Section 342 of the Dodd-Frank Wall Street Reform and Consumer
Protection Act contains a "provision creating an Office of Minority
and Women Inclusion at various agencies to monitor the diversity
efforts of the agencies, the regulated entities and agency
contractors." We estimate new contract opportunities for woman and
minority firms will total $134 million per year.
The Section requires the Department of the Treasury, the Federal
Deposit Insurance Corporation, the Federal Housing Finance Agency,
each of the Federal Reserve Banks, the Board of Governors of the
Federal Reserve System, the National Credit Union Administration, the
Office of the Comptroller of the Currency, the Securities and
Exchange
Commission and Bureau of Consumer Financial Protection to create "an
Office of Minority and Women Inclusion ('OMWI') to be responsible for
all agency matters relating to diversity in management, employment
and
business activities."
The Directors of the Offices of Minority and Women Inclusion (OMWI)
hosted an industry roundtable on January 26th with financial service
trade associations. The roundtable was the first step in a
collaborative effort to obtain guidance from and provide direction
and
information to industry participants regarding the implementation of
Section 342 of Dodd-Frank.
OMWI Directors will hold meetings with market participants in
February, March and April. They will use several fundamental
principles to develop uniform OMWI standards. This Webinar will
review
the First Draft Fundamental Guiding Principles.
As one analyst noted, "In addition to developing standards for and
monitoring the employment diversity of the respective agency, the
OMWI
will have authority over the entities regulated by the agency and
contractors providing services to the agencies." Service providers
covered by the Section include "financial institutions, investment
banking firms, mortgage banking firms, asset management firms,
brokers, dealers, financial services entities, underwriters,
accountants, investment consultants, and providers of legal
services."
To register, go to: http://342update.eventbrite.com
Continuing Education Credit:
CLE - once attendance is verified, participants are emailed an
official certificate of attendance which they submit to their
respective State Bar Associations.
CPE - will apply for cerification as continuing professional
education.
Office of Professional Responsibility, Internal Revenue Service: we
will seek to meet the requirements of 31 Code of Federal Regulations,
section 10.6(g), covering maintenance of attendance records,
retention
of program outlines, qualifications of instructors, and length of
class hours. Our efforts and this notice does not constitute an
endorsement by the Office of Professional Responsibility as to the
quality of the program or its contribution to the professional
competence of the enrolled individual.
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