Diversity and equality

CEO Dominik Mjartan is stepping down after Optus Bank increased its assets more than 1,000% over seven years.

A female employee is now suing ICAP and Citigroup, alleging she was subjected to years of unwanted sexual attention and threats by a Citi trader.

The lender denied its software uses artificial intelligence in fighting a 'digital redlining' case.

Fostering financial well-being among the country's fastest-growing demographic group is essential to the future of the American economy. And, not incidentally, it's also good for business.

A federal appeals court ruled that the Equal Credit Opportunity Act prohibits not just outright discrimination but also the discouragement of prospective applicants for credit.

By adopting more inclusive lending practices and actively seeking to support minority-owned businesses, banks can help bridge the financing gap that often stifles the growth of these businesses.

All cultures have explicit and implicit biases. Preventing discrimination when large language models are involved starts with using high-quality human-curated data and text.

AI tools, such as large language models, offer the promise of increased efficiency; but they also carry with them potential legal and regulatory risks. Financial service providers will need to find a way to strike the right balance as technological advancements continue to emerge.

IntraFi has joined two banking industry trade groups spearheading an effort to source large institutional deposits at small, cash-starved CDFI and MDI banks.

The company's shareholders are ill-served by its large investments in fossil fuel projects that both damage the environment and present major financial risks.

The Boston-based custody bank will place deposits at Carver State Bank, Citizens Trust Bank and Ponce Bank as part of its broader effort to help reduce the wealth gap. State Street plans to place a total of $100 million of deposits at minority depository institutions this year.

In recent years, the wealth gulf between white and Black families has only grown. But there is hope that advances in fintech, such as wider adoption of artificial intelligence, can help.

In this month's roundup of top banking news: a Supreme Court ruling on CFPB funding, TD Bank's money laundering woes, an FDIC workplace probe reveals a culture of misconduct and more.

A set of panels discussing minority depository institutions and digitization found that cost is a significant challenge to minority depository institutions, especially in the core processing space.

Federal regulators need to mandate full disclosure of total costs for international money transfers, including all exchange rate markups, and to allow nonbanks access to the Fed's payment system.

In an increasingly cashless society, having a basic bank account ought to be an inalienable right. Instead, we have a system that deliberately prevents millions of Americans from making even the simplest transactions.

The Justice Department and the CFPB are increasingly relying on emails among employees that contain discriminatory comments to strengthen their hand in cases against lenders.

The megabank, which is eliminating about 5,000 jobs in a first round of restructuring, said that it's paused its annual review of racial and gender pay gaps. Citi will conduct a 2023 review sometime later this year, a source said.

For the second straight year, Goldman Sachs shareholders have filed a proposal calling for more details on racial and gender pay gaps. The request comes as the investment banking giant faces scrutiny over its lack of high-ranking women leaders.

An advocate for the credit union industry pushes back against "tired" and "recycled" criticism from bankers.