Joint proposal out on diversity assessments
Oct. 24, 2013 – NCUA, CFPB and other federal financial industry regulators yesterday released proposed joint standards for promoting transparency and awareness of diversity policies and practices within regulated institutions.
NCUA staff are scheduled to brief the NCUA Board today on the proposal.
The joint standards are proposed under section 342 of the Dodd-Frank Act and cover four key 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. “The agencies recognize standards may need to change and evolve over time,” they said in a statement.
The Office of Minority and Women Inclusion from each agency is required to develop standards for assessing diversity policies and practices in the regulated entities.
The proposed policy statement will be out for comment for 60 days following publication in the Federal Register.