Diversity Standards Released by NCUA
The NCUA and five other federal regulars are now considering new standards to promote transparency and awareness of diversity policies and practices at financial institutions they oversee.
The assessment standards cover four key areas, the agencies said this week, including 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 are the Fed, the CFPB, the NCUA, the FDIC, the OCC and the SEC. Each has an Office of Minority and Women Inclusion that is required under Dodd-Frank to develop such standards, the agencies said in their announcement Wednesday.
The proposed standards, to be available for public comment for 60 days after publishing in the Federal Register, were developed after roundtable discussions with financial institutions, including credit unions, and trade groups.
The standards are outlined in the Interagency Policy Statement Establishing Joint Standards for Assessing the Diversity Policies and Practices of Entities Regulated by the Agencies.
The full statement is available online.
The Dodd-Frank Act also mandated a Minority Depository Institution preservation program, and review on that initiative is now underway.