by: Divya Sundar
In the wake of widespread reports of predatory lending in communities of color during the run-up to the financial crisis, Congress added language to the Dodd-Frank financial reform law creating OMWIs in 20 federal financial regulatory agencies. Their goal is to assure “the fair inclusion and utilization of minorities, women, and minority-owned and women-owned businesses in activities of their agency.” In so doing, Congress recognized that these communities are often the proverbial canaries in the coal mine when it comes to problems with our financial system.
This matters. The Greenlining Institute’s