JOINT RELEASE |
Board of Governors of the Federal Reserve
System |
Six federal financial regulatory agencies are proposing joint standards for
assessing the diversity policies and practices of the institutions they
regulate.
The proposed standards are intended to promote
transparency and awareness of diversity policies and practices within the
institutions.
The assessment standards cover four key
areas:
• Organizational commitment to diversity and
inclusion.
• Workforce profile and employment
practices.
• Procurement and business practices and
supplier diversity.
• Practices to promote transparency of
organizational diversity and inclusion.
In developing these proposed
standards, the six agencies tailored the standards to account for variables
including asset size, number of employees, governance structure, income, number
of members or customers, contract volume, location, and community
characteristics. The agencies recognize standards may need to change and evolve
over time.
Each of the federal financial regulatory agencies houses an
Office of Minority and Women Inclusion (OMWI). Under Section 342 of the
Dodd-Frank Wall Street Reform and Consumer Protection Act, each OMWI is required
to develop standards for assessing diversity policies and practices in the
regulated entities.
The agencies´ OMWI directors held roundtable
discussions with a range of parties, including representatives from depository
institutions, holding companies, credit unions, and industry trade groups to
solicit input on assessment standards and learn about the challenges and
successes of current diversity programs and policies. Roundtable discussions
also were held with financial professionals, consumer advocates, and community
representatives to gain a greater understanding of issues facing minorities and
women in employment and business contracting in the financial sector.
Information obtained from those discussions helped shape the proposed
standards.
Once published in the Federal Register, the proposed policy
statement will be available for public comment for 60 days.