Joint Standards for Assessing the Diversity Policies and Practices

ICR 201610-3064-003

OMB: 3064-0200

Federal Form Document

IC Document Collections
ICR Details
3064-0200 201610-3064-003
Historical Active 201511-3064-001
FDIC
Joint Standards for Assessing the Diversity Policies and Practices
Revision of a currently approved collection   No
Regular
Approved without change 02/10/2017
Retrieve Notice of Action (NOA) 11/21/2016
  Inventory as of this Action Requested Previously Approved
02/29/2020 36 Months From Approved 02/28/2019
398 0 398
3,184 0 4,776
0 0 0

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.

US Code: 12 USC 5452 Name of Law: Dodd-Frank Act
  
US Code: 12 USC 5452 Name of Law: Dodd-Frank Act

Not associated with rulemaking

  81 FR 57908 08/24/2016
81 FR 83242 11/21/2016
No

1
IC Title Form No. Form Name
Joint Standards for Assessing the Diversity Policies and Practices FDIC 2710/05 Diversity Self-Assessment of Financial Institutions Regulated by the FDIC

  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 398 398 0 0 0 0
Annual Time Burden (Hours) 3,184 4,776 0 0 -1,592 0
Annual Cost Burden (Dollars) 0 0 0 0 0 0
No
No

No
No
No
Yes
No
Uncollected
Manuel Cabeza 202 898-3781 [email protected]

  No

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.
11/21/2016


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