Key takeaways:

• Last week, six federal financial regulatory agencies issued a final policy establishing joint standards for assessing the diversity policies and practices of regulated entities.
• The final policy, which went into effect on June 10, 2015, sets forth a regime for voluntary self-reporting on diversity efforts by the regulated entities.
• The policy is intended to offer guidance and does not create new legal obligations. However, regulated entities should be aware of the policy, and may want to make changes to their current diversity and inclusion policies and practices in light of it.