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Regulators Finalize Dodd-Frank Diversity Policies

Joe Mont | June 9, 2015

The federal banking regulators, Securities and Exchange Commission, and Consumer Financial Protection Bureau have jointly issued a formal policy for assessing the diversity policies and practices of the entities they regulate.

Section 342 of the Dodd-Frank Act required each of the agencies (SEC, CFPB, Office of the Comptroller of the Currency, Board of Governors of the Federal Reserve System, Federal Deposit Insurance Corporation, and National Credit Union Administration) to each establish an Office of Minority and Women Inclusion, responsible for oversight of their diversity in management, employment, and business activities. The legislation also instructed each OMWI Director to develop standards for assessing the diversity policies and practices of the entities their agency regulates and their...

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