- Through an industry letter, New York State Department of Financial Services Superintendent Linda Lacewell unveiled an initiative to promote diversity, equity and inclusion in the financial institutions regulated by the Department. The first step announced in the initiative is to collect data from banking institutions under $100 million that is related to the gender, racial and ethnic composition of boards or equivalent body and senior management. In a statement to Bloomberg News, NYBA President & CEO Clare Cusack noted the Department’s tempered and judicious approach, collecting level setting data before promulgating regulatory requirements and leveling the playing field early by including nonbanks, adding “New York’s banking industry recognizes the proven value and importance of diversity, equity and inclusion efforts and representative leadership, both of which are critical to meeting the needs of the mosaic of communities and customers we serve and celebrate.” The Department lauded in its materials NYBA’s educational programming and member resources on DE&I issues. See NYBA’s full statement here.
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