Contractor Good Faith Effort

Section 342(c)(2) of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the Act), 12 U.S.C. 5452(c)(2), requires contractors to submit a written statement about how the contractor ensures the “to the maximum extent possible, the fair inclusion of women and minorities in the workforce of the contractor, and as applicable, subcontractors.” Section 342(c)(3) of the Act, 12 U.S.C. 5452(c)(3), requires the CFPB to make a determination about a contractor’s “good faith effort to include women and minorities in their workforce.” The Bureau is assessing how to implement this provision consistent with the Constitution, civil rights statutes, and Supreme Court case law.