The FDIC is urging financial institutions it supervises to voluntarily submit self-assessments of their diversity policies and practices to the agency by Oct. 31, 2024....more
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
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
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
One of the first actions taken by Democratic Congresswoman Maxine Waters upon becoming Chairwoman of the House Financial Services Committee was to announce the creation of a new Subcommittee on Diversity and Inclusion (D&I)....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
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
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
The CFPB was among six federal agencies that issued final new diversity and inclusion standards earlier this week. The other agencies were the OCC, Fed, FDIC, NCUA and SEC. The standards go into effect on June 10, 2015 and...more
6/12/2015
/ Banking Sector ,
Consumer Financial Protection Bureau (CFPB) ,
Diversity and Inclusion Standards (D&I) ,
Dodd-Frank ,
FDIC ,
Federal Reserve ,
Financial Institutions ,
NCUA ,
OCC ,
OMWI ,
Securities and Exchange Commission (SEC)
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