FHFA - Federal Housing Finance Agency
03/29/2024 | Press release | Distributed by Public on 03/29/2024 09:35
Office of Minority and Women Inclusion Annual Report to Congress - 2023
The Federal Housing Finance Agency (FHFA or Agency) was created as an independent agency by the Housing and Economic Recovery Act of 20081 (HERA) to regulate and supervise Fannie Mae, Freddie Mac (together, "Enterprises"), and the Federal Home Loan Bank System, which includes the 11 Federal Home Loan Banks (FHLBanks) and its fiscal agent, the Office of Finance (OF) (collectively, including the Enterprises' affiliate Common Securitization Solutions, LLC (CSS), the "regulated entities").2 Since 2008, FHFA has also served as the conservator of the Enterprises. FHFA plays a vital role in promoting access to mortgage credit nationwide, ensuring liquidity is available for affordable rental housing, and protecting the safety and soundness of the housing finance system through our supervision of the regulated entities.
On January 21, 2011, FHFA established its Office of Minority and Women Inclusion (OMWI) consistent with Section 342 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act).3 In accordance with the Dodd-Frank Act, OMWI is responsible for leading the Agency's efforts to develop and implement, or promote, the below standards:
- Equal employment opportunity (EEO) and the racial, ethnic, and gender diversity of the Agency's workforce, including senior management;
- Increased participation of Minority- and Women-Owned Businesses (MWOBs) in Agency programs and contracts, and standards for coordinating technical assistance to such businesses; and
- Assessing the diversity policies and practices of the regulated entities.4
FHFA is among seven federal financial agencies5 that the Dodd-Frank Act requires to submit an annual report to Congress containing the following information:
- A statement of the total amounts paid by the Agency to contractors since the previous report;
- The percentage of the amounts paid to contractors that are MWOBs;
- The successes achieved and challenges faced by the Agency in operating minority6 and women outreach programs;
- The challenges the Agency may face in hiring minority and women employees and contracting with qualified MWOBs; and
- Any other information, findings, conclusions, and recommendations for legislative or Agency action, as the OMWI Director determines appropriate.
Click the link below for the complete report.
FHFA also launched a set of dashboards that provide some of the tables and figures included in the 2023 OMWI Annual Report to Congress. Users with software to assist with accessibility can easily download standardized and aggregated data in a machine-readable data format. Visit the new dashboards at the link below.
2023 OMWI Annual Report to Congress (PDF)
2023 OMWI Annual Report to Congress Tables (XLSX)
2023 OMWI Annual Report to Congress Dashboards (Tableau)
1 See 12 U.S.C. § 4501 et seq.
2 The OF and CSS are not separate "regulated entities" as the term is defined by statute (see 12 U.S.C. 4502(20)). Rather, the OF is part of the FHLBank System, and CSS is a securitization platform that the Enterprises operate as a joint venture. However, for convenience, references to the "regulated entities" in this Report should be read to also apply to the OF and CSS, unless otherwise noted.
3 See 12 U.S.C. § 5452.
4 See 12 U.S.C. § 5452(b)(2).
5 See 12 U.S.C. § 5452(e) and (g). The six other federal financial agencies are: The Departmental Offices of the Department of the Treasury; Federal Deposit Insurance Corporation; Board of Governors of the Federal Reserve System and each Federal Reserve Bank; National Credit Union Administration; Office of the Comptroller of the Currency; and Consumer Financial Protection Bureau.
6 This report focuses on minority status surrounding race/ethnicity based on self-identification.