New York Ups Pressure on Banks, Fintechs to Diversify Boards (2)

July 29, 2021, 4:41 PM; Updated: July 29, 2021, 9:46 PM

New York’s financial regulator is pressing banks, fintech lenders, and crypto companies operating in the state to bring more women and minorities onto their boards.

The Department of Financial Services expects the financial firms it supervises to make “diversity of their leadership a business priority and integrate it into their corporate governance,” the agency’s Superintendent Linda Lacewell said Thursday in a guidance letter.

The agency plans to collect and release statistics on female and minority board directors and senior management—rather than mandate quotas—to nudge the financial services industry to diversify, according to the letter.

The reporting requirement will apply ...

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