Developing standards for assessing diversity policies

We are tasked, along with other agencies, by the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, to develop standards that can be used for assessing the diversity policies and practices of financial service providers.

Together with the Office of the Comptroller of the Currency, Federal Deposit Insurance Corporation, National Credit Union Administration, Securities and Exchange Commission, and Board of Governors of the Federal Reserve System, we jointly announced a draft of a common set of standards for assessing diversity policies and practices. The draft aims to help create standards that would promote awareness of diversity and inclusion policies at financial service providers.

We tailored the standards to account for large and small companies with different governance structures, locations, and community characteristics. The standards address organizational commitments to diversity and inclusion, employment and procurement practices, and policies for promoting transparency on these matters. We recognize that these standards may need to change and evolve over time.

Here’s where you come in

You can comment on these standards and share your views on their potential effectiveness at assessing diversity and inclusion policies at financial institutions. The comment period closes on December 24, 2013.

We welcome your comments.

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