The Minneapolis company, which increased its minimum wage to $18 an hour in June, will bump it up to $20 in response to inflationary and competitive pressures.

The San Francisco megabank plans to reinstate guidance that drew scrutiny following revelations that women and nonwhite candidates were interviewed for jobs that had been reserved for someone else.

Natixis’s co-head of structured credit and credit trading has left the bank to join New York-based private equity shop Blue Owl Capital, as the firm seeks to step up its efforts in the collateralized loan obligation market.

Mizuho Securities’ head structurer of collateralized loan obligations has joined New York-based private equity firm Blue Owl Capital as it makes a push into the broadly syndicated CLO industry. 

Federal Reserve Bank of Chicago President Charles Evans plans to retire early next year, the bank said Thursday.

The municipality and the bank have been at odds over similar issues in the past, and no agency currently has deposit accounts with the lender.

The City Council recently voted 15-1 to establish a financial authority that would provide credit enhancements on loans to underserved borrowers. Public banking advocates say the effort is both an interim step for Philadelphia and a test case for other cities.

The long-awaited Community Reinvestment Act reform plan is likely to address climate change and bank partnerships with nonbank lenders, while also taking into account the shrinking number of U.S. bank branches, government officials said Monday.

Credit unions and banks need to ask themselves if they're finding ways to say "yes" to consumers who too often hear "no" from mainstream institutions. Otherwise, they perpetuate a system that excludes the poor and people of color and drive them toward nonbanks, said Pablo DeFilippi of Inclusiv Network and other experts.

The complaint seeks unspecified damages over the bank’s mortgage origination and underwriting practices, alleging minority homebuyers were excluded from affordable, low-risk loans.

The researchers found that the disparities that emerged from the analysis of 1.8 million appraisals from 2019 and 2020 were statistically significant.

The Federal Housing Finance Agency found several comments that could lead to fair lending concerns in the “neighborhood description” section of reports.

More than 180 community development financial institutions and minority depository institutions will receive the federal funds under a pandemic-era program. “It’s a lifesaver,” a credit union CEO said.

Business and regulatory pressures were already weighing on aging executives before the onset of the pandemic led many to delay retirement plans. Now as the crisis eases, an increasing number are finally stepping down.

The organizations have created the Racial Equity Accelerator for Homeownership, a two-year incubator for the development of innovations to address racial inequality in wealth and housing.

The proposal calls for a 20-year mortgage with Ginnie Mae and Treasury participation, but critics suggest that other measures would be more effective in bridging the gap in home equity.

Sandra Thompson, who has been acting director of the Federal Housing Finance Agency since June, has won backing from the mortgage industry and community groups for the experience she brings to the role. The push comes as the administration is said to be considering Mike Calhoun of the Center for Responsible Lending.

The chair of the House Financial Services Committee endorsed acting Federal Housing Finance Agency Director Sandra Thompson as rumors abound that the administration is considering someone else for the job.

In a recent securitization with Capital One, RBC Capital Markets gave a bigger role to small firms owned by minorities and women. It’s one example of how banks are striving to be more inclusive.

Despite “color blind” underwriting algorithms, loan denial rates on mortgages that were not backed by the Federal Housing Administration and the VA skewed heavily toward minority groups, according to a study by The Markup.