In Conversation with Clio Straram: Reflecting on Indigenous Financial Leadership and Truth & Reconciliation

1. Tell us about your journey to the Head of Indigenous Banking role at BMO and what this role entails?

When I finished my MBA, my first job out of school was in BMO’s Mid-Market Commercial Banking Group in downtown Toronto. Fresh from the west coast, it was a big change. During my time there, I found out BMO had an Indigenous Banking Unit (IBU) and wanted to learn more.

Given my background in commercial banking and the fact that I’m First Nations, the group was very appealing. I worked with the IBU for two years before exploring other parts of the Bank, including Corporate Finance and Restructuring. I also went back to school to get my Masters of Finance at London Business School, and then while on my first parental leave, BMO reached out regarding this role.

Today I oversee a team of six Indigenous Banking VPs that partner with communities and organizations across the country. I appreciate working for a bank like BMO, which been serving this space for over 30 years. We have the history, the experience, and have developed the internal infrastructure to support Indigenous communities throughout the organization and move towards reconciliation as a group.

2. What unique challenges and opportunities do you see in providing financial solutions for Indigenous communities?

 First and foremost, a history of injustice towards Indigenous people in this country. This resulted in racist policies and includes the Indian Act, which restricted First Nations governments’ and peoples’ ability to pledge land or assets on-reserve to secure loans.

For generations, our people weren’t able to pull equity from their lands, their businesses, their homes. They weren’t able to accumulate wealth and prosper and grow. That’s why the Indigenous Banking Unit was started.

In the beginning, we (the IBU) provided housing loans for individuals living on-reserve. Then we provided commercial loans for First Nations governments to finance roads, administration buildings, and other infrastructure on-reserve. Today, we are also financing businesses owned by Indigenous governments, land development on- and off-reserve, and supporting large settlements, including disbursements to individuals, opening bank accounts, personal finance training, and leveraging assets to fund economic or social projects for communities.

It’s also important to recognize the vast diversity of Indigenous Peoples and regions. We can sometimes assume Indigenous means one group, but it’s an overarching word encompassing First Nations, Inuit and Métis, and within these there are even more groups that differ in culture, history and priorities. Special times like June and September allow us all to pause and reflect on these differences, try to better understand the true history of Indigenous people, and connect more with the culture.

3. What does the National Day for Truth and Reconciliation mean to you personally?

For me personally, there’s a lot of emotion, a lot to think about. I’m First Nations on my mom’s side and both of her parents went to residential school. This means they had stories, and my mom had stories, that are hard to hear, and many likely haven’t been shared. But when I was small, my mom sprinkled some culture and knowledge in my life. When we were growing up, being First Nations was not something embraced, not something we publicized. My mom passed away from COVID a few years ago. I miss her and wish I could ask her so many questions. And now I have my own daughter and baby boy. I want them to know more, be more connected, and be proud of the rich history of their Indigenous heritage, in addition to their non-Indigenous background.

4. How can financial institutions contribute meaningfully to the goals of Truth and Reconciliation?

• • • Financial institutions, and all large corporations in Canada, can read and reflect on the Truth and Reconciliation Commissions’ Calls to Action #92. What we did as a bank was align our Indigenous Strategy with these calls, guided by the three pillars of Education, Employment and Economic Empowerment. We have woven many people and groups to support this strategy.
  • • Amanda Ens, Head of BMO’s Indigenous Talent Strategy, leads the education and employment pillars. Her team has been the driving force behind developing Nisitohtamowin, our Indigenous eLearning course, required by all new hires of the bank; wîcihitowin, our Indigenous Progress Report; attracting and retaining Indigenous Talent; BMO’s Miikana Pathways program designed for Indigenous employees who stay at BMO 2.5x more than those who aren’t a part of the program; and tools for BMO employees such as a guide to Land Acknowledgements and Elder Roles.
• • • My team, the IBU, pushes forward on economic empowerment by partnering with Indigenous communities through banking and financing. Our BMO for Indigenous Entrepreneurs provides banking and business loans on- and off-reserve; our Indigenous Personal Banking Program is offered to Indigenous people; and, our On-Reserve Home Loan program provides loans to buy or build homes on-reserve. We also support Indigenous businesses through procurement, communities through Community Giving, and individuals through BMO SmartProgress, an online financial education tool for Indigenous people.
• • • We are the first bank in Canada to have established an Indigenous Advisory Council comprised of First Nations, Inuit and Métis leaders from across Canada that guide and advise BMO on each of our pillars. And as a bank, we have received Gold certification in the Partnership Accreditation in Indigenous Relations (PAIR) program seven consecutive times over 20 years from the Canadian Council for Indigenous Business (CCIB), an external Indigenous organization measuring companies’ commitment to prosperity in Indigenous communities.

5. What actions do you believe the financial services sector should take to acknowledge and support Indigenous communities on National Truth and Reconciliation Day?