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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


In 2012, an interagency working group comprising the financial agency OMWI Directors (the Board, the Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation, the National Credit Union Administration, the Consumer Financial Protection Bureau, and the Securities Exchange Commission) continued to coordinate closely in the development of standards for assessing the diversity policies and practices of entities regulated by each agency. The priority of the interagency working group is to meet the provisions of section 342(b)(3) of the Dodd-Frank Act pertaining to the development of standards to assess the diversity policies and practices of entities regulated by the agencies, and ensure that all entities are subject to similar standards regardless of regulator.

The interagency working group completed the following activities in 2012:

  • held meetings with the EEOC, the Department of Labor, Office of Federal Contract Compliance Programs, and the Department of Justice to determine available resources;
  • held industry, trade, and public roundtables throughout the United States, and telephone conferences with industry, trade, and state banking representatives;
  • held meetings with community interest group representatives to broadly discuss implementation of section 342 of the Dodd-Frank Act; and
  • held meetings with banking and industry trade representatives to gather information and discuss leading practices in recognition of the wide-ranging sizes, markets, and complexities of the regulated entities.

The roundtables referenced above, held with the OMWI Directors, regulated entities, industry trade organizations, and consumer organizations in Washington, D.C.; Chicago; Dallas; New York City; Charlotte; and Denver, were attended by more than 100 representatives. In addition, two roundtable conference calls were held to enable community bankers from across the country to provide input. The information and suggestions gathered from these meetings have assisted the interagency group's efforts in developing a direction for standards that would promote diversity best practices while not disrupting existing, successful programs or imposing undue burdens on the financial services and banking industry. Attendees responded to questions and shared suggestions and concerns regarding standards and implementation methods. Using this input, as well as diversity best practices research information, the OMWI Directors have drafted proposed interagency standards.

The interagency OMWI Directors plan to publish for comment a Proposed Policy Statement proposing joint standards to assess the diversity policies and practices of regulated entities during spring 2013. The standards describe leading diversity practices for the financial services industry in four key areas: organizational commitment, workforce profile and employment practices, supplier diversity in procurement and business practices, and transparency of organizational diversity and inclusion policies.

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Last update: Aug 2, 2013