diverse and inclusive, but their efforts are starting to bump up against the political discourse over "woke" corporate cultures.

The Ohio-based bank concentrated most of its lending branches in majority-white neighborhoods and did nothing to compensate for its lack of physical presence, the DOJ claims.

A group including Dr. Bernice King, Martin Luther King Jr.'s daughter, and former SBA Regional Administrator Ashley Bell says the deal struck Tuesday to acquire Holladay Bank & Trust in Utah marks the first time Black investors have acquired a non-Black bank.

It's long been understood that there's a digital divide between Black banks and credit unions and other depositories. A new Urban Institute analysis looks at the prevalence of online banking services and mobile apps — and finds a chasm between the haves and have-nots.

The banking industry appears to be stuck when it comes to diversifying the leadership ranks.

Comun is one of several emerging neobanks specifically for Latino immigrants to the United States, but it has a distinctive feature: The default language is Spanish.

For Members Only Federal Credit Union in Chicago, which was founded by the African American sorority Alpha Kappa Alpha, is focused on helping members build generational wealth.

A fraught but often-overlooked episode near the end of the retired baseball legend's life carries lessons and inspiration for financial professionals.

The bank's delay in investigating the case forced the plaintiff to resign from the bank in July 2021, according to the complaint. Wells said that it takes allegations of misconduct "very seriously."

The minority depository institution largely caters to Mexicans in the U.S. Their trust in smartphones and distrust of traditional banking has influenced its approach to developing digital tools.

The nonprofit is entering phase two of its project with JPMorgan Chase intended to understand how conversational AI and emerging technologies can help low- to moderate-income consumers.

Bank of America named 360 managing directors, with more than half of the promotions awarded to women or people of color, according to people with knowledge of the matter.

The challenger bank will run a co-marketing campaign with the Eastern Shawnee Tribe of Oklahoma when it launches this spring and share interchange revenue with the tribe.

The Inclusiv Network and the National Association of Latino Credit Unions and Professionals opened the Juntos Avanzamos-NLCUP regional chapter in California last month. It's the first part of a campaign to address financial inclusion on a local level.

A month after the National Community Reinvestment Coalition blasted KeyBank's mortgage lending record to Black borrowers, the group said it will send letters to the Federal Reserve and OCC about its findings.

Burdensome regulations have decimated correspondent banking relationships, harming the most vulnerable in the U.S. and abroad.

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.