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The Board of Governors of the Federal Reserve System, The U.S. Securities and Exchange Commission, The Consumer Financial Protection Bureau, the Federal Deposit Insurance Corporation, the Office of the Comptroller of the Currency, and the National Credit Union Administration issued a proposal for joint standards for assessing the diversity policies and practices of the institutions that they regulate.
These agencies are covered under Section 342 of the Dodd-Frank Wall Street Reform and Consumer Protection Act which created the Offices of Minority and Women Inclusion. Among others, the standards cover the areas of procurement and business practices and supplier diversity and practices to promote transparency of organizational diversity and inclusion.
- Please click HERE to review the Proposed Joint Standards.
Overall, we generally agree with the Joint Standards and applaud the OMWI officers for their efforts in this regard. NASP remains concerned however, that the Joint Standards as written are too vague to meaningfully evaluate the diversity practices of Regulated Entities.
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