5 Ways We Advocated for a Better Banking System in 2024

Many have come to distrust the banking system (some avoiding it entirely) after experiencing real financial harm, including excessive fees, funding of harmful industries, irresponsible practices that led to financial crises, and a history of discriminatory actions like redlining and predatory lending that deepened inequality. 

It’s no surprise that skepticism toward the banking system still exists today. While reforms over the past few decades have made meaningful progress, systemic issues remain, and both people and the planet continue to feel the effects.  

Why Systemic Change Matters for the Banking System

Banks shape our future by deciding who and what gets funded. Their influence touches everything from housing and small businesses to climate solutions and economic mobility. 

Imagine the possibilities if the banking system prioritized solving society’s biggest challenges, like income inequality, the housing crisis, and environmental degradation. That’s a world we’re excited to see, and we’re committed to doing our part as a bank to make it possible. 

As we continue our reflection on 2024 and the progress made, here are five ways we helped build a better banking system last year, thanks to your support: 

1. Championing CRA Modernization 

The Community Reinvestment Act (CRA) has helped combat redlining and support underserved communities since 1977. But it hasn’t kept pace with today’s financial landscape. 

In 2024, we filed an amicus brief supporting CRA modernization after banking associations sued to block it. Our CEO, Randell Leach, called it “a win-win for both customers and financial institutions.” Despite regulators announcing plans to rescind the updates in early 2025, we remain committed to advocating for a stronger, fairer CRA. 

2. Advancing Racial Equity in Lending 

We continued our participation in the Underwriting for Racial Justice pilot program, led by our nonprofit majority-owner, Beneficial State Foundation. This initiative brings together over 60 banks to develop solutions that expand credit access for communities of color. 

By testing and scaling equitable lending products, we’re helping reshape underwriting practices to be more inclusive. 

We spoke out in defense of the CFPB, emphasizing its critical role in safeguarding consumers and ensuring a healthy financial system. As the future of the agency continues to evolve, we’ll keep advocating for its strength and independence. 

4. Supporting Climate Action 

While investments in clean energy reached a record high in 2024, fossil fuel financing also increased to $869 billion (up from $706 billion in 2023), with U.S. banks accounting for nearly one-third of that.

In November 2024, we joined fellow members of the Global Alliance for Banking on Values in endorsing the Fossil Fuel Non-Proliferation Treaty—the first collective endorsement by financial institutions. This global initiative calls for an end to fossil fuel expansion and a just transition for all communities.  

As federal climate momentum slows in 2025, we remain committed to bold, systemic climate action. 

5. Leading by Example 

More than anything, we’re working to build a better banking system by showing that our own banking model works, proving that profitability and purpose can coexist. 

All our economic rights are owned by nonprofits, including our majority-owner Beneficial State Foundation, instead of private shareholders. This ensures we’re always governed in the public interest. We also hold voluntary certifications like CDFI, B Corp, Fossil Free, and JUST, and we share our learnings to help others replicate our model.  

We don’t claim to have perfected the banking model—in fact, we see many untapped opportunities still waiting to be explored. Thanks to robust customer feedback and ongoing impact measurement, we’re growing in step with the evolving needs of the communities we serve. 

What You Can Do to Help Build a Better Banking System 

Transforming a massive, complex system like banking takes all of us. If you’d like to get involved in making the banking system more equitable and sustainable, here are a few ways to help: 

• Move your money to a values-aligned bank: Where you bank matters. Choosing a financial institution that supports people and the planet is a powerful way to spark systemic change. (If you’ve already done this – thank you for aligning your money with your values!)
• Ask your bank hard questions: Inquire about their lending practices, environmental impact, and community investments. Transparency drives accountability.
• Support financial policies that promote equity: Stay informed and advocate for reforms like CRA modernization and strong consumer protections.
• Educate others: Talk to friends and family about ethical banking and why it matters. Collective action starts with conversation. 

Thank You for Making an Impact 

Whether you bank with us or another impact-driven financial institution, advocate for fairer financial policies, or simply learn about how banking impacts the world, we’re sending you big thanks for getting involved.  

2024 brought both challenges and opportunities. We’re deeply grateful to you all for helping make this progress possible, and we’re excited to keep building the momentum.