House Democrats have proposed an addition to the “CAMELS” rating system that would include a “diversity and inclusion” score.
“We need to change it and we need to change it right away. The excuse that we can’t find any, that’s what I’m hearing from some of you, that’s not acceptable,” Texas Democrat Rep. Al Green said at a Wednesday hearing held by the House Subcommittee on Diversity and Inclusion.
“When you have power, you have to use it. We have the power. Regulations may be the thing to do. I think the carrot was a good idea, but after having heard some things today, I think we have to move to the stick, that’s regulations,” he added. The subcommittee was created by House Financial Services Committee Chairwoman California Democrat Rep. Maxine Waters.
Currently, the CAMELS system — also known as the Uniform Financial Institutions Rating System — rates a bank’s