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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


Section 342 requires the Board and the other agencies with Offices of Minority and Women Inclusion to develop standards to assess the diversity policies and practices of the entities the agencies regulate. Board staff have met regularly with the staff of other financial regulatory agencies to establish a common framework for compliance with this provision of section 342. The regulatory community believes that a uniform approach is important to ensure that all entities are subject to similar standards regardless of regulator. This is particularly important because some entities are regulated by more than one agency, and conflicting or overlapping expectations could create significant confusion for the industry. The agencies are discussing a variety of approaches to implementing this provision of section 342 in a way that will have maximum impact while limiting regulatory burden and remaining within the constraints of the statutory authorization.

In order to develop a framework for standards that promote good faith efforts for diversity and EEO, the financial regulators hosted a roundtable of financial industry trade groups on February 20, 2012. Approximately 10 industry groups attended. The roundtable discussion focused on how to engage members on leading practices for diversity and EEO. Based on the feedback received, the financial regulators will establish a schedule of roundtable discussions with financial institutions and other regulated entities to further develop standards for the diversity policies and practices of regulated entities.

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Last update: August 2, 2013