Representative Gregory W. Meeks (D-N.Y.) has recently introduced the Improving Corporate Governance Through Diversity Act of 2019, which will require public companies to disclose the gender, race, ethnicity and veteran status of their board directors, nominees and senior executive officers, as a way to track the progress of diverse representation in the corporate sphere.
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Daily Archives: February 21, 2019
Congress Introduces Bill to Reinstate Dodd-Frank Reform Measures
In 2018, Congress passed a bill that rolled back reform measures under the Dodd-Frank Wall Street Reform and Consumer Protection Act that required banks and credit unions to report loan characteristics. The measures required lenders to submit reports for 25 or more mortgages and 100 or more home equity loans made per year.
The bill raised the threshold significantly to 500 mortgages and 500 home equity loans per year, which resulted in 85 percent of banks and credit loans being exempted from reporting. This has sparked concern over fairness in lending as some minorities and women are still subject to loan discrimination.