Awareness of Industrial Entities with Respect to Mortgage program

 Awareness of Industrial Entities with Respect to Mortgage program


Introduction

It is the OMWIs' responsibility to create standards that will promote equal employment opportunities and diversity at the agency, as well as increase the agency's participation in minority and women-owned businesses and evaluate diversity policies and practices of entities regulated by the agency.

Standards for evaluating diversity policies and practices of regulated entities were developed by the agencies in 2015. (Joint Standards, included in Appendix A). Together, the agencies created these standards in an effort to reduce duplication. However, they do provide a more specific framework for regulated entities to assess their diversity and inclusion policies and practices, and to voluntarily share this information with the appropriate Office of Minority and Women's Issues (OMWI)

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"Primary federal financial regulator" is the "primary federal financial regulator" for purposes of the Joint Standards. Banking regulators (OCC, Federal Reserve Board of Governors, FDIC, and NCUA) are asked to share information with the Bureau and prudential regulators. Organizations that are not banks provide the Bureau with information about themselves. Because mortgage industry trade groups and their member institutions have been active in this area in recent years, sponsoring events, creating coalitions, and developing materials to encourage diversity and inclusion within the mortgage industry, the Bureau chose to focus its initial activities on this sector.

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Conclusion

The purpose of this report is to stimulate a broader discussion about diversity and inclusion in the financial services industry... It convened the roundtable to learn what is happening in the mortgage industry and to hear about the participants' experiences and strategies in the field of lending. Participants were able to learn from each other and gain a better understanding of what is currently being done to promote inclusion and diversity. The business case for diversity and inclusion was clearly understood by all participants, even though larger organizations may have more resources to devote to these initiatives.

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