source:
  type: statute
  id: hmda-12usc-4520
  authority: 12 U.S.C. §4520 — Minority and women inclusion; diversity requirements
  description: 12 U.S.C. §4520 — Minority and women inclusion; diversity requirements.
  coverage_tier: context
obligations:
- id: hmda-12usc-4520-full
  canonical_id: hmda-12usc-4520-full
  section: 12 U.S.C. §4520 — Minority and women inclusion; diversity requirements
  type: reference
  tags:
  - regulator-direct
  - federal-statute
  - corpus-expansion
  - tier-context
  primary_source:
    tier: 1
    authority: 12 U.S.C. §4520 — Minority and women inclusion; diversity requirements
    source_class: usc-statute
    source_url: https://www.law.cornell.edu/uscode/text/12/4520
    snapshot_id: 5aeb4a1fc597330d
    fetched_at: '2026-05-24T16:52:42Z'
    content_hash: sha256:8954e144d1f7aea20fbce0b39066b79c681b215d788d721d472b77c34e4d0cbb
    paragraph_quote: (a) Office of Minority and Women Inclusion Each regulated entity
      shall establish an Office of Minority and Women Inclusion, or designate an office
      of the entity, that shall be responsible for carrying out this section and all
      matters of the entity relating to diversity in management, employment, and business
      activities in accordance with such standards and requirements as the Director
      shall establish. (b) Inclusion in all levels of business activities Each regulated
      entity shall develop and implement standards and procedures to ensure, to the
      maximum extent possible, the inclusion and utilization of minorities (as such
      term is defined in section 1204(c) of the Financial Institutions Reform, Recovery,
      and Enforcement Act of 1989 ( 12 U.S.C. 1811 note)) and women, and minority-
      and women-owned businesses (as such terms are defined in section 1441a(r)(4)
      [1] of this title) (including financial institutions, investment banking firms,
      mortgage banking firms, asset management firms, broker-dealers, financial services
      firms, underwriters, accountants, brokers, investment consultants, and providers
      of legal services) in all business and activities of the regulated entity at
      all levels, including in procurement, insurance, and all types of contracts
      (including contracts for the issuance or guarantee of any debt, equity, or mortgage-related
      securities, the management of its mortgage and securities portfolios, the making
      of its equity investments, the purchase, sale and servicing of single- and multi-family
      mortgage loans, and the implementation of its affordable housing program and
      initiatives). The processes established by each regulated entity for review
      and evaluation for contract proposals and to hire service providers shall include
      a component that gives consideration to the diversity of the applicant. (c)
      Applicability This section shall apply to all contracts of a regulated entity
      for services of any kind, including services that require the services of investment
      banking, asset management entities, broker-dealers, financial services entities,
      underwriters, accountants, investment consultants, and providers of legal services.
      (d) Inclusion in annual reports Each regulated entity shall include, in the
      annual report submitted by the entity to the Director pursuant to section 1723a(k)
      of this title , section 1456(c) of this title , and section 1440 of this title
      , as applicable, detailed information describing the actions taken by the entity
      pursuant to this section, which shall include a statement of the total amounts
      paid by the entity to third party contractors since the last such report and
      the percentage of such amounts paid to businesses described in subsection (b)
      of this section. (e) Outreach Each regulated entity shall establish a minority
      outreach program to ensure the inclusion (to the maximum extent possible) in
      contracts entered into by the enterprises of minorities and women and businesses
      owned by minorities and women, including financial institutions, investment
      banking firms, underwriters, accountants, brokers, and providers of legal services.
      (f) Diversity in Agency workforce The Agency shall take affirmative steps to
      seek diversity in its workforce at all levels of the agency consistent with
      the demographic diversity of the United States, which shall include— (1) heavily
      recruiting at historically Black colleges and universities, Hispanic-serving
      institutions, women’s colleges, and colleges that typically serve majority minority
      populations; (2) sponsoring and recruiting at job fairs in urban communities,
      and placing employment advertisements in newspapers and magazines oriented toward
      women and people of color; (3) partnering with organizations that are focused
      on developing opportunities for minorities and women to place talented young
      minorities and women in industry internships, summer employment, and full-time
      positions; and (4) where feasible, partnering with inner-city high schools,
      girls’ high schools, and high schools with majority minority populations to
      establish or enhance financial literacy programs and provide mentoring. ( Pub.
      L. 102–550, title XIII, § 1319A , Oct. 28, 1992 , 106 Stat. 3950 ; Pub. L. 110–289,
      div. A, title I , §§ 1116, 1161(a)(2), July 30, 2008 , 122 Stat. 2681 , 2779.)
      [1] See References in Text note below.
  judgment: false
