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New Report: Federal Bank Regulators Don't Look Like AmericaSalem-News.com
Executives at Some Key Agencies 100% White, Study Finds.
(BERKELEY, Calif.) - The federal agencies that regulate America’s financial industry don’t come close to matching the nation’s diversity, a new study released today by The Greenlining Institute shows. The report, "Government That Looks Like America? Racial and Ethnic Diversity in Financial Regulatory Institutions," comes as the recently-created Offices of Women and Minority Inclusion are gearing up their operations and its authors argue that failure to include regulators from diverse backgrounds may cause these agencies to miss emerging trends.
Key findings include:
“These findings tell us that the Offices of Women and Minority Inclusion have their work cut out for them,” said co-author Divya Sundar, Greenlining Community Reinvestment fellow. “There is a lot of literature showing that diverse organizations are more attentive to the needs of diverse consumers. We know that during the housing bubble these regulatory agencies missed dangerous increases in predatory lending that surfaced first in communities of color, and you can’t help but wonder whether regulators from a wider variety of backgrounds might have seen the warning signals sooner.”
The full report is available online here.
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