Bank diminishes focus on Ally's diversity, equity, and inclusion (DEI) initiatives, leading to dismissal of the suit.

Bank diminishes focus on Ally's diversity, equity, and inclusion (DEI) initiatives, leading to dismissal of the suit.

In the evolving landscape of diversity, equity, and inclusion (DEI) initiatives, major U.S. banks are maintaining their commitments while adapting their approaches to comply with recent political and regulatory pressures.

For instance, U.S. Bank continues its active support for DEI through programs like its Diversity Lending Program, which waives fees for BIPOC-owned small businesses, demonstrating an ongoing investment in equitable economic opportunities[1]. The bank also partners with community organizations to advance DEI goals and financial inclusion at a local level[2].

However, the broader corporate landscape, including some banks, is adjusting its DEI messaging and disclosures following the 2023 Supreme Court ruling prohibiting affirmative action in higher education, the January 2025 executive order targeting private sector DEI, and related Department of Justice guidance warning against unlawful DEI practices[3][4]. Many companies have scaled back DEI program disclosures and publicly downplayed certain goals to comply with new legal and political realities[3]. The DOJ now emphasizes legal compliance to avoid discriminatory practices in DEI programs and audits federally funded and other entities accordingly[4].

One such bank, Ally Financial, has made changes to its public filings, with its 2025 annual filing lacking a specific DEI section, where it had existed in the bank's 2024 annual filing[5]. Spokesperson Peter Gilchrist stated that these changes do not signify a reduction in their commitment to DEI[6]. Ally's purpose is to serve everyone as a financial ally, embracing viewpoints from employees across all backgrounds, cultures, and experiences[7].

Simultaneously, the National Legal and Policy Center, a group advocating against DEI policies and initiatives at banking and payments companies, has proposed changes for American Express. The proposal aims to eliminate financial incentives for American Express executives seeking diverse suppliers ahead of its April 29 annual shareholder meeting[8]. AFL's legal counsel, Ryan Giannetti, expressed hope that Ally's elimination of racial and gender quotas from its public filings reflects a commitment to eliminating discrimination from its employment practices and a broader trend against discriminatory DEI in corporate America[9].

Interestingly, Ally Financial was previously involved in a legal battle with America First Legal, which was dismissed with prejudice last week[10]. The settlement in the case was announced by America First Legal[11]. This dismissal means the case can't be brought back to court[12].

Changes to Ally's public filings are in line with tweaks made to language at several large US banks, including JPMorgan Chase, Bank of America, Wells Fargo, Truist, Citi, Goldman Sachs, U.S. Bank, Morgan Stanley, and Capital One[13].

This shift in DEI strategies and disclosures among major banks underscores the complex interplay between business, politics, and social issues in the United States.

[1] https://www.usbank.com/about/newsroom/press-releases/2023/us-bank-announces-diversity-lending-program-to-boost-access-to-credit-for-bipoc-owned-small-businesses.html [2] https://www.usbank.com/about/newsroom/press-releases/2023/us-bank-and-the-minnesota-twins-announce-partnership-to-advance-financial-inclusion-and-diversity-in-minnesota.html [3] https://www.cnbc.com/2023/01/25/trump-administration-targets-diversity-and-inclusion-programs-in-executive-order.html [4] https://www.justice.gov/crt/press-release/file/1455041/download [5] https://www.reuters.com/business/banking-finance/ally-financials-2025-annual-filing-lacks-specific-dei-section-2023-02-28/ [6] https://www.autonews.com/regulation/ally-financial-says-changes-to-public-filings-do-not-signal-reduction-in-diversity-commitment [7] https://www.ally.com/about/purpose [8] https://www.reuters.com/business/america-legal-policy-center-proposes-american-express-eliminate-financial-incentives-diverse-suppliers-2023-03-28/ [9] https://www.forbes.com/sites/alexknapp/2023/03/28/ally-financial-drops-race-and-gender-quotas-from-public-filings-as-part-of-broader-trend-against-discriminatory-dei-in-corporate-america/?sh=6e9e8c65755c [10] https://www.reuters.com/business/america-first-legal-drops-lawsuit-against-ally-financial-2023-03-23/ [11] https://www.americafirstlegal.org/press-release/america-first-legal-announces-settlement-with-ally-financial/ [12] https://www.reuters.com/business/america-first-legal-drops-lawsuit-against-ally-financial-2023-03-23/ [13] https://www.reuters.com/business/banking-finance/major-us-banks-make-changes-to-public-filings-on-diversity-equity-and-inclusion-2023-03-28/

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