Information contained in this publication is intended for informational purposes only and does not constitute legal advice or opinion, nor is it a substitute for the professional judgment of an attorney.
This week, six federal financial regulatory agencies revealed their proposed standards for assessing the diversity policies and practices of the institutions they regulate. The goal is to promote transparency and awareness of diversity practices, in accordance with the Dodd-Frank Wall Street Reform Act.
Three of most significant standards for commitment under the proposed standards call for a regulated entity to do the following:
- Have diversity and inclusion considerations in both employment and contracting as an important part of its strategic plan;
- Conduct regular diversity trainings; and
- Ensure that a senior level official is overseeing the diversity efforts.
The agencies will accept public comments on these standards for 60 days once they have been published in the Federal Register. Littler will monitor developments with these proposed standards, and provide a more detailed discussion of the proposal in the days ahead.
Photo credit: CEFutcher