Date: June 24, 2015
Description: Final Interagency Policy Statement
Section 342 of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 requires the directors of the Offices of Minority and Women Inclusion at the Office of the Comptroller of the Currency (OCC) and other federal financial regulators1 (collectively, the agencies) to develop standards for assessing their regulated entities' diversity policies and practices. The agencies published a proposed policy statement establishing joint standards in the Federal Register on October 25, 2013. On June 10, 2015, the agencies published a final policy statement establishing joint standards, which provides a framework for assessing a regulated entity's diversity policies and practices. The final policy statement is effective upon publication.
The final policy statement reflects the collective efforts of the agencies, which held extensive discussions with depository institutions, holding companies, and industry trade groups and consulted with financial professionals, consumer advocates, and community representatives. The agencies also considered more than 200 public comments submitted on the proposed policy statement.
In addition, the agencies, as required by the Paperwork Reduction Act, are asking for public comment on the voluntary collection of information from regulated entities identified in the final policy statement. Comments are due within 60 days after the final policy statement is published in the Federal Register. The voluntary collection of information will be effective upon announcement of Office of Management and Budget approval in the Federal Register.
Note for Community Banks
When drafting this final policy statement, the agencies focused primarily on regulated entities with 100 or more employees. Given that small or remotely located regulated entities face different challenges and have different options available to them compared with larger regulated entities or those located in more populated areas, the agencies encourage each regulated entity to use this final policy statement in a manner appropriate to its specific characteristics.
The final policy statement does the following:
- Provides a framework for assessing a regulated entity's organizational commitment to diversity, its workforce profile and employment practices, its procurement and business practices, and its efforts to promote transparency in its organizational diversity and inclusion.
- Includes a framework for an entity to conduct a self-assessment of its policies and practices and explains how the agencies will use the assessment information voluntarily provided by a regulated entity.
Please contact Betty Washington, Program Manager-Regulated Entities, Office of Minority and Women Inclusion, at (202) 649-6460; or Karen McSweeney, Counsel, Legislative and Regulatory Activities Division, (202) 649-5490.
Joyce B. Cofield
Executive Director, Office of Minority and Women Inclusion