On August 2, 2016, the US Federal Reserve Board, the FDIC and the OCC issued frequently asked questions (FAQs) regarding the process for how financial institutions they regulate may begin to submit self-assessments of their diversity policies and practices starting with year-end 2015. Section 342 of the Dodd-Frank Wall Street Reform and Consumer Protection Act requires the federal financial regulatory agencies to develop standards for assessing the diversity policies and practices of its regulated institutions, which became effective on June 10, 2015. The standards provide a framework for regulated institutions to assess and establish or strengthen their diversity policies and practices. Financial institutions are strongly encouraged to disclose on their websites their diversity policies and practices, as well as information related to their self-assessments, to maximize transparency, and to provide their policies, practices and self-assessment information to their primary federal financial regulator.
The FAQs are available at: https://www.federalreserve.gov/newsevents/press/bcreg/bcreg20160802b1.pdf.