Category: Banks
Disclosure requests have been issued to NY banks, insurers, asset managers and other financial institutions Disclosure requests have been issued to NY banks, insurers, asset managers and other financial institutions Disclosure requests have been issued to NY banks, insurers, asset managers and other financial institutions
Jul 30th, 2021
State regulator the New York State Department of Financial Services (DFS) has requested New York banks and other financial institutions to submit information relating to the gender, racial and ethnic composition of their boards and senior management by the autumn of 2021.
The regulator plans to publish the data on an aggregate basis a year later, in 2022.
The directive from the DFS was issued yesterday to banks with more than $100m in assets and non-depository financial institutions - which include the likes of asset managers, pension funds and loan providers - with revenues of more than $100m.
In a statement, DFS chief Linda Lacewell said that the initiative was the “best way” for the regulator to support diversity and inclusion efforts within the financial sector.
“Making this information public will allow firms to assess where they stand relative to their peers, and it is our hope, raise the bar for the entire industry. Transparency and …