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 diversity and inclusion (“D&I”), taking size and resources into account. The …
Brian D. Pedrow
Contact: Read more about Brian D. Pedrow
FDIC Encourages Participation with the Financial Institution Diversity Self-Assessment
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 and Consumer Protection Act of 2010, the FDIC …
Employee letters may be useful to essential businesses in states mandating closings due to COVID-19 outbreak
By Brian D. Pedrow on
Posted in COVID-19, Regulatory and Enforcement
Businesses such as banks and other financial institutions that are exempt from state-wide or local orders requiring business closures because they are considered “essential” or “life-sustaining” may want to consider providing letters to their employees regarding the business’s exempt status.…
CFPB settles enforcement action against employment background screening company for alleged FCRA violations
By Kim Phan & Brian D. Pedrow on
On November 22nd, the CFPB issued a press release announcing that a stipulated final judgment and order (Order) were filed in the U.S. District Court for the Southern District of New York against Sterling Infosystems, Inc. (Sterling) to resolve allegations …
House Financial Services Committee finds megabanks need to improve their diversity
By Brian D. Pedrow & Dee Spagnuolo on
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. The statement, released on August 13, included data …
New Diversity and Inclusion Subcommittee of House Financial Services Committee holds inaugural hearing
By Dee Spagnuolo & Brian D. Pedrow on
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).
According to Politico, the new subcommittee …
CFPB’s Office of Minority and Women Inclusion issues annual report
By Dee Spagnuolo & Brian D. Pedrow on
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 the Fed, OCC, FDIC, …
MBA launches new networking platform for women
By Dee Spagnuolo, Brian D. Pedrow & Rogers Stevens on
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) announced the launch of mPower…
Ballard Spahr partner Dee Spagnuolo joins CFPB OMWI Director on panel at ABA meeting
By Brian D. Pedrow & Suzanne O. Lufadeju on
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 Spagnuolo, joined Director Stuart Ishimaru of the CFPB’s Office of …
Diversity assessment and remedial measures required by CFPB consent order
By Brian D. Pedrow on
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 Opportunity Act and Fair Housing Act …