Standards for Assessing Diversity Policies & Practices: Final Interagency Statement
The final advisory standards outline a range of activities and programs that the regulators would like to see implemented, and the rules are effective immediately.
On June 1, the federal agencies which regulate financial institutions issued joint standards for assessing the diversity policies and practices of community banks. The Dodd-Frank Act required federal regulations addressing this subject matter.
The new standards, which are advisory, outline a range of activities and programs that the federal regulators would like to see implemented within the banking industry. The rules are effective immediately.
This presentation offers a detailed description of the new standards, including new expectations in terms of entering into procurement relationships with minority owned business enterprises and woman owned business enterprises. It also offers practical suggestions how organizations can demonstrate satisfaction of these standards during regulatory compliance reviews.
- What actions are expected to demonstrate that an organization is committed to diversity?
- What workforce and employment practices should be implemented?
- What procurement and business practices should exist to improve vendor opportunities?
- What disclosures regarding diversity and inclusion are expected by federal regulators?
- How do these final standards correspond to affirmative action plan obligations?
HR, senior leaders, compliance, audit and bank counsel.
Steve Greene specializes in employment litigation, employee benefit issues and compensation matters. He regularly speaks to employment lawyers and human resources professionals in the banking industry. During the past 30 years, Steve has assisted financial institutions evaluate overtime exemption compliance. He has also managed federal and state regulatory investigations and litigation across the country. His work has also included working with industry associations to influence the DOL and members of Congress.
Employment Law Compliance works exclusively with community banks, large and small, and assisting them in satisfying their employment compliance obligations. It has the privilege to support nearly 500 community banks across the United States. Visit our website at www.employlawcompliance.com.
Institute of Certified Bankers: Visit http://www.icbmembers.org/login.aspx for instructions regarding self-reporting. Estimated credits: 2 hours/session
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