Joint Release
Federal Deposit Insurance Corporation
Federal Reserve Board of Governors
Office of the Comptroller of the Currency
For immediate release August 2, 2016
Regulated Institutions to Submit Self-Assessments of Diversity Policies and Practices
The federal banking agencies today provided information on how the financial institutions they
regulate may begin to submit self-assessments of their diversity policies and practices as of year-
end 2015, and issued Frequently Asked Questions (FAQs) about the process.
Financial institutions are strongly encouraged to disclose on their websites their diversity policies
and practices, as well as information related to their self-assessments, to maximize transparency,
and to provide their policies, practices, and self-assessment information to their primary federal
financial regulator. Additional information, with detailed submission instructions, will be
provided at a later date directly to the institutions.
Section 342 of the Dodd-Frank Wall Street Reform and Consumer Protection Act required the
federal financial regulatory agencies to establish an Office of Minority and Women Inclusion
(OMWI) and instructed the OMWI Director at each agency to develop standards for assessing
the diversity policies and practices of its regulated institutions.
The standards, which became effective on June 10, 2015, reflect input received during a public
comment period, as well as information gathered during outreach sessions. The standards
provide a framework for regulated institutions to assess and establish or strengthen their diversity
policies and practices.
The standards are intended to promote transparency and awareness of diversity policies and
practices within the institutions. On July 13, 2016, the agencies announced that the Office of
Management and Budget had approved the collection of the voluntary self-assessment
information. The information may be used by the agencies to monitor diversity and inclusion
trends and identify leading policies and practices in the financial services industry.
A list of Frequently Asked Questions and Answers is attached and also is available on the
websites of the Federal Reserve Board, the Federal Deposit Insurance Corporation, and the
Office of the Comptroller of the Currency.
# # #
Attachment:
• Frequently Asked Questions (FAQs) - Standards for Assessing the Diversity Policies and
Practices of Entities Regulated by the Agencies
Federal Deposit Insurance Corporation
Federal Reserve Board of Governors
Office of the Comptroller of the Currency
For immediate release August 2, 2016
Regulated Institutions to Submit Self-Assessments of Diversity Policies and Practices
The federal banking agencies today provided information on how the financial institutions they
regulate may begin to submit self-assessments of their diversity policies and practices as of year-
end 2015, and issued Frequently Asked Questions (FAQs) about the process.
Financial institutions are strongly encouraged to disclose on their websites their diversity policies
and practices, as well as information related to their self-assessments, to maximize transparency,
and to provide their policies, practices, and self-assessment information to their primary federal
financial regulator. Additional information, with detailed submission instructions, will be
provided at a later date directly to the institutions.
Section 342 of the Dodd-Frank Wall Street Reform and Consumer Protection Act required the
federal financial regulatory agencies to establish an Office of Minority and Women Inclusion
(OMWI) and instructed the OMWI Director at each agency to develop standards for assessing
the diversity policies and practices of its regulated institutions.
The standards, which became effective on June 10, 2015, reflect input received during a public
comment period, as well as information gathered during outreach sessions. The standards
provide a framework for regulated institutions to assess and establish or strengthen their diversity
policies and practices.
The standards are intended to promote transparency and awareness of diversity policies and
practices within the institutions. On July 13, 2016, the agencies announced that the Office of
Management and Budget had approved the collection of the voluntary self-assessment
information. The information may be used by the agencies to monitor diversity and inclusion
trends and identify leading policies and practices in the financial services industry.
A list of Frequently Asked Questions and Answers is attached and also is available on the
websites of the Federal Reserve Board, the Federal Deposit Insurance Corporation, and the
Office of the Comptroller of the Currency.
# # #
Attachment:
• Frequently Asked Questions (FAQs) - Standards for Assessing the Diversity Policies and
Practices of Entities Regulated by the Agencies
Media Contacts:
Federal Reserve Susan Stawick (202) 452-2955
FDIC Greg Hernandez (202) 898-6993
OCC Stephanie Collins (202) 649-6870
FDIC: PR-64-2016
Attachment
Frequently Asked Questions (FAQs) Standards for Assessing the Diversity Policies and
Practices of Entities Regulated by the Agencies
1. What is the Dodd-Frank Section 342(b)(2)(C) diversity standards provision about?
Section 342(b)(2)(C) of the Dodd-Frank Wall Street Reform and Consumer Protection Act
(Dodd-Frank Act) required the Board of Governors of the Federal Reserve System (Board),
the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the
Currency (OCC) (together, the “Agencies”), and certain other federal financial agencies to
develop standards to assess the diversity policies and practices of the entities they regulate.
2. What have the Agencies done to implement Dodd-Frank Act Section 342(b)(2)(C)?
On June 10, 2015, the Agencies published the Final Interagency Policy Statement
Establishing Joint Standards for Assessing the Diversity Policies and Practices of Entities
Regulated by the Agencies (Policy Statement).1 The Policy Statement established standards
that reflect leading policies and practices and will enable regulated entities to assess their
diversity policies and practices in the areas of organizational commitment to diversity and
inclusion; workforce profile and employment practices; procurement and business practices
(supplier diversity); and practices to promote transparency of organizational diversity and
inclusion (collectively, “the Standards”).2
3. What entities are covered by the Policy Statement?
The Policy Statement applies to entities that are regulated by the Agencies and by the other
federal financial agencies that issued the Policy Statement. This includes depository
institutions, holding companies and other financial service companies whose primary federal
financial regulator is the Board, FDIC or OCC. The Agencies recognize that entities have
unique characteristics, such as governance structure, workforce size, total assets, contract
volume, geographic location, and community characteristics. The Policy Statement focuses
primarily on regulated entities with more than 100 employees. Smaller regulated entities are
also encouraged to use the Standards in a manner appropriate to their unique characteristics.
4. Are regulated entities required to conduct a self-assessment and provide the results to
their regulators?
The Policy Statement states that regulated entities’ self-assessments of their diversity policies
and practices are voluntary, and submissions of information regarding those self-assessments
to their primary federal financial regulator are also voluntary.
Federal Reserve Susan Stawick (202) 452-2955
FDIC Greg Hernandez (202) 898-6993
OCC Stephanie Collins (202) 649-6870
FDIC: PR-64-2016
Attachment
Frequently Asked Questions (FAQs) Standards for Assessing the Diversity Policies and
Practices of Entities Regulated by the Agencies
1. What is the Dodd-Frank Section 342(b)(2)(C) diversity standards provision about?
Section 342(b)(2)(C) of the Dodd-Frank Wall Street Reform and Consumer Protection Act
(Dodd-Frank Act) required the Board of Governors of the Federal Reserve System (Board),
the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the
Currency (OCC) (together, the “Agencies”), and certain other federal financial agencies to
develop standards to assess the diversity policies and practices of the entities they regulate.
2. What have the Agencies done to implement Dodd-Frank Act Section 342(b)(2)(C)?
On June 10, 2015, the Agencies published the Final Interagency Policy Statement
Establishing Joint Standards for Assessing the Diversity Policies and Practices of Entities
Regulated by the Agencies (Policy Statement).1 The Policy Statement established standards
that reflect leading policies and practices and will enable regulated entities to assess their
diversity policies and practices in the areas of organizational commitment to diversity and
inclusion; workforce profile and employment practices; procurement and business practices
(supplier diversity); and practices to promote transparency of organizational diversity and
inclusion (collectively, “the Standards”).2
3. What entities are covered by the Policy Statement?
The Policy Statement applies to entities that are regulated by the Agencies and by the other
federal financial agencies that issued the Policy Statement. This includes depository
institutions, holding companies and other financial service companies whose primary federal
financial regulator is the Board, FDIC or OCC. The Agencies recognize that entities have
unique characteristics, such as governance structure, workforce size, total assets, contract
volume, geographic location, and community characteristics. The Policy Statement focuses
primarily on regulated entities with more than 100 employees. Smaller regulated entities are
also encouraged to use the Standards in a manner appropriate to their unique characteristics.
4. Are regulated entities required to conduct a self-assessment and provide the results to
their regulators?
The Policy Statement states that regulated entities’ self-assessments of their diversity policies
and practices are voluntary, and submissions of information regarding those self-assessments
to their primary federal financial regulator are also voluntary.