Yesterday, the chair of the House Financial Services Subcommittee on Diversity and Inclusion, Rep. Joyce Beatty, introduced a bill to make it mandatory for financial institutions to send diversity data to the Offices of Minority and Women Inclusion (OMWIs) at their various regulators.
Right now, under Section 342 of Dodd Frank, providing that data from diversity self-assessments is voluntary. Accordingly, Beatty said more than 80% of regulated entities have failed to share any metrics with their primary regulator, falling short of "the spirit and intent of the statute."
Despite a growing body of evidence showing that diversity and inclusion increase a financial institutions' innovation and profitably while lowering regulatory risk, recentresearch by Catalyst shows a distinctly uneven level of women and women of color in leadership positions at financial services firms.
Of course, just sending D&I data to regulators won't change those percentages, but as Beatty noted in the hearing: "in the financial services sector—what gets measured, gets done."
Servicers can make a difference to homeowners impacted by COVID-19. Fannie Mae's one-stop toolkit has all the information you need to answer homeowners' questions about forbearance and post-forbearance options. Visit the Toolkit.
In this HousingWire Spring Sumit on-demand session, presenters discuss the importance of early lead management, with the emphasis on converting these leads into your loan pipeline.
Despite increased rate of tech adoption, the mortgage industry still has room for continued development and processes. HousingWire sat down with Renata Sheyner, vice president of product at CreditXpert, to learn more about key technologies that lenders need to give more attention to. Presented by CreditXpert
HousingWire, 433 East Las Colinas Blvd., Suite 830, Irving, TX 75039, (469) 893-1480
.png?width=1116&upscale=true&name=Short%20Sale-MVP%20970x250%20V2%20(2).png)
EmoticonEmoticon