Section 342 of the Dodd-Frank Wall
Street Reform and Consumer Protection Act of 2010 (Act) required
the OCC, Fed, FDIC, CFPB, and SEC each to establish an Office of
Minority and Women Inclusion (OMWI) to be responsible for all
matters of the Agency relating to diversity in management,
employment, and business activities. The Act also instructed each
OMWI Director to develop standards for assessing the diversity
policies and practices of entities regulated by the Agency. The
Agencies worked together to develop joint standards (Joint
Standards) and, on June 10, 2015, they jointly published in the
Federal Register the “Final Interagency Policy Statement
Establishing Joint Standards for Assessing the Diversity Policies
and Practices of Entities Regulated by the Agencies” (Policy
Statement). The Policy Statement includes Joint Standards that
cover “Practices to Promote Transparency of Organizational
Diversity and Inclusion.” These Joint Standards contemplate that a
regulated entity is transparent about its diversity and inclusion
activities by making certain information available to the public
annually on its Web sites or through other appropriate
communications methods, in a manner reflective of the entity’s size
and other characteristics. The specific information referenced in
these standards is (a) the entity’s diversity and inclusion
strategic plan; (b) its policy on its commitment to diversity and
inclusion; (c) its progress toward achieving diversity and
inclusion in its workforce and procurement activities; and (d)
opportunities available at the entity that promote diversity. In
addition, the Policy Statement includes Joint Standards that
address “Entities’ Self-Assessment.” The Joint Standards for
Entities’ Self-Assessment envision that a regulated entity, in a
manner reflective of its size and other characteristics, (a)
conducts annually a voluntary self-assessment of its diversity
policies and practices; (b) monitors and evaluates its performance
under its diversity policies and practices on an ongoing basis; (c)
provides information pertaining to its self-assessment to the OMWI
Director of its primary federal financial regulator; and (d)
publishes information pertaining to its efforts with respect to the
Joint Standards.
On behalf of this Federal agency, I certify that
the collection of information encompassed by this request complies
with 5 CFR 1320.9 and the related provisions of 5 CFR
1320.8(b)(3).
The following is a summary of the topics, regarding
the proposed collection of information, that the certification
covers:
(i) Why the information is being collected;
(ii) Use of information;
(iii) Burden estimate;
(iv) Nature of response (voluntary, required for a
benefit, or mandatory);
(v) Nature and extent of confidentiality; and
(vi) Need to display currently valid OMB control
number;
If you are unable to certify compliance with any of
these provisions, identify the item by leaving the box unchecked
and explain the reason in the Supporting Statement.
SPST-NEW OMWI “Joint Standards for Assessing the Diversity Policies and Practices” 2-18-16.docx
Joint Standards for Assessing the Diversity Policies and Practices