OMWI: Regulated Entities Self-Assessments
Section 342 of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (Dodd-Frank Act) required the federal financial regulatory agencies to establish an Office of Minority and Women Inclusion (OMWI) and instructed the OMWI director at each agency to develop standards for assessing the diversity policies and practices of its regulated institutions.
The standards became effective on June 10, 2015. On July 13, 2016, the agencies announced that OMB had approved the collection of information relating to the standards. The standards provide a framework for regulated entities to assess and establish or strengthen their diversity policies and practices. Among the standards is that the regulated entities conduct an annual self-assessment of their diversity policies and practices.
The standards provide a framework for regulated institutions to assess and establish or strengthen their diversity policies and practices. The standards are intended to promote transparency and awareness of diversity policies and practices within the institutions. Thus, the Board strongly encourages their regulated institutions to provide their policies, practices, and self-assessment information to the Board and, to maximize transparency, to disclose on their websites their diversity policies and practices, as well as information related to their self-assessments.
The information may be used by the regulatory agencies to monitor diversity and inclusion trends and identify leading policies and practices in the financial services industry. Institutions may request confidential treatment of the information they submit, and the Board will follow the Freedom of Information Act in the event of requests for particular submissions.
Assessments can be sent to the following:
Federal Reserve Board
20th & C Street N.W.
Washington D.C. 20551