2022: Five milestones in banking for a better future
As we pencil out our 2023 plans, let’s reflect on our shared progress in 2022.
Five milestones in banking for a better future
Here are five of last year’s moves in the movement for economic justice:
1. The U.S. Treasury provided $9 billion in Emergency Capital Investment Program funds directly to minority depository institutions (MDIs) and certified Community Development Financial Institutions (CDFIs) like Beneficial State Bank.
2. Financial institutions are increasingly taking steps to close the gender gap, lend to borrowers of color via special purpose credit programs, and embrace diversity, equity, and inclusion as critical to their operations.
3. Recognizing ubiquitous climate-related risks, regulators from the Securities and Exchange Commission and the Federal Reserve Board are creating guidance that aims to bring increased action and transparency to finance in the U.S.
4. ESG entered the mainstream with as many as 44% of banks already having dedicated working groups, according to one survey. Despite attacks, ESG is being discussed, championed, defended, and implemented.
5. As established frameworks gain traction and continue to evolve, Beneficial State Foundation released our own Equitable Bank Standards, which provide a step-by-step pathway for banks to increase their impact.
We applaud this year’s progress and recognize the urgent need for continued action. At Beneficial State Foundation, we work closely with Beneficial State Bank and others that are proving what banking for a better future can look like. Our ongoing learning is reflected in our Standards, and we also offer education and partnership with bankers, including through our monthly Underwriting for Racial Justice convenings.
Building on our experience administering California’s Clean Vehicle Assistance Program, our team is also expanding our work on transportation justice. To learn more, get in touch.
Thank you for your part in supporting a just economy. See you in 2023!