CFPB, Federal Agencies, State Agencies, and Attorneys General
The CFPB recently issued a report entitled Matched-Pair Testing in Small Business Lending Markets that summarizes results of small business lending matched pair testing that it conducted in conjunction with the U.S. Department of Justice.
The CFPB notes that its Small Business Lending Rule,, which implements section 1071 of the Dodd-Frank Act, requires financial institutions to collect and report to the CFPB data regarding applications for credit by small businesses.… Continue Reading
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.
The agency said that the self-assessment is not an examination requirement and that the results are not shared with examiners. The results also have no impact on an institution’s safety and soundness, its consumer compliance ratings or its Community Reinvestment Act performance evaluation, the agency said.… Continue Reading
The CFPB’s Office of Minority and Women Inclusion (OMWI) provided its annual report to Congress covering the agency’s efforts in 2023. Section 342 of the Dodd-Frank, Wall Street Reform, and Consumer Protection Act (Dodd-Frank) mandates that the OMWI agency provide an annual report to Congress regarding the successes achieved, challenges, and other findings.… Continue Reading
Tomorrow at Noon, ET, three of my colleagues at Ballard Spahr will be presenting a webinar entitled: “How the U.S. Supreme Court’s Decision in College Admissions Could Impact Diversity, Equity & Inclusion Programs in Financial Institutions.” Register here.
The invite for the program, in relevant part, described the program as follows:
In the weeks since the U.S.… Continue Reading
As expected, the U.S. Supreme Court’s ruling in the Students for Fair Admissions Inc.’s lawsuit against Harvard University and the University of North Carolina, which challenged the constitutionality of the universities’ race conscious admission policies, has quickly created a division along ideological lines as to what the ruling means for workplace diversity, equity, and inclusion (DEI) initiatives, including in the financial services industry.… Continue Reading
Our Ballard Spahr colleagues have released a new episode of the firm’s Business Better Podcast in which they discuss the recent U.S. 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 their race conscious admission policies. … Continue Reading
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 institution’s workforce. We then consider the risk of discrimination claims arising from DEI programs and the role of legal counsel in the development and implementation of DEI strategies. … Continue Reading
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 Services (the “Report”), and are designed to both support the implementation of Section 342 of the Dodd Frank Act as outlined in the Joint Standards for Assessing Diversity Policies and Practices of Entities (the “Standards”), and reflect the CFPB’s efforts to further the Biden Administration’s Executive Order on Advancing Racial Equality and Support for Underserved Communities.… Continue Reading
To further its ongoing diversity, equity, and inclusion (DEI) efforts, the New York State Department of Financial Services (DFS) announced an initiative to collect and publish diversity data on the demographic makeup of NY-regulated financial institution’s boards and senior management teams. In its July 29th business industry letter, DFS emphasized that transparency around this data will help measure progress toward DEI goals, allow firms to assess where they stand relative to their peers, and increase transparency and accountability.… Continue Reading
Tomorrow, April 20, the House Financial Services Committee is scheduled to mark-up a series of bills that include a bill dealing with debt collection and two bills dealing with the diversity and inclusion practices of banks and other federally-regulated entities.
Debt collection. H.R. 2547, the “Comprehensive Debt Collection Improvement Act,” includes the following provisions:
