February 21, 2024

Black Bankers ERG Executive Summary - February 21, 2024

Announcements

• The next Black Bankers networking meeting will be on March 28 at 2pm ET.
• The next Women in the Model Risk Management and Development meeting will be on April 11 at 3pm ET.
• The next AAPI Bankers general meeting will be on April 9 at 3pm ET. All meetings are virtual.
• The next DEI Open Forum will be on February 27 at 3pm ET.
• Women Lead Workshops help bankers develop critical leadership skills to propel their careers and organizations to the next level. The next workshops discuss How to Foster Collaboration on Teams and How to Champion Change. Whether you are an emerging leader or a seasoned leader looking to fine-tune your skills, join us to discuss different leadership competencies to grow your skills. Registration is free. Register
• The ABA DEI Awards honor and recognize ABA member banks for their internal-facing programs, initiatives, and activities focused on improving diversity, equity, and inclusion in their workforces. Integrating DEI initiatives promotes awareness and mitigation of bias, helps employees feel safe, creates diverse teams, and helps the organization gain competitive advantages. This year’s awards will open March 1. Please start thinking about your proposals. We will share the link to submit proposals in the coming weeks. 
• If you have not done so already, please create an ABA.com account. Creating an account allows you access to all our executive summaries, resources, and latest news. We will also be shifting to an internal group website in the future, and a registered account will give you the ability to converse with other ERG members. It is completely free and should take no longer than 2 minutes to sign up. Create an Account 
• A great way to build this strong network of women and allies is to attend the Women Lead Symposium. This half-day, virtual experience is a meaningful opportunity for career advancement through mentorship and one-of-a-kind executive education. Register
• Look ahead at what's to come in this election year with ABA’s Washington Summit starting March 18. You’ll have your finger on the pulse of policymakers on Capitol Hill, regulatory agencies, and the White House. At the Summit, we will host the Women and Allies Forum. You will hear thought-provoking speakers and gain valuable strategies for success. The opening speakers, authors of Good Guys, Brad Johnson and David Smith will discuss how allies can transform bank culture, help retain employees, and attract a competitive workforce. Next, a panel of women CEOs in banking sharing their journeys and experiences in leadership. The Women and Allies Forum starts promptly at 8am on March 18.Check the Women and Allies Forum box when you register. 
• Understanding the Financial Needs and Trauma of Your Customers- Led by the ABA Foundation and the Black Bankers ERG, join us on February 27 for an in-depth discussion that covers ways that bankers can understand financial trauma and empower all customers to succeed. This webinar is the first in a series of three designed to help banks better engage and serve their customers and communities.  

Opening Remarks

Tia Coleman, Chair of the Black Bankers ERG began by welcoming the group to the meeting. She introduced executive sponsor, Peter Gwaltney, who shared a brief message with the group. Following Mr. Gwaltney’s remarks, Richard Harvey Jr. was introduced as the guest speaker of the day. 

Richard Harvey Jr.

Richard H. Harvey, Jr., is an experienced Executive-level compliance leader and an expert in developing and implementing risk-based compliance and anti-money laundering programs for traditional and non-traditional financial institutions. Richard currently serves as Executive Vice President, General Counsel and Director of Compliance Risk for Beneficial State Bank. He also serves as Principal of R Harvey Associates, LLC. Prior to joining Beneficial, Richard served as the General Counsel and Chief Compliance Officer for World Open Network. He has also served as the Chief Compliance Officer for Colonial Savings, F.A., and General Counsel and Chief Compliance Officer at two start-up Financial Technology companies - Omney, Inc., and Skrill USA.

Richard started by sharing that his job opportunities allowed him to achieve his career goals. He outlined his process for reaching the C-suite position he currently occupies. Richard started as a regulator, then worked for eight different banks and three fintech organizations. These experiences gave him the skills to become a General Counsel at a bank. Without ABA, it would have been more challenging for him to attain these positions in his career. Black bankers must take advantage of the networking opportunities that ABA offers. In 2021, ABA asked Richard if he would testify in front of a Congressional committee. This was a career highlight. ABA invited him to serve on the board of their compliance schools and he has taught at the Stonier Graduate School of Banking. When ABA initially asked Richard to serve on the Community Banking Advisory Council Board, he was hesitant. Due to the encouragement from ABA, he felt comfortable applying and was later selected to serve. In 2019, he was awarded ABA’s Distinguished Service Award. He is the second Black banker to receive that award. He laments the fact that more Black bankers do not engage in more capacities with ABA. 

When Richard increased his involvement with ABA, he encouraged his team to take advantage of many opportunities. He sent one of his team members to one of the ABA schools to receive training. During that time, he encouraged another of his team members to apply for a position to sit on one of ABA’s boards for a particular school. His team member was eventually selected. After being selected, this team member increased their involvement with ABA over the past few years. Now, this person works for ABA as a Senior Vice President. ABA provides Black bankers ways to increase their network, opportunities to learn, teach, sit on committees, and much more.

Q&A

Q: How can connecting with others benefit bankers now versus years ago?  
A: When Richard first started his career, these ERG spaces did not exist. He hopes that Black bankers will take advantage of these opportunities. Richard has hired people by connecting with them via the ABA schools. People know him through his many ABA experiences. There are multiple areas for Black bankers to have these similar experiences. 

Q: What was your first position in banking and what position followed that? 
A: His first banking role was Vice President, Compliance Officer which led to him becoming Chief Compliance Officer. 

Q: What is the greatest challenge you have experienced in banking? 
A: One of the things that Richard has learned is that, just because you are at the table, does not mean everyone wants to hear what you have to say if it is not consistent with what they want to hear. There have been instances throughout Richard’s career where he gave executives bad news and they refused to believe him. It was only after getting an opinion from someone who looked like them, that they believed him.

Q: How can you get involved with ABA opportunities if your bank does not financially support you?
A: Richard is having conversations with ABA team members and trying to find ways to support bankers in that situation. Many of ABA’s working groups are open to any banker with expertise in the area of the working group. Joining is free and does not require travel or attendance at conferences in many cases.

Q: How do you stay focused and determined after so many years of change? 
A:  Richard is focused on giving and doing his best. For some organizations, his best isn’t good enough. When that is the case, he may have been at the wrong organization. He looks for organizations that value him as a person and value what he brings to the table. It is important to remember that a job does not define who you are. At any time, the job can decide that they do not need you and it may be time to move on. 

Q: What are some of the characteristics of companies that foster an inclusive work environment? 
A: Any place where you have a sponsor that can give you resources for you to succeed. We have expectations for people we are working for and building a team where everyone understands their value. Richard believes it is important that he provide his team with opportunities to grow. He tells his team that he owes them clear objectives to succeed and resources to help them in their role. 

Q: What are some tangible takeaways you can share with us? 
A: Get involved as much as possible and network with as many folks as you can. Richard is disappointed when he hears his mentees say that they’re not ready for progression. It is integral, especially for Black bankers, that they stretch themselves in positions that may be uncomfortable at first. Do your best, be vigilant, and be fearless. 

Q: What guidance would you provide to a young professional with little or no experience, on personal development and growth of their career in a large financial institution? 
A: Ask yourself if that organization is good for you. Get everything that you can out of the organization and show what you can do for that company. You need to put yourself in an organization that values you. Find out what resources you have available to you and go for it. There have been instances where Richard’s team members have outgrown their positions; he pushed them to look for new positions that can propel their careers. 

Q: Any recommendations for those in remote roles who have a desire to engage more effectively with business partners, stakeholders, and industry colleagues?
A: Speak up! When you are in virtual social settings and meetings do not be afraid to share your opinion.