AGENCIES ISSUE FINAL STANDARDS FOR ASSESSING DIVERSITY POLICIES AND PRACTICES OF REGULATED ENTITIES
The OCC, Board, FDIC, CFPB, SEC, and NCUA (each, an Agency and collectively, the Agencies) announced that Office of Management and Budget (OMB) has approved the collection of information contained in the Final Interagency Policy Statement Establishing Joint Standards for Assessing the Diversity Policies and Practices of Entities Regulated by the Agencies (Policy Statement). Regulated entities may now begin to submit self-assessments of their diversity policies and practices to the OMWI Director of their primary federal financial regulator. Click Here to read the Announcement >>
DIVERSITY & INCLUSION SELF-ASSESSMENT
VRMU proudly offers a FREE, anonymous resource for lenders, servicers and investors to assess the strength and compliance of their diversity and inclusion initiatives.
This comprehensive tool distills the Office of Minority and Women Inclusion’s (OMWIs) proposed standards into an easy-to-use tool to assess, document, measure and share your compliance with the standards developed in response to Section 342 of the Dodd-Frank Act.
Completing the Diversity and Inclusion Self-Assessment will allow you to:
- Employ a standardized assessment to confirm your compliance with Dodd-Frank 342’s OMWI standards.
- Reduce time spent researching and interpreting the OMWI standards.
- Promote your diversity policies and practices to your partner agencies.
- Provide a benchmark to help foster a culture that promotes the fair inclusion and utilization of minorities and women.
- Meet diversity standards and requirements enabling you to qualify and complete for agency proposals and contracts.
- Diversify your workforce to further drive economic growth.
The results of this assessment provide you a measurement of:
- Organizational Commitment to Diversity and Inclusion
- Workforce Profile and Employment Practices
- Procurement and Business Practices — (Supplier Diversity)
- Diversity & Inclusion Policy Transparency & Communication
The Diversity and Inclusion Self-Assessment is the one of the most comprehensive measures of diversity available for any mortgage-related business to help improve compliance and drive organizational excellence through diversity and inclusion.
We created this tool with input from industry leaders and diversity advocates to help our industry and, specifically, companies regulated by the federal agencies designated in Section 342 of the Dodd-Frank Act to perform comprehensive reviews of the performance and success of their diversity and inclusion initiatives.
By using the Diversity & Inclusion Self-Assessment Tool Kit, I understand that completing the Self-Assessment does not guarantee compliance with the requirements of the Dodd-Frank Act or indemnify organizations that use the online assessment or the associated guide. At the end of the online assessment you may provide your input regarding the proposed product software, products, services, business or technology plans, including, without limitation, comments or suggestions regarding the possible creation, modification, correction, improvement or enhancement of the services (collectively “Feedback”). You agree that by providing your feedback that VRM shall be entitled to use Feedback for any purpose without restriction or remuneration of any kind with respect to Company and/or its representatives and release and grant all rights, if any that you have in the Feedback to VRM.