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