Six federal regulators on Tuesday issued a final joint policy statement laying out standards for assessing financial institutions' diversity policies.
The guidelines, which closely resemble a 2013 proposal, detail steps for companies to improve their diversity practices, including workforce management, hiring and procurement. (The six agencies are the Federal Reserve Board, the Consumer Financial Protection Bureau, the Federal Deposit Insurance Corp., the National Credit Union Administration, the Office of the Comptroller of the Currency and the Securities and Exchange Commission.)
The statement calls for institutions to be committed organizationally to diversity, and includes reporting standards and other ways for firms to be transparent about their diversity policies.
The standards follows a provision of the Dodd-Frank Act, which required that each of the six agencies establish an Office of Minority and Women Inclusion to handle all issues regarding diversity in management and employment. The law required each of the directors of these offices to issue diversity standards for regulated institutions.
Since the regulators released their proposal, the agencies solicited more than 200 comments.