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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

On June 10, 2015, the "Final Interagency Policy Statement Establishing Joint Standards for Accessing the Diversity Policies and Practices of Entities Regulated by the Agencies" (policy statement) was published in the Federal Register.11 The final standards became effective on the publication date. In accordance with issuing the final interagency policy statement, the request for comments on the information-collection aspects of the final joint statement was published on November 6, 2015. The agencies collectively received four comment letters: two from industry trade associations, one from an advocacy organization, and one from an individual. The comments received were documented and addressed in the review.

On February 29, 2016, the agencies received approval from the Office of Management and Budget to collect information pursuant to the Joint Standards for Accessing the Diversity Policies and Practices.12 The information from the self-assessment may be used to monitor diversity and inclusion trends and identify leading policies and practices in the financial services industry. The agencies continue to collaborate on the implementation of the policy statement in order to include clarification on the joint standards, identify venues to participate in with entities and other stakeholders, and provide technical assistance to the regulated entities.

The standards provide a framework for regulated entities to assess, establish, and/or strengthen their diversity policies and practices 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

References

11. See 80 Fed. Reg. 33016 (June 10, 2015), www.gpo.gov/fdsys/pkg/FR-2015-06-10/pdf/2015-14126.pdf. Return to text

12. Information Collection Review reference number: 201602-7100-010; OMB control number: 7100-0368/FR 2100. Return to text

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Last update: May 9, 2016