Diversity and equality

New president of Promontory Interfinancial Network says recession will cause "hundreds" of nonbank disruptors to fail; lenders face dilemma over offering Main Street loans to noncustomers; PNC Financial expands, diversifies executive leadership team; and more from this week’s most-read stories.

Working together, credit unions can help build a culture of tolerance and inclusion that in time may aid in healing some of the nation's oldest wounds.

Less than three weeks after making a $1.05 billion pledge to fight racism, the Pittsburgh company promoted two Black bankers to its top-level management committee.

Royal Bank of Canada says it is raising internal targets for the number of racial minorities in executive roles to improve diversity in its leadership ranks.

The Main Street Lending Program and other Federal Reserve loan facilities should be tailored to the needs of Black-owned banks and businesses.

In the tech-centric payments industry, the number of women in C-suite roles is rising after decades of incremental progress, but the path to leadership for Black people in the payments industry remains steep and lonely.

Christina O’Brien has worked at the Warner Robins, Ga.-based credit union for almost 30 years in a variety of roles.

The company seeks to help funnel more loans to minority businesses and consumers; the regulator says short-staffed banks are having trouble handling new government programs.

The New York State Department of Financial Services issued a letter Tuesday reminding lenders of amendments to the state's Community Reinvestment Act, under which banks are evaluated on how they meet the credit needs of businesses owned by women and minorities.

Amex is offering cash rewards on a global scale for customers who shop at small businesses that are trying to recover from coronavirus lockdowns. The card brand also pledged $10 million to support Black-owned small businesses over the next four years.

JPMorgan Chase is cracking down on racism by its customers. The bank is revamping a policy for dealing with abusive clients to include racism toward call-center employees as behavior that could warrant cutting ties with the customers.

Mastercard Inc. vowed to improve the diversity of its leadership ranks, saying it plans to increase the number of Black leaders at the vice president level and above by 50% by 2025.

The Fed stopped short of banning payouts entirely following bank stress tests; banks get greater freedom to invest in venture capital funds and reduced collateral on swap trades.

VCs and lenders rely on business data such as transaction records to inform funding decisions for fintechs or small businesses, but bias and uneven representation in management still result in gender and racial disparity.

More than half of Toronto's population is foreign-born — a higher proportion than New York, Paris, London or Sydney — and about 52% identify as a visible minority. But the city's diversity fades in the upper echelons of its financial firms.

It's imperative that financial services firms find ways to ensure all Americans have access to the banking services necessary to thrive.

The pandemic and the Black Lives Matter protests have changed the way banks interact with their customers, communities and employees. Here's how.

Funds from a certificate of deposit at Berkshire Bank will help fuel lending to minority-owned small businesses. Mellody Hobson explains why merely "working on diversity" is not good enough. And Wells Fargo ties compensation to progress on diversity targets.

JPMorgan Chase, Fifth Third, Truist among banks closing early to observe Juneteenth; inside the OCC's effort to extract $37.5M from former Wells Fargo execs; banks are at a loss what to do with record amount of funds; and more from this week's most-read stories.

How the mortgage and housing industries react to the current civil rights moment could shape policies and bridge the homeownership divide for the Black community.