In this episode, we discuss the recent US Supreme Court ruling in the Students for Fair Admissions Inc.'s lawsuits against Harvard University and the University of North Carolina, which challenged the constitutionality of...more
Summary -
The Supreme Court’s decision in Students for Fair Admissions, Inc. v. President & Fellows of Harvard College and Students for Fair Admissions, Inc. v. University of North Carolina (collectively SFFA), in a 6-3...more
7/6/2023
/ Affirmative Action ,
Civil Rights Act ,
College Admissions ,
Diversity ,
Diversity and Inclusion Standards (D&I) ,
Educational Institutions ,
Equal Protection ,
Fourteenth Amendment ,
SCOTUS ,
Students for Fair Admissions v Harvard College ,
Students for Fair Admissions v University of North Carolina ,
Title VI ,
Title VII
We first discuss the multiple benefits of diversity, equity, and inclusion (DEI) for financial institutions, the challenges and opportunities institutions face in implementing a DEI strategy, and how DEI applies beyond an...more
The Consumer Financial Protection Bureau’s (“CFPB”) Office of Minority and Women Inclusion (“OMWI”) has released guidance and recommendations for small, midsize, and large organizations to demonstrate their commitment to...more
On March 15, 2021, the FDIC’s Office of Minority and Women Inclusion (OMWI) released a Financial Institution Letter regarding diversity self-assessments. In accordance with Section 342 of the Dodd-Frank Wall Street Reform...more
On February 25, 2021, the House Subcommittee on Investor Protection, Entrepreneurship, and Capital Markets held a hearing entitled, “Climate Change and Social Responsibility: Helping Corporate Boards and Investors Make...more
Summary -
It’s no secret that environmental, social, and governance (ESG) issues are at the forefront of the national conversation surrounding social equity. Recently-published research also identifies these non-financial...more
Summary -
A California District Court issued a preliminary injunction on Tuesday that prevents the federal government from enforcing significant portions of President Donald Trump’s September 2020 Executive Order on...more
12/28/2020
/ Bias ,
Corporate Counsel ,
Diversity ,
Diversity and Inclusion Standards (D&I) ,
Employee Training ,
Executive Orders ,
Federal Contractors ,
OFCCP ,
Race Relations ,
Sexual Stereotyping ,
Trump Administration
SUMMARY -
On December 1, 2020, The Nasdaq Stock Market filed a proposed rule with the U.S. Securities and Exchange Commission (SEC), which, if approved, will require listed companies to disclose the racial, LGBTQ+ status,...more
President Trump issued an Executive Order September 22, 2020, on Combatting Race and Sex Stereotyping that prohibits federal contractors and perhaps grant recipients from certain anti-bias employee training practices. In...more
On September 22, 2020, President Trump issued an Executive Order on Combatting Race and Sex Stereotyping. It prohibits federal contractors from certain anti-bias employee training practices in order to “promote economy and...more
9/25/2020
/ Bias ,
Civil Rights Act ,
Diversity ,
Diversity and Inclusion Standards (D&I) ,
Employee Training ,
Equal Employment Opportunity Commission (EEOC) ,
Executive Orders ,
Federal Contractors ,
OFCCP ,
Race Relations ,
Sexual Stereotyping ,
Title VII ,
Trump Administration
Following hearings this past spring, Representative Maxine Waters (D-CA), Chair of the House Financial Services Committee, released a statement that the Committee finds more work is needed to improve diversity at megabanks. ...more
The CFPB’s Office of Minority and Women Inclusion (OMWI) has issued its annual report to Congress covering the OMWI’s activities in FY 2016. The Dodd-Frank Act required the CFPB and various other federal agencies, including...more
4/14/2017
/ Annual Reports ,
Consumer Financial Protection Bureau (CFPB) ,
Discrimination ,
Diversity ,
Diversity and Inclusion Standards (D&I) ,
Dodd-Frank ,
EEO-1 ,
Equal Employment Opportunity Commission (EEOC) ,
Financial Institutions ,
Minority-Owned Businesses ,
OMWI ,
Women-Owned Businesses
Women in the real estate financing sector have a new opportunity to connect with others in their field and to access and exchange information about the industry. On October 18, the Mortgage Bankers Association (MBA)...more
Ballard Spahr Partner Dee Spagnuolo joined Director Stuart Ishimaru of the CFPB’s Office of Minority and Women Inclusion and other industry leaders for the panel discussion "Diversity and Dodd-Frank Section 342," on September...more
9/19/2016
/ American Bar Association (ABA) ,
Consumer Financial Protection Bureau (CFPB) ,
Disability ,
Diversity ,
Diversity and Inclusion Standards (D&I) ,
Dodd-Frank ,
Financial Institutions ,
FOIA ,
LGBTQ ,
Minority-Owned Businesses ,
OMWI ,
Veterans ,
Women-Owned Businesses
Members of Ballard Spahr’s Consumer Financial Services group recently participated in the American Bar Association Business Law Section Annual Meeting held in Boston, Massachusetts. On September 8, Ballard partner, Dee...more
9/12/2016
/ American Bar Association (ABA) ,
Consumer Financial Protection Bureau (CFPB) ,
Disability ,
Diversity ,
Diversity and Inclusion Standards (D&I) ,
Dodd-Frank ,
Financial Institutions ,
FOIA ,
LGBTQ ,
OMWI ,
Veterans
Regulated entities should be aware that on August 2, 2016, the Federal Reserve, Office of the Comptroller of the Currency, and the Federal Deposit Insurance Corporation published a "Frequently Asked Questions" (FAQ)...more
On June 29, 2016, BancorpSouth Bank announced a proposed settlement and consent order with the CFPB and the U.S. Department of Justice of charges that the bank’s mortgage lending practices violated the Equal Credit...more
7/28/2016
/ Banking Sector ,
Banks ,
Consent Order ,
Consumer Financial Protection Bureau (CFPB) ,
Cooperative Compliance Regime ,
Department of Justice (DOJ) ,
Diversity ,
Dodd-Frank ,
ECOA ,
Fair Housing Act (FHA) ,
Financial Institutions ,
Mortgage Lenders ,
Mortgages ,
Race Discrimination ,
Redlining ,
Residential Real Estate Market
In a notice to be published in tomorrow’s Federal Register, the CFPB, OCC, Fed, FDIC, SEC, and NCUA announce that the Office of Management and Budget has approved the “information collection” contained in their “Final...more
7/12/2016
/ Comment Period ,
Consumer Financial Protection Bureau (CFPB) ,
Diversity ,
Dodd-Frank ,
FDIC ,
Federal Reserve ,
Financial Institutions ,
Information Statements ,
NCUA ,
OCC ,
OMB ,
OMWI ,
Policies and Procedures ,
Regulatory Agencies ,
Reporting Requirements ,
Securities and Exchange Commission (SEC) ,
Transparency Directive
Just days after the release of the final diversity standards under Section 342 of the Dodd-Frank Act, several prominent lawmakers and business leaders have criticized the new standards for not going far enough to promote...more
Pursuant to a mandate contained in Section 342 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank or Act), six federal agencies jointly issued new Diversity and Inclusion (D&I) Standards today. These...more
On April 29, 2015, the Office of Minority and Women Inclusion (OMWI) of the Consumer Financial Protection Bureau (CFPB or Bureau) released its third Annual Report for 2014, as mandated by Section 342(e) of the Dodd-Frank Act...more
Last week, the Office of Inspector General published its findings following an audit assessing the CFPB’s human resources-related operations and other efforts for equal employment. The audit, which was conducted in response...more
The Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank), signed by President Obama in 2010 in response to the financial crisis, includes a provision intended to remedy racial and gender discrepancies at...more
1/28/2015
/ Diversity ,
Dodd-Frank ,
Employer Liability Issues ,
FDIC ,
Financial Institutions ,
Gender Discrimination ,
OCC ,
OMWI ,
Public Employers ,
Race Discrimination ,
Regulatory Agencies
The Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank”), signed by President Obama in 2010 in response to the financial crisis, includes a provision intended to remedy racial and gender discrepancies at...more