ABSTRACT

Financial Services Industry: Using Data to Promote Greater Diversity and Inclusion, Statement of Daniel Garcia-Diaz, Managing Director, Financial Markets and Community Investment, Testimony Before Subcommittee on Diversity and Inclusion, Committee on Financial Services, House of Representatives   [open pdf - 315KB]

From the Highlights: "The financial services industry provides services that help families build wealth and is essential to the economic growth of the country. For instance, the FHLBanks [Federal Home Loan Banks], Fannie Mae, and Freddie Mac play important roles in supporting the U.S. housing market. The FHLBanks include 11 federally chartered banks that provide liquidity for member institutions, such as commercial and community banks, to use in support of housing finance and community lending. Fannie Mae and Freddie Mac purchase single-family and multifamily mortgage loans that lenders already made to borrowers. Congressional members and others have highlighted the need for the financial services industry to create opportunities for all Americans, including supporting a diverse workforce. This statement discusses (1) how financial service firms use data to assess workforce diversity efforts; (2) how the FHLBanks and the enterprises use data to assess their diversity efforts; and (3) how FHFA [Federal Housing Finance Agency] oversees diversity efforts at the FHLBanks and the enterprises. This statement is primarily based on three GAO [U.S. Government Accountability Office] reports (GAO-18-64, GAO19-589, and GAO-20-637) on diversity efforts in the financial services industry and at FHLBanks and the enterprises. For the reports, GAO reviewed relevant literature and data, and interviewed representatives of financial services firms and industry and diversity advocacy organizations. GAO also reviewed documents and interviewed officials from the FHLBanks, enterprises, and FHFA."

Report Number:
GAO-21-448T
Author:
Publisher:
Date:
2021-03-18
Copyright:
Public Domain
Retrieved From:
Government Accountability Office: https://www.gao.gov/
Format:
pdf
Media Type:
application/pdf
URL:
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