A new House subcommittee planned by Democrats to focus on diversity in banking and financial inclusion is getting high marks not just from public interest groups but also industry groups that say it could foster regulatory reforms needed to reach more customers.
The exact details of the new panel, which was proposed by House Financial Services Committee Chair Maxine Waters, D-Calif., are still somewhat unclear, but observers expect the subcommittee will address diversity issues among bank and regulator leadership, fair lending and reducing other forms of discrimination, and expanding financial services access to communities.
A key focus is expected to be the dearth of women and minority representation on bank boards. But industry representatives hope also to draw attention to regulatory barriers that they say impedes financial institutions from catering to customers in lower-income and rural areas.
Read more in American Banker.