Lexology.com
EpsteinBeckerGreen
Allen B. Roberts
USA
January 27 2011
Organizations contracting with federal financial agencies, and their contractors, will encounter new scrutiny of their diversity programs and accomplishments during 2011. A feature of the Dodd-Frank Wall Street Reform and Consumer Protection Act requires each agency to adopt procedures prescribing that a contractor shall ensure, to the maximum extent possible, the fair inclusion of women and minorities in the workforce of the contractor and, as applicable, subcontractors.
The reach and anticipated impact of the diversity initiative is evident from the federal agencies having responsibility for programs and the types of organizations impacted by those programs. Agency directors of the Department of the Treasury, the Federal Deposit Insurance Corporation, the Federal Housing Finance Agency, each of the Federal Reserve banks, the Federal Reserve Board, the National Credit Union Administration, the Office of the Comptroller of the Currency, the Securities and Exchange Commission, and the Bureau of Consumer Financial Protection are charged with developing standards for increased participation of minority-owned and women-owned businesses in the programs and contracts of the agency, including standards for coordinating technical assistance to those businesses. The provision, set forth in Dodd-Frank Section 342, applies to "all business and activities of the agencies at all levels, including in procurement, insurance, and all types of contracts."
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Showing posts with label Dodd-Frank. Show all posts
Showing posts with label Dodd-Frank. Show all posts
Thursday, February 3, 2011
Tuesday, February 1, 2011
Federal agencies set up Dodd-Frank-mandated Offices of Minority and Women Inclusion
Lexology.com
Ballard Spahr LLP
John L. Culhane, Jr, Mark J. Furletti, Alan S. Kaplinksy, Barbara S. Mishkin, Jeremy T. Rosenblum and Mercedes K. Tunstall
USA
January 25 2011
Responding to a little-noticed provision of the Dodd-Frank Wall Street Reform and Consumer Protection Act, federal agencies have begun establishing Offices of Minority and Women Inclusion.
Each agency’s Inclusion Office must develop standards for: equal employment opportunity and the racial, ethnic, and gender diversity of the agency’s workforce and senior management; and increased participation of minority- and women-owned businesses in the agency’s programs and contracts. More important to financial institutions, however, is that Directors of the Inclusion Offices must develop standards to assess the diversity policies and practices of the entities their agencies regulate.
Required to establish an Inclusion Office by January 21, 2011, were the Federal Reserve Board, 12 Federal Reserve Banks, Office of the Comptroller of the Currency, Department of the Treasury, Federal Deposit Insurance Corporation, Federal Housing Finance Agency, National Credit Union Administration, and Securities and Exchange Commission. The Bureau of Consumer Financial Protection (CFPB) has until January 21, 2012, to meet the requirement of Section 342 of the Dodd-Frank Act.
Full Story: http://www.lexology.com/library/detail.aspx?g=df59152c-0810-4a48-ba87-83f647c7e1ff&utm_source=Lexology+Daily+Newsfeed&utm_medium=HTML+email+-+Body+-+Federal+section&utm_campaign=Lexology+subscriber+daily+feed&utm_content=Lexology+Daily+Newsfeed+2011-01-31&utm_term=
Ballard Spahr LLP
John L. Culhane, Jr, Mark J. Furletti, Alan S. Kaplinksy, Barbara S. Mishkin, Jeremy T. Rosenblum and Mercedes K. Tunstall
USA
January 25 2011
Responding to a little-noticed provision of the Dodd-Frank Wall Street Reform and Consumer Protection Act, federal agencies have begun establishing Offices of Minority and Women Inclusion.
Each agency’s Inclusion Office must develop standards for: equal employment opportunity and the racial, ethnic, and gender diversity of the agency’s workforce and senior management; and increased participation of minority- and women-owned businesses in the agency’s programs and contracts. More important to financial institutions, however, is that Directors of the Inclusion Offices must develop standards to assess the diversity policies and practices of the entities their agencies regulate.
Required to establish an Inclusion Office by January 21, 2011, were the Federal Reserve Board, 12 Federal Reserve Banks, Office of the Comptroller of the Currency, Department of the Treasury, Federal Deposit Insurance Corporation, Federal Housing Finance Agency, National Credit Union Administration, and Securities and Exchange Commission. The Bureau of Consumer Financial Protection (CFPB) has until January 21, 2012, to meet the requirement of Section 342 of the Dodd-Frank Act.
Full Story: http://www.lexology.com/library/detail.aspx?g=df59152c-0810-4a48-ba87-83f647c7e1ff&utm_source=Lexology+Daily+Newsfeed&utm_medium=HTML+email+-+Body+-+Federal+section&utm_campaign=Lexology+subscriber+daily+feed&utm_content=Lexology+Daily+Newsfeed+2011-01-31&utm_term=
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