WASHINGTON — Federal bank regulators issued guidelines Tuesday for submissions outlining workplace diversity initiatives.
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"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."
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While diversity at the federal agencies overall is roughly consistent with the rest of the country, diversity declines sharply among those in senior leadership roles.
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WASHINGTON The Consumer Financial Protection Bureau is not alone in having racial disparities in its performance reviews, according to a report issued Thursday by the Democrats on the House Financial Services Committee.
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Six federal regulators on Tuesday issued a final joint policy statement laying out standards for assessing financial institutions' diversity policies.
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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.
