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Financial regulators propose joint standards for assessing diversity policies of regulated entities

  • Other U.S. organizations (other US) Image

Oct 24, 2013

Yesterday, the SEC and five other federal agencies (the Board of Governors of the Federal Reserve System, the Consumer Financial Protection Bureau, the Federal Deposit Insurance Corporation, the National Credit Union Administration, and the Office of the Comptroller of the Currency) jointly issued proposed standards to assess the diversity policies and practices of the institutions they regulate.

The proposed standards (link to the SEC's Web site) were developed in response to Section 342 of the Dodd-Frank Wall Street Reform and Consumer Protection Act, requiring the directors of the agencies' Offices of Minority and Women Inclusion (OMWI) to develop standards to assess the diversity policies and practices of the entities regulated by the six agencies. To ensure consistency, the OMWI directors worked together to develop joint proposed standards.

The proposed standards cover:

  • Organizational commitment to diversity and inclusion.
  • Workforce profile and employment practices.
  • Procurement and business practices — supplier diversity.
  • Practices to promote transparency of organizational diversity and inclusion.

Comments on the proposed policy statement are due by February 7, 2014.

For more information, see the press release and Commissioner Luis A. Aguilar's speech on the SEC's Web site.

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