Joint Standards for Assessing the Diversity Policies and Practices of Regulated Entities by the Agencies

Forms and Documents

Forms and supporting documents for this ICR

Document	Type	Status	Availability
Joint Standards for Assessing Diversity Policies and Practices	Form	Modified	Available
1557-0334 Supporting Statement Final Clean 11-3-16.docx	Supporting Statement A	Uploaded 2016-11-03	Available

IC Document Collections

Information collection document groups

IC ID	Collection	Type	Status	Form
218369	Joint Standards for Assessing Diversity Policies and Practices	Form	Modified

ICR Details

OMB Control No: 1557-0334	ICR Reference No: 201610-1557-002
Status: Historical Active	Previous ICR Reference No: 201509-1557-002
Agency/Subagency: TREAS/OCC	Agency Tracking No:
Title: Joint Standards for Assessing the Diversity Policies and Practices of Regulated Entities by the Agencies
Type of Information Collection: Revision of a currently approved collection	Common Form ICR:  No
Type of Review Request: Regular
OIRA Conclusion Action: Approved without change	Conclusion Date: 01/10/2017
	Date Received in OIRA: 11/21/2016
Terms of Clearance:

table that charts list comparision

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	01/31/2020	36 Months From Approved	02/28/2019
Responses	215	0	215
Time Burden (Hours)	1,720	0	2,580
Cost Burden (Dollars)	0	0	0

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Abstract: Section 342 of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (Act) required the Office of the Comptroller of the Currency (OCC) and other Federal financial regulators (together, Agencies and separately, Agency) each to establish an Office of Minority and Women Inclusion (OMWI) to be responsible for all Agency matters relating to diversity in management, employment, and business activities. The Act also instructed each Agency’s OMWI Director to develop standards for assessing the diversity policies and practices of entities regulated by that Agency. The Agencies worked together to develop joint standards (Joint Standards) and on June 10, 2015, they jointly published the “Final Interagency Policy Statement Establishing Joint Standards for Assessing the Diversity Policies and Practices of Entities Regulated by the Agencies” (Policy Statement). See 80 Fed. Reg. 33016. The Joint Standards contain information collections that fall within the scope of the Paperwork Reduction Act of 1995 (PRA). First, the Joint Standards include “Practices to Promote Transparency of Organizational Diversity and Inclusion,” which contemplate that a regulated entity should make 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. Second, the Joint Standards address “Entities’ Self-Assessments,” which contemplate that a regulated entity, in a manner reflective of its size and other characteristics, should (a) conduct an annual, voluntary self-assessment of its diversity policies and practices; (b) monitor and evaluate its performance under its diversity policies and practices on an ongoing basis; (c) provide information pertaining to its self-assessment to the OMWI Director of its primary federal financial regulator; and (d) publish information pertaining to its efforts with respect to the Joint Standards. In order to facilitate the self-assessment and information collection described in the “Entities’ Self-Assessment” Joint Standards discussed above, the OCC has developed a voluntary “Diversity Self-Assessment Template for Entities Regulated by the OCC” (Template).

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Authorizing Statute(s): US Code: 12 USC 5452 Name of Law: Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010
  

Citations for New Statutory Requirements: None

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Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
	Not associated with rulemaking

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Federal Register Notices & Comments
60-day Notice:	Federal Register Citation:	Citation Date:
	81 FR 58553	08/25/2016
30-day Notice:	Federal Register Citation:	Citation Date:
	81 FR 81861	11/18/2016
Did the Agency receive public comments on this ICR? Yes

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Number of Information Collection (IC) in this ICR: 1

table that charts list of burden

IC Title	Form No.	Form Name
Joint Standards for Assessing Diversity Policies and Practices	N/A	Diversity Self-Assessment Template for OCC-Regulated Entities

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ICR Summary of Burden

table that charts list of burden

	Total Approved	Previously Approved	Change Due to New Statute	Change Due to Agency Discretion	Change Due to Adjustment in Estimate	Change Due to Potential Violation of the PRA
Annual Number of Responses	215	215	0	0	0	0
Annual Time Burden (Hours)	1,720	2,580	0	0	-860	0
Annual Cost Burden (Dollars)	0	0	0	0	0	0

Burden increases because of Program Change due to Agency Discretion: No

Burden Increase Due to:

Burden decreases because of Program Change due to Agency Discretion: No

Burden Reduction Due to:

Short Statement: The decrease in burden is due to the introduction of the template, which will make performing the self-assessment easier and less time consuming.

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Annual Cost to Federal Government:

Does this IC contain surveys, censuses, or employ statistical methods? No

Is the Supporting Statement intended to be a Privacy Impact Assessment required by the E-Government Act of 2002? No

Is this ICR related to the Affordable Care Act [Pub. L. 111-148 & 111-152]? No

Is this ICR related to the Dodd-Frank Wall Street Reform and Consumer Protection Act, [Pub. L. 111-203]? Yes

Is this ICR related to the American Recovery and Reinvestment Act of 2009 (ARRA)? No

Is this ICR related to the Pandemic Response? Uncollected

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Common Form ICR:  No

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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:

(a) It is necessary for the proper performance of agency functions;

(b) It avoids unnecessary duplication;

(c) It reduces burden on small entities;

(d) It uses plain, coherent, and unambiguous language that is understandable to respondents;

(e) Its implementation will be consistent and compatible with current reporting and recordkeeping practices;

(f) It indicates the retention periods for recordkeeping requirements;

(g) It informs respondents of the information called for under 5 CFR 1320.8 (b)(3) about:

(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;

(h) It was developed by an office that has planned and allocated resources for the efficient and effective management and use of the information to be collected.

(i) It uses effective and efficient statistical survey methodology (if applicable); and

(j) It makes appropriate use of information technology.

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.

Certification Date: 11/21/2016

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