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FOR IMMEDIATE RELEASE
August 17, 2010
Las Vegas, NV – At the California Mortgage Brokers Association (CMBA) Western States Loan Servicing Conference, much attention was paid to the recently passed Dodd-Frank Act, due to the stricter rules it imposes on mortgage brokers. However, the National Association of Women REO Brokerages (NAWRB), present at the conference, served as the lone voice stressing the little-known importance of a key provision, 342, buried in the bill.
Provision 342 of financial reform bill mandates the creation of an Office of Minority and Women Inclusion (OMWI) at roughly 20 federally regulated financial institutions, minus major GSEs. The new regulation does not lack teeth–Directors will have the authority to recommend dissolution of contracts and even subcontracts with businesses lacking an acceptable level of diversity and diversity outreach, though it does not clearly define what that level is.
NAWRB represents a nationwide registry of women-owned business and actively seeks federal sub- and prime contracting opportunities on their behalf. The impact of Provision 342 strikes at the center of NAWRB’s mission–to promote and broaden the access of women-owned businesses within the Distressed Services Industry.
ABOUT NAWRB
The National Association of Women in Real Estate Businesses (NAWRB) is a leading voice for women in housing. NAWRB is dedicated to providing women the tools and opportunities for economic expansion and growth, while advocating and promoting women-owned businesses specializing in the housing economy.