Financial Regulators Propose Joint Standards for Assessing Diversity Policies and Practices

On October 23, 2013, the Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the National Credit Union Administration, the Consumer Financial Protection Bureau, and the Securities and Exchange Commission (collectively, the Agencies) proposed joint standards for assessing the diversity policies and practices of each agency's respective regulated entities. The proposal implements Section 342 of the Dodd-Frank Wall Street Reform and Consumer Protection Act, which requires each agency to establish an Office of Minority and Women Inclusion and directs each to develop diversity assessment standards for all of the entities under the Agencies' jurisdiction.