Today, Congresswoman Maxine Waters (D-CA), Chairwoman of the House Financial Services Committee, issued a statement regarding Visa Incorporated’s efforts to proactively provide the Committee with their diversity and inclusion data and practices.
Last month, the Committee published a report on diversity and inclusion among large banks with more than $50 billion in assets. That report was the result of a data request Chairwoman Waters and Congresswoman Joyce Beatty (D-OH), Chair of the Subcommittee on Diversity and Inclusion, sent to 44 financial institutions, not including Visa.
Today’s submission marks the first time since the report’s publication that a financial services company has proactively provided its diversity and inclusion information to the Committee.
See Chairwoman Waters’ statement below.
“I am pleased to see that Visa is paying heed to the Committee staff’s recommendation that all financial services companies should disclose their diversity and inclusion data,” said Chairwoman Waters. “This submission to the Committee 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. By doing so, we can work to ensure all underrepresented groups are provided with fair opportunities in every aspect of the financial services industry.”
In the letter from Visa to the Committee, the company explained the impetus for disclosing this important data:
“We believe real inclusion is about creating an environment where everyone feels comfortable and confident that they belong. While there is always more to do, this focus enables Visa to assess its progress, advocate for and drive further positive change. We wanted to share additional information relevant to questions that the Committee sent to bank holding companies last year.”
A Snapshot of Diversity Statistics and Practices Disclosed by Visa
- Visa’s senior executive levels are 33.3% female and 36.7% identify as racial or ethnic minorities.
- Visa’s 11 member corporate board includes three women (27.2%) and three minorities (27.2%).
- According to Visa, men and women are paid equally for work, as reviewed annually. Further, Visa annually addresses any pay gaps between racial and ethnic minorities and their white peers.
- Visa also reported the number and amounts invested with diverse suppliers, including its capital allocation activities.
- Similar to America’s large banks, Visa implements employee resource groups and recruits at historically black colleges and universities to address the challenge of building a diverse pipeline and workforce.
In February 2020, Chairwoman Waters and Subcommittee Chair Beatty, released a multimedia Majority staff report entitled, “Diversity and Inclusion: Holding America’ Large Banks Accountable.”
This report was part of a longstanding effort to hold banks accountable and provide the American public with a complete picture of how large banks are meeting their commitments to diversity and inclusion.
Following the March and April 2019 full Committee hearings to hold megabanks accountable, Chairwoman Waters and Subcommittee Chair Beatty, sent requests to 44 financial institutions to obtain their diversity and inclusion data and policies.
The data requests were designed to inform Congress of the diversity levels, policies and practices of the country’s biggest banks.