WASHINGTON — Federal bank regulators issued guidelines Tuesday for submissions outlining workplace diversity initiatives.
In a "Frequently Asked Questions" guide published Aug. 2, the Federal Reserve, Office of the Comptroller of the Currency and Federal Deposit Insurance Corp. outlined the process for regulated banks, thrifts and holding companies to submit voluntary self-assessments of workplace diversity.
"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," the agencies said in a joint release. "Additional information, with detailed submission instructions, will be provided at a later date directly to the institutions."
The self-assessment FAQ document was developed by each agency's Offices of Minority and Women Inclusion — offices mandated by the Dodd-Frank Act and meant to encourage and facilitate workplace diversity among the financial institutions they regulate. The final standards for banks to submit their workplace diversity standards were finalized last June, and are voluntary and self-directed.
The data included in the self-assessments can be used by the agencies "to monitor diversity and inclusion trends and identify leading policies and practices in the financial services industry," according to the joint release.