Visa Proactively Sends Diversity and Inclusion Data to House Financial Services Committee

Mar 17, 2020Congressional Legislation, News

Last month, the House Financial Services Committee (HFSC) published a report on diversity and inclusion covering banks with more than $50 billion in assets. It resulted from a data request sent to 44 financial institutions by Committee Chairwoman Maxine Waters (D-Calif.) and Congresswoman Joyce Beatty (D-Ohio).

Visa however, while not sent the initial request, recently provided the Committee with diversity and inclusion practices and data, marking the first time since the report’s publication that a financial institution has proactively sent their information to the Committee.

“While there is always more to do, this focus enables Visa to assess its progress, advocate for and drive further positive change,” the letter from Visa reads. “We wanted to share additional information relevant to questions that the Committee sent to bank holding companies last year.”

Chairwoman Waters said in her statement that Visa’s submission “is helpful in our efforts to learn more about how the financial services industry is dealing with diversity and inclusion. I hope other financial institutions will continue this trend of transparency with Congress, regulators and the public by proactively providing the Committee with this information.”

Visa revealed to the Committee that 33.3 percent of senior executive levels are female, and 36.7 percent identify as racial or ethnic minorities. Of its 11-member corporate board, there are three women and three minorities. Visa also pays men and women equally, and annually addresses any pay gaps between ethnic minorities and their white colleagues.

The report is part of the Committee’s ongoing efforts to hold financial institutions accountable and provide transparency for Americans of how large banks are meeting diversity and inclusion commitments.

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