Agencies Issue Final Policy Statement For Complying With Dodd-Frank Section 342: What You Should Know

Six federal banking agencies recently published a final interagency policy statement establishing standards for assessing diversity policies and practices. The final standards, which became effective June 10, 2015, were created pursuant to Section 342 of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010. The standards apply to all entities regulated by the six agencies and entities that contract with the agencies, which include the Office of the Comptroller of the Currency (OCC); the Board of Governors of the Federal Reserve System (FBG); the Federal Deposit Insurance Corporation (FDIC); the National Credit Union Administration (NCUA); the Consumer Financial Protection Bureau (CFPB); and the Securities and Exchange Commission (SEC). Thus, the standards apply not only to financial institutions, but to any publicly traded company or other entity regulated by one of the six agencies and to any entity that contracts with one of the six agencies. While