ABA has posted a members-only staff analysis of the Standards that were issued earlier this week on diversity and inclusion. The Standards are designed as a framework for the Agencies to meet their obligation under section 342 of the Dodd-Frank Act. That provision requires each Agency to appoint a Director of an Office of Minority and Women Inclusion who, among other duties, must assess the diversity and inclusion efforts of entities the agency regulates.
While the Standards are now final, the Agencies are accepting comment on the estimated burden this will impose, even though the Standards stress that they impose no new legal obligations or requirements. Going forward, ABA will work with the Agencies on outreach efforts to explain the Standards and how banks can use them to reach out to women and minorities.
Read the ABA staff analysis.
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