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

Forms and Documents

Forms and supporting documents for this ICR

Document	Type	Status	Availability
Form DRAFT DRAFT Diversity Assesment Form	Form and Instruction	Modified	Available
2017.09.25 - OMWI Supporting Statement for DAR to OMB.pdf	Supporting Statement A	Uploaded 2017-09-27	Available

IC Document Collections

Information collection document groups

IC ID	Collection	Type	Status	Form
218876	Diversity Assessment Report	Form and Instruction	Modified	DRAFT Diversity Assesment Form
218876	Diversity Assessment Report	Other-Policy Statement	Modified

ICR Details

OMB Control No: 3235-0740	ICR Reference No: 201610-3235-026
Status: Historical Active	Previous ICR Reference No: 201511-3235-004
Agency/Subagency: SEC	Agency Tracking No: OMWI-270-664
Title: Joint Standards for Assessing the Diversity Policies and Practices of Entities Regulated 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 with change	Conclusion Date: 09/27/2017
Retrieve Notice of Action (NOA)	Date Received in OIRA: 04/12/2017
Terms of Clearance: Survey revised to improve quality of data collected.

table that charts list comparision

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	09/30/2020	36 Months From Approved	02/28/2019
Responses	1,500	0	1,250
Time Burden (Hours)	7,500	0	15,000
Cost Burden (Dollars)	0	0	520,000

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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), Board of Governors of the Federal Reserve System (Board), Federal Deposit Insurance Corporation (FDIC), Bureau of Consumer Financial Protection (CFPB), and Securities and Exchange Commission (SEC) (together, Agencies and separately, Agency) 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 contains a “collection of information” within the meaning of the Paperwork Reduction Act of 1995 (PRA). 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.

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Authorizing Statute(s): None

Citations for New Statutory Requirements: PL: Pub.L. 111 - 203 342 Name of Law: Dodd–Frank Wall Street Reform and Consumer Protection Act

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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:
	82 FR 8248	01/24/2017
30-day Notice:	Federal Register Citation:	Citation Date:
	82 FR 17489	04/11/2017
Did the Agency receive public comments on this ICR? No

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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
Diversity Assessment Report	DRAFT	DRAFT Diversity Assesment Form

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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	1,500	1,250	0	0	250	0
Annual Time Burden (Hours)	7,500	15,000	0	0	-7,500	0
Annual Cost Burden (Dollars)	0	520,000	0	0	-520,000	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 change in burden is due to the introduction of the Diversity Assessment Report to facilitate the information collection associated with the Joint Standards for “Entities’ Self-Assessment.” The SEC believes the use of this form will result in the reduction of the average response time from 12 hours to 10 hours. In addition, the estimated number of respondents has increased to reflect the number of regulated entities meeting the above stated criterion— workforce size of more than 100 employees according to their registration statements. Further, the frequency of the information collection has changed from annually to biennially.

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Annual Cost to Federal Government:

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

Does this ICR request any personally identifiable information (see OMB Circular No. A-130 for an explanation of this term)? Please consult with your agency's privacy program when making this determination.     No

Does this ICR include a form that requires a Privacy Act Statement (see 5 U.S.C. §552a(e)(3))? Please consult with your agency's privacy program when making this determination.     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: 04/12/2017

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