Diversity and equality

Deutsche Bank’s female employees in the U.S. represent about 21% of the firm’s top ranks and Black people account for around 5%, according to data released by the bank for the first time Friday.

Bank of America joined JPMorgan Chase and Wells Fargo in making Juneteenth a bank holiday starting next year after President Biden signed the June 19 federal holiday into law to commemorate the end of slavery in the U.S.

Eight months after its debut, more than 10,000 customers have signed up for the service, which allows transgender and nonbinary consumers to use their chosen name.

Global Payments' TSYS subsidiary and BM Technologies will offer the program, which allows transgender and nonbinary consumers to use their preferred name on payment cards.

Math-based machine learning tools hold substantial promise in advancing the fairness of consumer lending and developing benchmarks for the entire industry.

Many banks make outward gestures of solidarity with their LGBTQ customers and employees. But queer folks have real and distinct banking needs that aren’t being met.

The card brand now offers tuition to Paul Quinn College, one of 107 historically Black colleges and universities in the U.S.

Republic Bank in Louisville is the first community bank to launch Mastercard's True Name service, which allows customers to display their chosen name on debit cards.

The top Republican on the Senate Banking Committee, Pat Toomey of Pennsylvania, says the Federal Reserve's heightened attention to racial and income inequality amounts to "political advocacy." But Al Piña, the CEO of the Florida Minority Community Reinvestment Coalition, argues that promoting equality is part of the Fed's mission.

The heads of the six largest banks endured a second day of testimony as House members quizzed them on overdraft fees, investments in minority businesses and other issues. Meanwhile, the executives pushed back on Democrats’ proposal to raise the corporate tax rate.

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.

The programs from the trade group are aimed at helping the bank improve its employee representation and workplace culture.

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.

Last year, many banks made big, splashy pledges to advance racial equity. Now some of those banks are seeking to hold executives accountable for those efforts through their paychecks.

Under a plan signed into law in March, the agency will first target direct loans that it has made to socially disadvantaged farmers. Guidance that will affect small banks that have made government-backed agricultural loans is due in 120 days.

The feature prints users' preferred name on credit and debit cards, and is live in the U.S. with Citigroup, BMO Harris and Superbia Credit Union.

Bank of America is expanding a mortgage program for low- to moderate-income homebuyers in an effort to address racial wealth gaps.

The Dallas bank appointed Sonya Trac to lead business development in communities that have been hit hard by both the pandemic-induced recession and a recent wave of discrimination. It is also depositing $2.5 million at a Los Angeles bank that serves Asian Americans.

Daylight, a digital banking platform for the LGBT community, uses its customers’ preferred names on debit cards rather than their legal names. Through a new social media campaign, the company is encouraging the American Bankers Association and its members to do the same.