The Federal Housing Finance Agency (FHFA) announced Wednesday the issuing of a Notice of Proposed Rulemaking. Now the agency is seeking comments on proposed amendments to its Minority and Women Inclusion regulations. In 2010, FHFA adopted regulations to facilitate implementation of the requirement of the Housing and Economic Recovery Act of 2008 to promote diversity and inclusion in all FHFA and the GSEs’ businesses and activities. The proposed amendments further clarify the scope of the regulated entities' obligation to promote diversity and inclusion.
The proposed amendments would first require the regulated entities to engage in diversity and inclusion strategic planning by developing stand-alone plans or by incorporating diversity and inclusion into their existing strategic planning processes. They would also encourage the regulated entities to expand contracting opportunities for minorities, women, and individuals with disabilities through subcontracting arrangements.
Likewise, these amendments would require the regulated entities to amend their policies on equal opportunity in employment and contracting by adding sexual orientation, gender identity, and status as a parent to the list of protected classifications.
They would additionally require the regulated entities to provide information in their annual reports to FHFA about their efforts to advance diversity and inclusion through capital market transactions, affordable housing and community investment programs, initiatives to improve access to credit, and strategies for promoting the diversity of supervisors and managers.
FHFA invites interested parties to submit comments on all aspects of the Notice of Proposed Rulemaking within 60 days of publication in the Federal Register.
This isn’t the only work the mortgage and housing industry is doing to promote diversity and inclusion, though. The American Mortgage Diversity Council (AMDC), an independent membership organization focused on advancing the conversation of diversity and inclusion within the mortgage industry, has introduced a digital library featuring diversity and inclusion articles with leading news assembled by various government and media organizations.
The library will be a resource for the industry to find articles in the following categories: regulatory, advisory, statistical impacts of diversity, workforce development, supply chain management, and lender impacts.
AMDC is also accepting applications for the 2016-2017 Mortgage Industry Diversity and Inclusion Directory.
The Diversity and Inclusion Directory is a collection of company profiles that are minority and women owned or operated. The directory will be available online and will have limited print distribution to servicers, government agencies, and suppliers that are looking to engage diverse companies in supply chain.
To learn more about the work AMDC is doing for diversity and inclusion in the industry, click HERE.
To view the AMDC Digital Library, click HERE.
Editor's Note: The Five Star Institute is the parent company of AMDC, MReport, and TheMReport.com.