Financial Regulators Issue Proposed Standards for Assessing Diversity Policies and Practices of Regulated Entities

1 November 2013
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  • Last week, pursuant to a statutory mandate included in the Dodd-Frank Act, six federal financial regulatory agencies issued proposed standards for assessing the diversity policies and practices of regulated entities.
  • The proposed standards are open for public comment for a 60-day period, and final standards are likely to be promulgated early in 2014.
  • All companies regulated by the agencies should be aware of the proposed standards and may wish to start evaluating their existing diversity policies and practices in light of them because, once the final standards are promulgated, it is likely that regulated entities will need to adjust their existing policies and practices to conform.