The Dodd-Frank Act requires the CFPB, Fed, Treasury, OCC, FDIC, NCUA, SEC, and FHFA to each establish an Office of Minority and Women Inclusion (OMWI).

As noted in our September 25, 2012, blog post, Section 342 of the Act requires each OMWI to develop standards to assess the diversity policies and practices of the institutions and companies its agency regulates or contracts with. The section also empowers an OMWI to coordinate with the agency's administrator on how to remedy any federal civil rights violations.

Given Director Cordray's observations 1) that the financial services industry is "ripe for change" on issues of diversity, equal opportunity, and inclusion, and 2) that the CFPB will "quite possibly make breakthroughs for the principles of diversity and inclusion that will be profound and lasting," members of the financial services industry must examine their employment policies and practices now to ensure that they comply with statutes, regulations, or executive orders pertaining to civil rights.

Topics

  • Section 342's mandate that OMWIs assess the employment diversity policies and practices of the institutions their agencies regulate
  • A discussion of the manner that the CFPB and bank regulatory agency OMWIs may choose to implement their mandate given the implications for fair lending enforcement actions
  • A discussion of the manner that OMWIs may choose to implement their mandate based on the way other federal agencies that enforce diversity policies and practices review and ensure compliance with diversity and equal employment requirements
  • A discussion of steps financial services industry members should take to establish that they have in place now appropriate equal employment opportunity and diversity policies and practices

Moderator

Alan S. Kaplinsky, Practice Leader
Consumer Financial Services Group

Panelists

John L. Culhane, Jr., Partner
Consumer Financial Services Group

Stefanie H. Jackman, Associate
Consumer Financial Services Group

Constantinos G. Panagopoulos, Partner
Labor and Employment Group
Consumer Financial Services Group

This program is open to Ballard Spahr clients and members of the financial services industry. There is no cost to attend. This program is not eligible for continuing education credits.

Please register at least two days before the webinar. Login details will be sent to all approved registrants. For more information, contact Lisa Prickril at prickrill@ballardspahr.com.