DS News

29 just 5.8% of senior-level positions at BB&T Bank—the lowest among the data reported. Twenty-seven of the 44 banks reported they conduct an internal review of gender pay equity, the report says. However, only 15 publicly disclosed this information or provided transparency about their efforts to close the pay gap. "is report confirms that America's largest banks must be more transparent so that regulators, Congress, and the American people can hold them accountable for real and intentional diversity and inclusion outcomes," Congresswoman Joyce Beatty (D-Ohio) said during the hearing. She added that although the report shows there has been a success in recruitment and strategies "there is progress to be made." "I believe we must mirror the world we want to live in … when representation and equity is an overarching priority in the banking industry we can develop banks that out- innovate and outperform others and continue to move the needle within the industry," she said. Beatty said there are "clear barriers" to retaining and promoting underrepresented groups, and change must come from the top down. Congresswoman Ann Wagner said the two most common challenges for diversity and inclusion is competition for talent with STEM and finance expertise and the ability to retain a diverse workforce. "To improve their rate of retention, companies must adjust their culture and promote the adjustment of diverse talent," Wagner said. A memo on the heating state Congress included provisions in the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 to promote diversity and inclusion in the financial industry. Section 342(e) of the Dodd-Frank Act requires the Office of Minority Women and Inclusion (OMWI) to submit an annual report to Congress on actions taken by financial institutions. e committee stated in their memo that regulators agreed that industry compliance in sharing diversity would be "voluntary." "As a result, regulators have received limited information from their regulated entities, including banks," the memo states. Additionally, the Federal Deposit Insurance Corporation, the Office of the Comptroller of the Currency, and the Board of Governors of the Federal Reserve System reported in their 2018 annual OMWI reports that they had 16.7%, percent, 9.3% percent, and 5% percent response rates to their diversity survey, respectively. Kenneth Bentsen, President and CEO, Securities Industry and Financial Markets Association Diversity and Inclusion Council, gave testimony saying their most recent survey of their clients found all participants have a strategic plan for diversity. He added that 95% of responding organizations in the U.S. plan to address gender, gender identity, race, and ethnicity. Eighty-percent of the organizations said they plan to address issues around sexual orientation and veterans. Bentsen the survey from his constituents found women made up 44% of the workforce and the hiring rate and turnover rate compared to their male counterparts is "comparable." He added the share of women within the industry is expected to grow by 2% over the next five years and 3% over the next decade. People of color made up one-third of the workforce population and the hiring rate exceeds that for white workers by 5%. e turnover rate for people of color is 2% higher than whites. Journal "This report confirms that America's largest banks must be more transparent so that regulators, Congress, and the American people can hold them accountable for real and intentional diversity and inclusion outcomes." —Congresswoman Joyce Beatty (D-Ohio)

• Cover