Global Alliance for Banking on Values (GABV)

“Corporate social responsibility.” “B Corp certified.” “ESG.” “Carbon neutral.” These are some of the buzzwords that companies use to talk about their impact on society. As America’s socially responsible bank, we use these words to describe our approach to doing business. But what does it really mean to be a socially responsible bank?

From our vantage point as the leading progressive bank, it feels these days like, as a country, we are not making the progress our great nation is capable of. There is talk of instituting an isolationist foreign policy that will evoke for many memories of the 1930s.

“Social responsibility” is not something commonly associated with the financial sector by most Americans. In the wake of the 2008 financial crisis, banking has consistently received some of the lowest consumer approval ratings of any industry in the country. 

It seems every day there’s another big corporation in the news for flagrantly violating the public’s trust—whether it’s failing to protect consumers’ health, safety or privacy, putting bogus transactions or accounts on the books, or neglecting environmental hazards in favor of the heedless pursuit of profits and shareholder returns.

It’s #BankingOnValues Day, a time when ethical citizens and leading change-makers around the world come together to celebrate the social, economic, and environmental good that responsible finance can generate.

Last week we did something for the first time in our 94 year history; we entered into an agreement to acquire another bank. I am thrilled to soon officially welcome New Resource Bank into the Amalgamated family.