Greenlining Institute Asked for Extension, Says Standards Need More Specifics

Contact: Bruce Mirken, Greenlining Institute Media Relations Director, 510-926-4022; 415-846-7758 (cell)

WASHINGTON – In response to requests from The Greenlining Institute and other community advocates, the Offices of Minority and Women Inclusion for six major federal financial regulatory agencies announced today that the comment period for their Proposed Interagency Joint Standards will be extended an additional 45 days. This will make February 7, 2014 the new deadline for the public to provide feedback and recommendations.

“We applaud the agencies for extending the public comment period to provide enough time for Americans to voice their views about these standards,” said Greenlining Economic Equity Director Sasha Werblin. “This represents an important opportunity to help ensure that our financial system works for all Americans, whatever their race or income.”

The OMWIs, created by the Dodd-Frank financial reform law, will assess workforce and supplier diversity in over 70,000 banks and other financial institutions.  At the time of the draft standards’ release in October, Werblin noted that “the proposed interagency standards are short on specifics and don’t hold financial institutions accountable.”

In addition, Greenlining and other advocates were concerned that the initial comment deadline of Dec. 24, Christmas eve, did not allow adequate time for community responses. On Nov. 11, Greenlining formally requested an extension of the comment period.

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THE GREENLINING INSTITUTE
A Multi-Ethnic Public Policy, Research and Advocacy Institute

www.greenlining.org