Effective date Interagency final standards for diversity policies and practices

Final standards for diversity policies and practices issued

A press release from the federal financial regulators and the SEC has announced a final interagency policy statement published in this morning's Federal Register [80 FR XXXXX] establishing joint standards for assessing the diversity policies and practices of the entities they regulate. The Dodd-Frank Act required each of the agencies to establish an Office of Minority and Women Inclusion (OMWI) to be responsible for all matters relating to diversity in management, employment, and business activities. It also instructed each OMWI director to develop standards for assessing the diversity policies and practices of the agencies' regulated entities. The policy statement is effective beginning today. In addition to the final standards, the agencies are asking for public comments on the information collection aspects of the final joint standards as required by the Paperwork Reduction Act. Comments are due by August 10, 2015. The effective date of the collection of information will be announced in the Federal Register following Office of Management and Budget (OMB) approval.