In a previous post, I discussed the publication of a report by the U.S. House of Representatives’ Democrats (Representative Maxine Waters (D-Calif.), Representative Al Green (D-Tx.), and members of the Tri-Caucus) on the diversity and inclusion issues within the federal financial agencies.
|Consumer Financial Protection Bureau||December 7, 2015||http://democrats.financialservices.house.gov/uploadedfiles/2015.18.25_diversity_report_and_reforms_agency_responses_final.pdf|
|Federal Deposit Insurance Corporation||December 7, 2015|
|Federal Housing Finance Agency||December 7, 2015|
|Federal Reserve Board||November 25, 2015 and February 8, 2016||Detailed letter (Feb. 8, 2016) submitted 2 days before the Monetary Policy Report hearing (Feb. 10, 2016).|
|National Credit Union Administration||December 7, 2015|
|Office of the Comptroller of the Currency||December 8, 2015|
|Securities and Exchange Commission||December 9, 2015|
According to a press release issued on January 8, 2016, the Democrats received responses from the federal financial regulatory agencies. Waters and members of the Tri-Caucus appreciated the responses but seek further action to ensure demonstrated commitment and action on the part of these agencies.
|Federal Financial Agency||Report Number||Internet Link||Comment|
|Consumer Financial Protection Bureau||Audit report 2015-MO-C-002||http://oig.federalreserve.gov/reports/cfpb-diversity-inclusion-mar2015.pdf||American Banker article about racial disparities of CFPB staff evaluations.|
|Department of the Treasury, Office of the Comptroller of the Currency||OIG-15-017||http://www.treasury.gov/about/organizational-structure/ig/Audit%20Reports%20and%20Testimonies/OIG-15-017.pdf|
|Federal Deposit Insurance Corporation||Eval-15-001||http://www.fdicoig.gov/reports15/15-001EV.pdf|
|Federal Housing Finance Agency||EVL-2015-003||http://fhfaoig.gov/Content/Files/EVL-2015-003.pdf|
|Federal Reserve Board||Audit report 2015-MO-B-006||http://oig.federalreserve.gov/reports/board-diversity-inclusion-mar2015.pdf||What is left out of the report is significant: Artis v. Bernanke (now Yellen). Also 12 U.S.C. 244 needs Congressional attention to ensure that Title 5 of the U.S. Code applies to the Board; the Board’s record-keeping on, and reporting of, its internal management is lax.|
|National Credit Union Administration||OIG-14-09||http://www.ncua.gov/about/Leadership/CO/OIG/Documents/OIG201409EqualOpportunityDiversity.pdf||Click for blog post on this report|
|Securities and Exchange Commission||528||http://www.sec.gov/oig/reportspubs/528.pdf||Report is thorough, thoughtful, and well done.|
In particular, Chair Janet Yellen stated in the Fed’s letter that the Fed had already begun acting on recommendations from its Inspector General.
[Note: Key issues to monitor PMR monitoring, discussions with OMWI director. Responses to these recommendations were opaque.]
Author’s note: Other posts relating to the Federal Reserve Board on this issue follow.