To move beyond good intentions and empty promises, the banking industry must be both able and encouraged to share its progress on tackling inequity.

A thread on data collection for better accountability in finance:

To make progress, the banking industry must be more transparent about where the industry is with its lending practices and who banks are truly serving with their financial services and products. #CFPB

The @CFPB should now mandate demographic data collection for all financial institutions in a way that prevents discrimination in underwriting while providing greater transparency. Everyone deserves to know who banks are serving with their products and services. #CFPB

We are working with @BeneficialState to advocate for a new requirement that all financial institutions, including banks, collect demographic data in a way that is compliant with fair lending laws. #ProtectConsumers #CFPB
https://beneficialstate.org/wp-content/uploads/2020/12/Beneficial_State_CFPB-Section-1071-Comment_December2020.pdf

Banks must be able to measure their work so that we can know the extent to which we and the industry as a whole are actually realizing outcomes. Data collection is key for setting goals and tracking whether we are improving our lending to BIPOC communities. #CFPB

Creating real change and meaningful differences in disinvested communities will depend on accurate and timely reporting of who banks are serving—and who they are not. #CFPB #Banking #Finance