Joint Standards for Assessing the Diversity Policies and Practices of Entities Regulated by the Agencies

Section 342 requires each OMWI Director to develop standards for “assessing the diversity policies and practices of entities regulated by the agency.” The Policy Statement, published jointly by the agencies in June 2015, contains these standards (Joint Standards). The Policy Statement contains a “collection of information” within the meaning of the Paperwork Reduction Act (PRA). The Policy Statement includes a standard entitled “Practices to Promote Transparency of Organizational Diversity and Inclusion,” which encourages a regulated entity to be transparent about its diversity and inclusion activities by voluntarily disclosing certain information available to the public annually on its websites or through other appropriate communication methods, in a manner reflective of the entity’s size and other characteristics (Transparency Standard). In addition, the Policy Statement includes a standard entitled “Entities’ Self-Assessment,” which encourages a regulated entity, in a manner reflective of its size and other characteristics, to voluntarily conduct a self-assessment of its diversity policies and practices and to report information pertaining to its self-assessment to the OMWI Director of its primary federal financial regulator, as well as to publish information pertaining to its efforts with respect to the Joint Standards (Self-Assessment Standard).

The latest form for Joint Standards for Assessing the Diversity Policies and Practices of Entities Regulated by the Agencies expires 2023-08-31 and can be found here.

Reporting

Federal Enterprise Architecture: Economic Development - Financial Sector Oversight

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