Six financial regulators yesterday proposed interagency standards for assessing the diversity policies and practices of the firms they oversee. Under the aegis of Section 342 of the Dodd-Frank Act, the FDIC, CFPB, OCC, Federal Reserve, SEC and the National Credit Union Administration proposed to assess firms’ commitment to diversity, the makeup of their workforces, employment and procurement practices and transparency about diversity.
The standards, developed jointly by the regulators’ Offices of Minority and Women Inclusion, are tailored to firms’ asset size, workforce size, governance structure and other characteristics.
The agencies will accept comments for 60 days after the standards are published in the Federal Register.
Read the standards.