Justice in the Financial Sector
With a longstanding concern about ethics in banking and access to capital for the underserved, TriCRI members envision a financial services sector that serves the needs of all, including the environment, and provides a financial system that is safe and reliable for generations. We focus on issues such as greater transparency, accountability and, particularly since the 2008 financial crisis, risk management and oversight.
In 2012, we participated in an effort of the Interfaith Center on Corporate Responsibility and the research firm Sustainalytics to assess the transparency and performance of seven large banks in regards to risk management, responsible lending, executive compensation and political contributions. The results of the Bank Survey led us to call on banks to review and revise their business standards, including their risk management and lending policies and procedures.
As a result, JP Morgan Chase developed a report entitled, “How We Do Business”, Bank of America and Goldman Sachs undertook business standards review, Wells Fargo revised its Visions and Values statement, and Citigroup established a Board Committee on Ethics and Culture. We continue our shareholder engagements with banks and monitor the changes they have made, in order to see if their initiatives have made them more accountable and socially responsible.