ABA Banking Journal - December 2013 - (Page 29)

compliance clinic New Diversity Rules Dodd-Frank aims for employee, vendor diversity Comments close late this month on little-noticed requirement BY STEVE COCHEO, EXECUTIVE EDITOR & DIGITAL CONTENT MANAGER pHOTOS: SHUTTERSTOCk.COM W ithin a heartbeat of Janet Yellen's nomination to be the first woman to chair the Federal Reserve Board, on October 23, federal financial regulators coincidentally issued a draft statement on standards for and assessments of workplace and contracting diversity among the companies that they regulate. Comments are due December 24. "Proposed Interagency Policy Statement Establishing Joint Standards for Assessing the Diversity Policies and Practices of Entities Regulated by the Agencies" covers: * Each company's organizational commitment to diversity and inclusion. * Their workforce profile as well as employment practices. * Their procurement and business practices and supplier diversity. * Their efforts to promote "transparency"-public visibility-of their organization's diversity and inclusion. This action was mandated under Dodd-Frank Act, Section 342. Under the section, the federal banking agencies, including each Federal Reserve District Bank, the Consumer Financial Protection Bureau, the Securities and Exchange Commission, and other agencies had to establish an Office of Minority and Women Inclusion. These agency-level offices have been working together to devise a joint set of standards that would implement the Act's intent of encouraging greater diversity among covered companies of all sizes. ABA "Ensuring opportunity for all regardless of race, gender, ethnicity, or national origin is a goal I have worked toward my entire career. ... There is still much more to be done" - Luis Aguilar, SEC December 2013 | ABA BANKING JOURNAL | 29 http://www.SHUTTERSTOCK.COM

Table of Contents for the Digital Edition of ABA Banking Journal - December 2013

Chairman's View
Editor's Column
Bank Notes
Picture This
Is wealth management a good fit?
Tech Topic
What's Ahead?
New diversity standards cover workplace and suppliers
Compliance Inbox
ABA At Your Service
Legal Issues
First Person

ABA Banking Journal - December 2013

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