diversity

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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 from Chairwoman Waters and Representative Joyce Beatty (D-OH).… Continue Reading

In this week’s podcast, we review the four key focus areas of the 2015 diversity and inclusion standards adopted by the Offices of Minority and Women Inclusion at the CFPB and other federal financial regulators, identify issues regulated entities should consider in addressing those areas and deciding whether to conduct D&I self-assessments, and discuss the evolving Congressional and regulatory D&I landscape since 2015, including recent letters sent to regulated entities regarding D&I efforts and self-assessments and D&I benefits for letter recipients to consider.… Continue Reading

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.… Continue Reading

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 diversity trends in the finance industry, specifically a GAO report that found the representation of African-Americans and women in management roles had lagged in recent years. … Continue Reading

On Thursday, April 27, the CFPB released a report which outlines a number of strategies for promoting diversity and inclusion (D&I) in the mortgage industry, presents the business case for diversity, and provides current D&I approaches and practices used by mortgage industry participants.

D&I has been a foundational principle of the CFPB since the passage of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010. … Continue Reading

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 annual report to Congress.… Continue Reading

The CFPB released two items at year-end:  the results of its 2016 annual employee survey and its updated Diversity and Inclusion Strategic Plan (Strategic Plan) for 2016-2020.

Survey.  Of the 1,567 CFPB employees surveyed, 1,372 (almost 87.6%) responded to the 2016 survey.  We were pleased to see that the survey results appear to show that the CFPB has made progress in improving  its work environment. … Continue Reading

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” in the real estate financial industry. … Continue Reading

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

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