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Compliance Essentials: Diversity and Section 342 Resource Guide

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MBA Compliance Essentials: Diversity / Section 342 Resource Guide ©2016

Summary:

On June 10, 2015, six federal agencies, including the Consumer Financial Protection Bureau (CFPB) issued Joint Standards for Assessing the Diversity Policies and Practices of Entities Regulated by the Agencies (Joint Standards). Collectively, the agencies support the goal of Section 342 of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (Dodd-Frank) to promote transparency and awareness of diversity policies and practices and encourage sharing standards to promote to the regulated businesses.
 
Section 342 lacks any formal enforcement mechanism and must rely on voluntary self-assessment and disclosure to CFPB a voluntary display of diversity information on the company websites. Notably, the CFPB may not utilize the disclosure or non-disclosure of Diversity & Inclusion plan under examination and supervisory authority. 
 
This guide sets forth a framework for regulated entities to use in creating a new diversity and inclusion program.  Alternatively, this guide may be used to alter a diversity and inclusion program already in place. Ideally, regulated entities will establish a diversity and inclusion program based on the Joint Standards and incorporate the program with other diversity related requirements such as those listed above. 
 
Developed by:
  • Anthony M. Sharett, Former Partner at BakerHostetler, LLP
  • Keesha N. Warmsby, Associate, Baker Hostetler, LLP
  • Kristin Messerli, President and Founder, Cultural Outreach Solutions 
Chapters include:
  • Definitions
  • Joint Standards in Depth
  • Use of Information by Agencies
  • Enforcement
  • Self-Assessment
  • Publication of a Diversity and Inclusion Strategic Plan
  • Model Policies and Procedures
  • Organizational Commitment to Diversity
  • Hiring and Retention
  • Supplier Diversity and Procurement Business Practices
  • Practices to Promote Transparency of Organizational Diversity and Inclusion