NAACP Econ Continues to Promote Diversity in Financial Sector

 

As a part of ongoing efforts to promote diversity in the financial sector workforce, last week Dedrick Asante-Muhammad, Dawn Chase, and Jason Richardson participated in a two-day summit with the Greenlining Institute.  The first day, the NAACP Econ staff met with and presented their findings to the Office of Minority and Women Inclusion (OMWI) staff from several regulatory agencies.  These officials sought the advice of the NAACP in developing practices for measuring diversity in the banking sector. 

The following day, the Economic Department staff, along with the NAACP Washington Bureau Chief Hilary Shelton, presented key findings on our Opportunities and Diversity Report: Banking Industry, at the Capitol to Congressional staff.  Representative Maxine Waters, member of the House Financial Services Committee, gave the keynote address stating, “…diversity in the financial sector must be a priority to making this key sector more responsive to the needs of minorities.” 

Yesterday, NAACP presented to the Consumer Financial Protection Bureau (CFPB) on the report and offered advice to this critical agency on how best to monitor banks on their diversity practices. 

The Opportunity and Diversity Report Card on the Banking Sector was released in January of this year.   In the report, the workforce and supplier diversity data for five of the nation’s largest retail banks are analyzed and grades are assigned to each bank.  This report comes at a critical point in the recovery of our financial sector, and continues to have a major impact on how diversity is measured by regulators moving forward.