Joint Release
Board of Governors of the Federal Reserve System
Consumer Financial Protection Bureau
Federal Deposit Insurance Corporation
National Credit Union Administration
Office of the Comptroller of the Currency
Securities and Exchange Commission
For Immediate Release June 9, 2015
Agencies Issue Final Standards for Assessing Diversity Policies
and Practices of Regulated Entities
Federal agencies today issued a final interagency policy statement establishing joint
standards for assessing the diversity policies and practices of the entities they regulate.
Section 342 of the Dodd-Frank Wall Street Reform and Consumer Protection Act of
2010 (Dodd-Frank Act) required the Federal Reserve Board, the Consumer Financial
Protection Bureau, the Federal Deposit Insurance Corporation, the National Credit
Union Administration, the Office of the Comptroller of the Currency, and the Securities
and Exchange Commission to establish an Office of Minority and Women Inclusion
(OMWI) at each agency to be responsible for all matters relating to diversity in
management, employment, and business activities. The Dodd-Frank Act also instructed
each OMWI director to develop standards for assessing the diversity policies and
practices of the agencies' regulated entities.
The final standards, which are generally similar to the proposed standards, provide a
framework for regulated entities to create and strengthen their diversity policies and
practices—including their organizational commitment to diversity, workforce and
employment practices, procurement and business practices, and practices to promote
transparency of organizational diversity and inclusion within the entities' U.S.
operations.
The final interagency policy statement reflects the collective efforts of the agencies. The
agencies held extensive discussions with depository institutions, holding companies,
and industry trade groups, in which the agencies solicited their views on appropriate
standards and information about the successes and challenges of existing diversity
policies and programs. The agencies also consulted with financial professionals,
consumer advocates, and community representatives in the discussions to gain a
greater understanding of the issues confronting minorities and women in obtaining
employment and business opportunities within the financial services industry. The policy
statement reflects the consideration of more than 200 comments submitted on the
proposed standards that were issued in 2013. The final interagency policy statement is
effective on publication in the Federal Register.
In addition to the final standards issued today, the agencies are asking for public
comments on the information collection aspects of the final joint standards as required
by the Paperwork Reduction Act. Comments are due within 60 days following
Board of Governors of the Federal Reserve System
Consumer Financial Protection Bureau
Federal Deposit Insurance Corporation
National Credit Union Administration
Office of the Comptroller of the Currency
Securities and Exchange Commission
For Immediate Release June 9, 2015
Agencies Issue Final Standards for Assessing Diversity Policies
and Practices of Regulated Entities
Federal agencies today issued a final interagency policy statement establishing joint
standards for assessing the diversity policies and practices of the entities they regulate.
Section 342 of the Dodd-Frank Wall Street Reform and Consumer Protection Act of
2010 (Dodd-Frank Act) required the Federal Reserve Board, the Consumer Financial
Protection Bureau, the Federal Deposit Insurance Corporation, the National Credit
Union Administration, the Office of the Comptroller of the Currency, and the Securities
and Exchange Commission to establish an Office of Minority and Women Inclusion
(OMWI) at each agency to be responsible for all matters relating to diversity in
management, employment, and business activities. The Dodd-Frank Act also instructed
each OMWI director to develop standards for assessing the diversity policies and
practices of the agencies' regulated entities.
The final standards, which are generally similar to the proposed standards, provide a
framework for regulated entities to create and strengthen their diversity policies and
practices—including their organizational commitment to diversity, workforce and
employment practices, procurement and business practices, and practices to promote
transparency of organizational diversity and inclusion within the entities' U.S.
operations.
The final interagency policy statement reflects the collective efforts of the agencies. The
agencies held extensive discussions with depository institutions, holding companies,
and industry trade groups, in which the agencies solicited their views on appropriate
standards and information about the successes and challenges of existing diversity
policies and programs. The agencies also consulted with financial professionals,
consumer advocates, and community representatives in the discussions to gain a
greater understanding of the issues confronting minorities and women in obtaining
employment and business opportunities within the financial services industry. The policy
statement reflects the consideration of more than 200 comments submitted on the
proposed standards that were issued in 2013. The final interagency policy statement is
effective on publication in the Federal Register.
In addition to the final standards issued today, the agencies are asking for public
comments on the information collection aspects of the final joint standards as required
by the Paperwork Reduction Act. Comments are due within 60 days following
publication in the Federal Register. The effective date of the collection of information will
be announced in the Federal Register following Office of Management and Budget
(OMB) approval.
# # #
Attachment:
• Federal Register Notice - PDF (PDF Help)
Media Contacts:
CFPB Sam Gilford (202) 435-7673
FDIC David Barr (202) 898-6992
Federal Reserve Board Eric Kollig (202) 452-2955
NCUA Ben Hardaway (703) 518-6333
OCC Stephanie Collins (202) 649-6870
SEC Public Affairs (202) 551-4120
FDIC: PR-47-2015
be announced in the Federal Register following Office of Management and Budget
(OMB) approval.
# # #
Attachment:
• Federal Register Notice - PDF (PDF Help)
Media Contacts:
CFPB Sam Gilford (202) 435-7673
FDIC David Barr (202) 898-6992
Federal Reserve Board Eric Kollig (202) 452-2955
NCUA Ben Hardaway (703) 518-6333
OCC Stephanie Collins (202) 649-6870
SEC Public Affairs (202) 551-4120
FDIC: PR-47-2015