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Dec. 20, 2013 – Six regulatory agencies announced on Thursday they would extend the comment period for their jointly proposed policy statement on diversity policies in the institutions they regulate – moving the deadline from Dec. 24 to Feb. 7.

The agencies that released the proposed statement are the Federal Reserve, the CFPB, the FDIC, NCUA, the Office of the Comptroller of the Currency and the Securities and Exchange Commission. The proposed standards are not regulations or regulatory requirements, and are not subject to examinations. The statement is intended to serve as a guide and promote transparency and awareness of diversity policies and practices in the financial institutions as mandated by section 342 in the Dodd-Frank Act, and covers four main areas:

• organizational commitment to diversity and inclusion;
• workforce profile and employment practices;
• procurement and business practices and supplier diversity; and
• practices to promote transparency of organizational diversity and inclusion.

The agencies said the standards are tailored to account for variables such as asset size, number of employees, governance structure, income, number of members or customers, contract volume, location, and community characteristics.