In the June 10, 2015, issue of the Federal Register (80 FR 33016, click here) the Federal Reserve Board (FRB), Bureau of Consumer Financial Protection (CFPB), Federal Deposit Insurance Corporation (FDIC), National Credit Union Administration (NCUA), Office of the Comptroller of the Currency (OCC) and Securities and Exchange Commission (SEC) published an interagency policy statement establishing joint standards for assessing the diversity policies and practices of the entities they regulate (the “Policy Statement”). The Policy Statement is effective as of June 10, 2015, and applies to all entities regulated by any one of the above named federal agencies. The Policy Statement begins on page 33022 of the above cited Federal Register. The Policy Statement states that it is a general statement of policy by the issuing federal agencies that does not establish new legal obligations and that its use is voluntary. The Policy Statement also states that the federal agencies will not use their examination or supervisory processes in connection with the Policy Statement. The Policy Statement Joint Standards are in Section II under the following five headings: (1) Organizational Commitment to Diversity and Inclusion: Addresses the role and importance of an entity’s senior leadership in promoting diversity and inclusion across the organization. (2) Workforce Profile and Employment Practices: Addresses an entity’s efforts related to workforce diversity and inclusion in hiring, promoting and retaining employees, including management accountability for diversity and inclusion efforts.
