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The MReport Webcast: Friday 5/1/2015

The Federal Housing Finance Agency announced new requirements on Thursday aimed at furthering diversity on federal boards. The FHFA now requires that Federal Home Loan Banks and their Office of Finance include demographic data related to their boards of directors in their annual minority and women inclusion reports to the agency. The banks also must now include descriptions of their outreach activities and strategies designed to promote diversity in nominating or soliciting nominees for positions on boards of directors.

The Final Rule, as the FHFA calls it, is an amendment to the 2008 Housing and Economic Recovery Act that is designed to ensure diversity in the governance, management, employment, and business activities of the entities it regulates. The regulations include specific actions a board may take when nominating and electing directors, as well as limitations on the banks' actions. For example, each FHLB may conduct an annual assessment of members of its board to determine whether any member can enhance that board in areas such auditing and accounting, derivatives, risk management, or the law.

Though 90 percent of Americans realize the importance of credit, 39 percent admit to not knowing their current credit score, according to a survey by JPMorgan Chase. The Chase Slate Credit Survey revealed a number of insights about credit health awareness in the U.S. Most significantly, it shed light on what Americans consider to be good credit scores. According to the survey’s findings, the majority of Americans who have checked their credit previously believe that a 719 is a good score to have. Out of those who have never checked their score, an ideal score is 668, 51 points lower than those more educated on the issue.

About Author: Jordan Funderburk

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