Wells Fargo

How banks are working with federal workers during the shutdown

Presidnt Trump waves hand, Nancy Pelosi raises one hand, and Chuck Schumer sits clasping hands.
Nancy Pelosi, Mike Pence, President Trump and Chuck Schumer in the Oval Office. Photo: Jabin Botsford/The Washington Post via Getty Images

Some banks are forgiving late payments and service fees from customers among the approximately 800,000 federal workers affected by the partial government shutdown, which is in its third week.

Details: Wells Fargo will be automatically reversing monthly service, overdraft and insufficient fees, a spokesperson tells Axios, which Chase and Capital One are already doing. Capital One is also extending some loan payment due dates and waiving or refunding some credit card fees. Bank of America is working with customers on fee refunds, waivers, repayment plans and loan modifications.

The lack of diversity among U.S. financial executives

One of the more depressing pages on the internet is the "Our Members" page for the Financial Services Forum, a group representing the eight largest financial institutions headquartered in the U.S. Each firm is represented by its CEO, and seven of the eight CEOs are white men between the ages of 58 and 64. (The eighth, BNY Mellon's Charles Scharf, breaks the mold by being a white man aged 53.)

The bottom line: It's long past time that this group became significantly more diverse.

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