On June 10, 2015, six federal financial agencies (collectively, “Agencies”) jointly published a final Interagency Policy Statement, as required by Section 342 of the Dodd-Frank Act, outlining standards for assessing the diversity policies and practices of the entities regulated by each Agency (“Policy Statement”). Specifically, Section 342 requires the establishment of an Office of Minority and Women Inclusion (“OMWI”) at each Agency and requires the OMWI Director at each Agency to develop standards for assessing the “diversity policies and practices of entities regulated by the agency.”

The Policy Statement, effective June 10, 2015, closely resembles the Agencies’ October 25, 2013 proposal. However, the Policy Statement contains clarifications not included in the proposal, such as a statement that small entities or those located in remote areas may face challenges in including minorities and women and so each entity may tailor the standards included in the Policy Statement as appropriate.