Regulatory Alerts2024-08-20 | Letter to CEOs of LFCsNational Definition for Women-Owned or Led Businesses in FinNet Reporting Formats
The regulator establishes a national definition and reporting parameters for identifying women-owned or led businesses within the Financial Information Network Reporting System (FinNet). The standard requires enterprises to demonstrate either majority female ownership or at least 20% female equity coupled with designated female decision-makers and board representation. It further specifies evidentiary criteria for control, operational engagement, and management roles across limited liability companies, sole proprietorships, partnerships, and cooperatives to ensure consistent sex-disaggregated data collection.
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