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With the Dodd-Frank’s establishment of the Office of Minority and Women Inclusion (OMWI) for regulated entities in 2010, the movement for equality in the workplace received a significant hoist. The issue then became accountability; how can we ensure the true inclusion of women and minorities?
In June 2015, the Office of the Comptroller of the Currency (OCC), the Federal Reserve Board (FRB), the Federal Deposit Insurance Corporation (FDIC), the Consumer Financial Protection Bureau (CFPB), the Securities and Exchange Commission (SEC) and the National Credit Union Administration (NCUA) released the Final Interagency Policy Statement Establishing Joint Standards for Assessing the Diversity Policies and Practices of Entities Regulated by the Agencies. The standards outlined entity requirements for diversity and inclusion (D&I), such as establishing a D&I policy and appointing an executive-level Diversity Officer.
Announcement
Recently, these six agencies announced the Office of Management and Budget’s (OMB) approval of the Collection of Information discussed in the joint OMWI standards. The OMB’s approval means regulated entities can now start submitting diversity self-assessments to the OMWI of their primary federal financial regulator, thus revealing how well they are satisfying OMWI standards and making D&I a true part of their professional environment.
The Collection of Information will drive accountability by encouraging an entity to be “transparent about its diversity and inclusion activities by making certain information available to the public annually on its Web site or in other appropriate communications, in a manner reflective of the entity’s size and other characteristics.” The information submitted by entities can range from diversity and inclusion strategic plans to their progress in achieving D&I in its workforce and procurement activities.
This development will contribute greatly to D&I accountability and innovation, helping reveal exactly what entities are doing on behalf of diversity and inclusion and how successful they are.
To view the official announcement of the OMB’s approval, please, click here.