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 guidance and recommendations are contained in  a Report on Diversity and Inclusion (D&I) within Financial

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 is calling on its supervised institutions with 100 or more employees to submit voluntary self-assessments

On March 23, 2020, the FDIC’s Office of Minority and Women Inclusion (OMWI) announced that it will request 2019 diversity self-assessments from FDIC-regulated financial institutions.  The FDIC regulates insured state banks that are not members of the Federal Reserve System and insured state thrifts.  This year’s self-assessment application is presented on a new automated platform

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 gathered from eight of the nation’s largest banks in response to letters to those institutions

We recently learned that several clients have received letters from the CFPB’s Office of Minority and Women Inclusion (OMWI) indicating that the Bureau will be inviting them to submit a self-assessment of their diversity and inclusion (D&I) policies and practices and requesting contact information for the individuals leading their D&I efforts.

The letters reference the

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 held its inaugural hearing earlier this week at which the focus was a review of

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, NCUA, and SEC, to establish an OMWI, and also requires each OMWI to submit an

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, a professional networking platform that aims to create “a strong, diverse network of women”

The CFPB’s Office of Minority and Women Inclusion (OMWI) has issued its third annual report to Congress covering the OMWI’s activities in 2015.  The Dodd-Frank Act required the CFPB and various other federal agencies, including the Fed, OCC, FDIC, NCUA, and SEC, to establish an OMWI, and also required each OMWI to submit an annual

Regulated entities should be aware of two recent developments concerning the final diversity and inclusion standards issued this summer under Dodd-Frank Section 342 by the CFPB, OCC, Fed, FDIC, NCUA and SEC.  Given that the final standards have been in effect since June 10, 2015, entities should begin taking steps to incorporate them into their