Joint Standards for Assessing Diversity Policies and Practices

Forms and Documents

Document	Type	Status	Availability
Form FR 2100 Diversity Self-Assessment Template for the Federal Reserve Board Regulated Entities	Form and Instruction	Modified	Repair queued
FR2100_20170210_omb.pdf	Supporting Statement A	Uploaded 2017-02-10	Available

IC Document Collections

IC ID	Collection	Type	Status	Form
220242	Diversity Self-Assessment Template for the Federal Reserve Board Regulated Entities	Form and Instruction	Modified

ICR Details

OMB Control No: 7100-0368	ICR Reference No: 201702-7100-005
Status: Historical Active	Previous ICR Reference No: 201702-7100-004
Agency/Subagency: FRS	Agency Tracking No: FR 2100
Title: Joint Standards for Assessing Diversity Policies and Practices
Type of Information Collection: Revision of a currently approved collection	Common Form ICR:  No
Type of Review Request: Delegated
OIRA Conclusion Action: Approved without change	Conclusion Date: 02/10/2017
	Date Received in OIRA: 02/10/2017
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	02/29/2020	36 Months From Approved	02/28/2019
Responses	488	0	488
Time Burden (Hours)	3,904	0	5,856
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 (Dodd-Frank Act) requires the Office of the Comptroller of the Currency (OCC), Board, Federal Deposit Insurance Corporation (FDIC), National Credit Union Administration (NCUA), Bureau of Consumer Financial Protection (CFPB), and Securities and Exchange Commission (SEC) (the agencies) 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. Section 342 requires each OMWI director to develop standards for “assessing the diversity policies and practices of entities regulated by the agency.” The Policy Statement, published jointly by the agencies in June 2015, contain those standards. The Policy Statement includes Joint Standards that cover “Practices to Promote Transparency of Organizational Diversity and Inclusion.” These Joint Standards expect a regulated entity to be transparent about its diversity and inclusion activities by making certain information available to the public annually on its websites or through other appropriate communications methods, in a manner reflective of the entity’s size and other characteristics. In addition, the Policy Statement includes Joint Standards that address “Entities’ Self-Assessment” and that a regulated entity, in a manner reflective of its size and other characteristics, is encouraged to publish information pertaining to its efforts with respect to the Joint Standards.

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

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 66275	09/27/2016
30-day Notice:	Federal Register Citation:	Citation Date:
	81 FR 89463	12/12/2016
Did the Agency receive public comments on this ICR? No

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

IC Title	Form No.	Form Name
Diversity Self-Assessment Template for the Federal Reserve Board Regulated Entities	FR 2100	Diversity Self-Assessment Template for the Federal Reserve Board Regulated Entities

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ICR Summary 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	488	488	0	0	0	0
Annual Time Burden (Hours)	3,904	5,856	0	-1,952	0	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: Yes

Burden Reduction Due to: Miscellaneous Actions

Short Statement: The current annual burden is estimated to be 5,856 hours. The Federal Reserve estimates that use of the Template would reduce the total annual burden from 5,856 hours to 3,904 hours, a reduction of 1,952 hours.

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Annual Cost to Federal Government: $0

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: 02/10/2017

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