February 7, 2014
Friday, February 7, 2014
Joyce Cofield
Executive Director
Office of Minority and Women Inclusion
Office of the Comptroller of the Currency
400 7th Street SW
Washington, DC 20219
Sheila Clark
Director
Office of Minority and Women Inclusion
Board of Governors of the Federal Reserve System
20th Street and Constitution Avenue NW
Washington DC 20551
Melodee Brooks
Senior Deputy Director
Office of Minority and Women Inclusion
FDIC
550 17th Street NW
Washington, DC 20429
Tawana James
Director
Office of Minority and Women Inclusion
National Credit Union Administration
1775 Duke Street
Alexandria, VA 22314
Stuart Ishimaru
Director
Office of Minority and Women Inclusion
Consumer Financial Protection Bureau
1700 G Street NW
Washington, DC 20552
Pamela Gibbs
Director
Office of Minority and Women Inclusion
Securities and Exchange Commission
100 F Street NE
Washington, DC 20549
Request For Comment on the Proposed Interagency Policy Statement Establishing Joint Standards For Assessing the Diversity Policies and Practices of Entities Regulated By
the Agencies.
Dear Ms. Cofield, Ms. Clark, Ms. Brooks, Ms. James, Mr. Ishimaru, and Ms. Gibbs,
We understand that "six federal financial regulatory agencies - the Securities and Exchange Commission, the Board of Governors of the Federal Reserve System, the Consumer Financial Protection Bureau, the Federal Deposit Insurance Corporation, the National Credit Union Administration, and the Office of the Comptroller of the Currency - issued a Proposed Interagency Policy Statement to present joint standards and a model assessment approach for assessing the diversity policies and practices of entities regulated by the agencies.
As mandated by Section 342 of the Dodd-Frank Wall Street Reform and Consumer Protection Act, the OMWI Director must develop standards for assessing the diversity policies and practices of entities regulated by the agency. The proposed joint standards and the model assessment approach presented in the Proposed Interagency Policy Statement are intended to promote the transparency and awareness of, and provide guidance for assessing, the diversity policies and practices of the entities regulated by the agencies."
We applaud the OCC, Board, FDIC, NCUA, CFPB, and SEC (each an "Agency" and collectively, the "Agencies") for proposing joint standards for measuring the diversity policies and practices of the entities they regulate.
We agree these standards are critical. It is important that the Agencies aggressively pursue their legally mandated responsibility to promote the transparency and awareness of, and provide guidance for determining the diversity policies and practices of the entities they regulate.
We suggest the Agencies work with experts in the field to solicit input and best practices from organizations that work to develop and grow Black enterprises.
Given increasing global competitiveness, it is in the nation's interest to foster business innovation and creativity from every sector of the population. This includes, but is not limited to, the survival, prosperity, and growth of minority-owned businesses.
The diversity standards that the Agencies are responsible for creating will ensure that economic rights, relating to the ability for any qualified man/woman to obtain and secure business opportunities, are protected and treated fairly.
Sincerely,
Ron Busby
President
US Black Chambers, Inc.