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 Minority and Women Inclusion, and other industry leaders for a panel discussion entitled, “Diversity and Dodd-Frank Section 342.”… Continue Reading
Diversity and Inclusion
Diversity assessment and remedial measures required by CFPB consent order
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 by redlining majority-minority neighborhoods in the Memphis MSA and illegally discriminating against African Americans in the underwriting and pricing of certain mortgage loans. … Continue Reading
Agencies announce submission of diversity self-assessments to OMWIs can begin
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 Interagency Policy Statement Establishing Joint Standards for Assessing the Diversity Policies and Practices of Entities Regulated by the Agencies.” … Continue Reading
CFPB’s Office of Minority and Women Inclusion issues annual report
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 report to Congress.… Continue Reading
Recent Dodd-Frank diversity and inclusion standards developments
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 daily business practices and plan for their self-assessments.… Continue Reading
World Bank Creates External Advisory Panel For Diversity & Inclusion
On March 3, 2015, the World Bank Group announced the creation of an External Advisory Panel (Panel) for Diversity & Inclusion. This announcement comes on the heels of the newly released diversity Standards, developed pursuant to the Dodd-Frank Act, which are applicable to regulated entities, including financial institutions doing business in the United States.… Continue Reading
Ballard Spahr partner Dee Spagnuolo to be faculty member at ABA diversity and inclusion webinar
On August 12, 2015, Dee Spagnuolo, a Ballard Spahr partner, will be a faculty member at an American Bar Association webinar: “Dodd-Frank: Implications for Your Diversity and Inclusion Program.” The program will focus on how Dodd-Frank Section 342 impacts regulated entities, including financial institutions and publicly traded companies, and include a discussion of best practices for compliance.… Continue Reading
Dodd-Frank diversity standards: just out of the gate and already under fire
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 diversity and inclusion within the financial services industry. The standards were issued jointly on June 9 by six federal agencies—the Federal Reserve Board, the Consumer Financial Protection Bureau, the Federal Deposit Insurance Corp.,… Continue Reading
CFPB issues final diversity and inclusion standards
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 apply to all entities regulated by the CFPB or one of the other agencies. … Continue Reading
CFPB Announces Final Diversity Standards under Dodd-Frank Section 342 Are Completed
On April 29, 2014, 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 (Act).
In the Report, CFPB stated that six agencies under Dodd-Frank have completed the final diversity policy statement, which now is undergoing final approval by the agencies, signaling that release of the final standards may be imminent. … Continue Reading