Assessing the Diversity Policies and Practices of Regulated Entities

Some of our banking clients have been receiving letters from the Board of Governors of the Federal Reserve System informing them of the Interagency Policy Statement Establishing Joint Standards for Assessing the Diversity Policies and Practices of Regulated Entities.  The letter describes that regulated entities can voluntarily self-assess their 2015 diversity initiatives, policies, and practices to their primary federal financial regulator, on the entity’s website, or through other means.

Financial institutions are strongly encouraged to disclose on their websites their diversity policies and practices, as well as information related to their self-assessments, to maximize transparency, and to provide their policies, practices, and self-assessment information to their primary federal financial regulator.  The voluntarily submitted information may be used by the agencies to monitor diversity and inclusion trends and identify leading policies and practices in the financial services industry.

The federal banking agencies have also issued Frequently Asked Questions (FAQs) about the process.

If you have any questions about this process or these letters, contact our office.