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It’s been almost six years since NAWRB first began supporting and advocating Section 342 of the Dodd-Frank Act and the Office(s) of Minority and Women Inclusion (OMWI). More than half a decade later, NAWRB alongside the women’s movement for equal representation and opportunities find ourselves having achieved significant progress, making serious improvements in increasing awareness and advocating for stronger legislation for women in business. However, from the pervasive wage gap to retirement disparity, women continue facing various obstacles and there is much work left to do. NAWRB will continue working diligently to achieve equality in the workplace. Until then, please read our Throwback Thursday press release from 2010 below to see how it all began.
Las Vegas, NV – At the California Mortgage Brokers Association (CMBA) Western States Loan Servicing Conference, much attention was paid to the recently passed Dodd-Frank Act, due to the stricter rules it imposes on mortgage brokers. However, the National Association of Women REO Brokerages (NAWRB), present at the conference, served as the lone voice stressing the little-known importance of a key provision, 342, buried in the bill.
Provision 342 of financial reform bill mandates the creation of an Office of Minority and Women Inclusion (OMWI) at roughly 20 federally regulated financial institutions, minus major GSEs. The new regulation does not lack teeth–Directors will have the authority to recommend dissolution of contracts and even subcontracts with businesses lacking an acceptable level of diversity and diversity outreach, though it does not clearly define what that level is.
NAWRB represents a nationwide registry of women-owned business and actively seeks federal sub- and prime contracting opportunities on their behalf. The impact of Provision 342 strikes at the center of NAWRB’s mission–to promote and broaden the access of women-owned businesses within the Distressed Services Industry.
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