CFPB Appoints OMWI Office Director

"The new consumer watchdog agency on Monday appointed an outgoing
member of the Equal Employment Opportunity Commission to lead a new
office to promote diversity at the agency and in the financial
services industry.

Stuart Ishimaru, who served as acting EEOC chairman from 2009-2010,
will lead the Office of Minority and Women Inclusion at the Consumer
Financial Protection Bureau. The agency and other federal banking
regulators were required to create such offices as part of the 2010
financial reform law."

http://www.latimes.com/business/money/la-fi-mo-financial-diversity-20120430,0,2784842.story

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SEC Releases OMWI Report

"The report notes that during fiscal year 2011, the SEC awarded $228
million to contractors. Of this $228 million, the SEC awarded $38.38
million (16.8%) to minority-owned businesses and $15.69 million (6.9%)
to women-owned businesses.

The report also discloses that during fiscal year 2011, OMWI had
limited staff as the office was newly created, and was unable to
provide in-depth technical assistance to minority-owned and women-
owned businesses. In fiscal year 2012,OMWI is in the process of hiring
more staff and will have the resources to provide businesses seeking
contracts with the SEC with a comprehensive overview of the
contracting process from the proposal phase to the contract award
phase, including an overview of the process of bidding on a
requirement."

http://www.sec.gov/news/studies/2012/omwi-annualreport.pdf

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Lack of Diversity at NCUA

"The NCUA has acknowledged it falls short in employing Hispanics at
all levels and minorities at high pay grade levels.

The findings were released this week as part of a Dodd-Frank Act-
required report to Congress from the NCUA's Office of Minority and
Women Inclusion.

The NCUA's report didn't list specifics, but according to EEOC's
FY2010 report on NCUA, Hispanics represented only 4.15% of total
employees, compared with 76.15% who classified themselves as white.
Overall, the NCUA employs 46% women and 13% African Americans.

In senior pay levels, there was even less diversity at the agency.
Only 2.44% of highly paid employees were Hispanic, and 2.44% African
American. More than 90% were white, and nearly 76% were men. Hispanics
and African Americans represent 2.5% of senior level managers; only
25% of NCUA senior level officials are women, a number relatively
unchanged since 2006.

Key barriers to more diversity the NCUA identified included the fact
that the regulator is a small agency not well known to the general
public, the loss of hiring flexibility through the Federal Career
Intern Program, which was used to recruit new hires from college
campuses, and the nature of the government hiring process itself,
which favors veterans.

The NCUA listed a number of strategies to improve diversity, including
a shift in how open positions are advertised and incorporate diversity
goals into its strategic plan and annual performance budget.

As for diversity within the industry, credit unions with 100 employees
or more that are legally required to report diversity data to the
Equal Employment Opportunity Commission say women make up 42% of
executive and senior level positions.

Additionally, women at large credit unions comprise 65% of mid-level
management positions, and make up 71% of the total workforce.
Minorities did not fare as well: only 11% of executive and senior
positions were persons of color, with minorities representing 31% of
the total workforce.

Reporting credit unions represent 7.5% of all federally insured credit
unions, but employ 25% of all industry workers. The NCUA said in its
report that "even though this data does not capture the entire
industry, it represents a substantial sample that is consistent with
NCUA's experience."

The NCUA also said field of membership and geographic service areas
may limit a credit union's ability to hire minorities. Some rural
credit unions are in areas with few minority residents. Others are
chartered to serve FOMs that reach only specific ethnic and racial
groups.

"These factors could limit their ability to become diverse if they
strive to hire employees and management that reflect the members they
are chartered to serve," the report said.

The report can be found on the NCUA's website."
http://www.ncua.gov/Legal/Documents/Reports/OMWI2011.pdf

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Goldman..to Disclose NYC Workers’ Race, Gender Data

http://twisri.blogspot.com/2012/04/goldmanto-disclose-nyc-workers-race.html

From the New York Times,"At the behest of New York City's public
pension funds, two of the biggest financial companies with
headquarters in the city, Goldman Sachs and MetLife, have agreed to
publicly disclose information about the racial and gender breakdowns
of their staffs."

Also see: http://www.nytimes.com/2012/04/16/nyregion/goldman-sachs-and-metlife-to-disclose-staff-diversity-data.html

Also see: http://www.americanbanker.com/bankthink/goldman-has-some-gall-seeking-profit-in-housing-1048229-1.html

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OMWI Reports so far

The first annual Office of Minority and Women Inclusion Report
submitted by the Federal Reserve Bank of Boston to Congress:
http://www.bostonfed.org/about/diversity/omwi-annual.../index.htm

The Federal Reserve Bank of San Francisco first annual report of the
Office of Minority and Women Inclusion:
http://www.frbsf.org/federalreserve/about/office-minority-women-inclusion/2011-Annual-Report.pdf

Office of Minority and Women Inclusion Report Report to the Congress
on the. Office of Minority and Women Inclusion. March 2012. BOARD OF
GOVERNORS OF THE FEDERAL RESERVE SYSTEM:
http://federalreserve.gov/publications/other-reports/files/omwi-report-20120402.pdf

The Federal Reserve Bank of Kansas City Office of Women and Minority
Inclusion (OMWI) Report to Congress: http://www.kc.frb.org/publicat/aboutus/2011-omwi-congress-report.pdf

We will summarize these at our webinar:

Dodd-Frank Office of Minority and Women Inclusion (Section 342):
Update and Review of Guiding Principles
Thursday, April 12, 2012 from 2:00 PM to 4:00 PM (ET)

http://342update.eventbrite.com

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Federal Reserve's OMWI Report to Congress

The BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM released its
Report to the Congress on the Office of Minority and Women Inclusion.
March 2012.

It can be found at http://federalreserve.gov/publications/other-reports/files/omwi-report-20120402.pdf

We note that "During 2011, the Board's procurement contracts for goods
and services totaled $125,070,569. Of this total, $15,414,147, or 12.3
percent, was awarded to minority-owned or women-owned businesses.
Specific awards by contractor classification are as follows
• minority-owned businesses (excludes women owned businesses) =
$9,028,526 (7.2 percent of total);
• women-owned businesses (excludes minority women) = $4,237,038 (3.4
percent of total); and
• minority women-owned businesses = $2,148,583 (1.7 percent of
total)."

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FRB of Kansas City First to Release OMWI Report to Congress

The Federal Reserve Bank of Kansas City released their Office of Women
and Minority Inclusion (OMWI) Report to Congress today. (See:
http://www.kc.frb.org/publicat/aboutus/2011-omwi-congress-report.pdf)

They are the first OMWI Office to do so. See:
http://twisri.blogspot.com/2012/04/federal-reserve-bank-of-kansas-city.html

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Webinar: Diversity in Financial Services

Diversity in Financial Services
http://dfsi.eventbrite.com

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