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Board of Governors of the Federal Reserve System
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Report to the Congress on the Office of Minority and Women Inclusion

Diversity Policies and Practices of Regulated Entities

 

In 2013, an interagency working group comprising the financial agency OMWI directors (the Board, the Federal Deposit Insurance Corporation, the Office of the Comptroller of the Currency, the National Credit Union Administration, the Consumer Financial Protection Bureau, and the Securities and Exchange Commission) published proposed standards for assessing the diversity policies and practices of entities regulated by each agency. The proposed standards were published in the Federal Register on October 25, 2013, for public comment; the comment period was later extended to February 7, 2014, to allow interested parties adequate time to respond.4

The standards seek to promote transparency and awareness of diversity policies and practices within regulated entities, and provide a framework for assessing diversity in four major areas:

  • organizational commitment to diversity and inclusion
  • workforce profile and employment practices
  • procurement and business practices and supplier diversity
  • practices to promote transparency of organizational diversity and inclusion

The agencies carefully considered over 200 comments received and are finalizing the policy statement, which they anticipate publishing in the Federal Register in the second quarter of 2015.


 

References

4. See the Federal Register notices at www.gpo.gov/fdsys/pkg/FR-2013-10-25/pdf/2013-25142.pdf and www.gpo.gov/fdsys/pkg/FR-2013-12-24/pdf/2013-30629.pdf. Return to text

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Last update: April 6, 2015