Interagency Coordination Establishing Standards under Section 342 of the Dodd-Frank Act

SIFMA provides comments to the Office of Minority and Women Inclusion (OMWI) Directors requesting coordination and uniformity in establishing standards under Section 342 of the Dodd-Frank Act (Office of Minority and Women Inclusion).

Section 342 requires the Agencies to develop the following standards, among others:

• Assessing Policies. Standards for “assessing the diversity policies and practices of entities regulated by the agency.”3
• Good Faith Effort. Standards for “the Director to make a determination whether an agency contractor, and, as applicable, a subcontractor has failed to make a good faith effort to include minorities and women in their workforce.”

This letter was sent to the OMWI Directors at the following agencies:

Securities and Exchange Commission

Office of the Comptroller of the Currency

Federal Deposit Insurance Corporation

National Credit Union Administration

Bureau of Consumer Financial Protection

Department of the Treasury

Federal Housing Finance Agency

Board of Governors of the Federal Reserve System

Federal Reserve Bank of Atlanta

Federal Reserve Bank of Boston

Federal Reserve Bank of Chicago

Federal Reserve Bank of Cleveland

Federal Reserve Bank of Dallas

Federal Reserve Bank of Kansas City

Federal Reserve Bank of Minneapolis

Federal Reserve Bank of New York

Federal Reserve Bank of Philadelphia

Federal Reserve Bank of Richmond

Federal Reserve Bank of San Francisco

Federal Reserve Bank of St. Louis

Related:

Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010