The NCUA and five other federal regulars are now considering newstandards to promote transparency and awareness of diversitypolicies and practices at financial institutions they oversee.
|The assessment standards cover four key areas, the agencies saidthis week, including organizational commitment to diversity andinclusion; workforce profile and employment practices; procurementand business practices and supplier diversity; and practices topromote transparency of organizational diversity and inclusion.
|The agencies are the Fed, the CFPB, the NCUA, the FDIC, the OCCand the SEC. Each has an Office of Minority and Women Inclusionthat is required under Dodd-Frank to develop such standards, theagencies said in their announcement Wednesday.
|The proposed standards, to be available for public comment for60 days after publishing in the Federal Register, were developedafter roundtable discussions with financial institutions, includingcredit unions, and trade groups.
|The standards are outlined in the Interagency Policy StatementEstablishing Joint Standards for Assessing the Diversity Policiesand Practices of Entities Regulated by the Agencies.
|The full statement is availableonline.
|The Dodd-Frank Act also mandated a Minority DepositoryInstitution preservation program, and review on that initiativeis now underway.
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