Congress enacted the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 to remedy the perceived failures of government regulators and to improve accountability and transparency in the U.S. financial system.1 Among the mandates included in Dodd-Frank is a provision intended to address the “diversity” policies and practices of several federal agencies affected by Dodd-Frank and of the companies regulated by these agencies.
Six of these agencies, the Securities and Exchange Commission, the Consumer Financial Protection Bureau, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the Office of the Comptroller of the Currency, and the National Credit Union Administration, (collectively, the Agencies) released proposed standards more than a year ago in connection with the provisions of the act, which are expected to be finalized in the near future.
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