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

ICR 202008-7100-003

OMB: 7100-0368

Federal Form Document

Forms and Documents
Document
Name
Status
Form
Modified
Supporting Statement A
2020-08-19
IC Document Collections
IC ID
Document
Title
Status
243246 New
220242 Modified
ICR Details
7100-0368 202008-7100-003
Active 202006-7100-011
FRS FR 2100
Joint Standards for Assessing the Diversity Policies and Practices of Entities Regulated by the Agencies
Revision of a currently approved collection   No
Delegated
Approved without change 08/19/2020
Retrieve Notice of Action (NOA) 08/19/2020
  Inventory as of this Action Requested Previously Approved
08/31/2023 36 Months From Approved 08/31/2020
250 0 125
1,000 0 1,000
0 0 0

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, contains these standards (Joint Standards). The Policy Statement contains a “collection of information” within the meaning of the Paperwork Reduction Act (PRA). The Policy Statement includes a standard entitled “Practices to Promote Transparency of Organizational Diversity and Inclusion,” which encourages a regulated entity to be transparent about its diversity and inclusion activities by voluntarily disclosing certain information available to the public annually on its websites or through other appropriate communication methods, in a manner reflective of the entity’s size and other characteristics (Transparency Standard). In addition, the Policy Statement includes a standard entitled “Entities’ Self-Assessment,” which encourages a regulated entity, in a manner reflective of its size and other characteristics, to voluntarily conduct a self-assessment of its diversity policies and practices and to report information pertaining to its self-assessment to the OMWI Director of its primary federal financial regulator, as well as to publish information pertaining to its efforts with respect to the Joint Standards (Self-Assessment Standard).

US Code: 12 USC 5452 Name of Law: Dodd-Frank Wall Street Reform and Consumer Protection Act
  
None

Not associated with rulemaking

  85 FR 12296 03/02/2020
85 FR 38894 06/29/2020
No

2
IC Title Form No. Form Name
Disclosure
Reporting FR 2100 Diversity Self-Assessment Template for the Federal Reserve Board Regulated Entities

  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 250 125 0 125 0 0
Annual Time Burden (Hours) 1,000 1,000 0 0 0 0
Annual Cost Burden (Dollars) 0 0 0 0 0 0
Yes
Miscellaneous Actions
Yes
Miscellaneous Actions
The estimated total annual burden for the FR 2100 is 1,000 hours, and would remain unchanged with the revisions. The number of respondents is based on the average number of FR 2100 reports received in the past two years. The FR 2100 includes a disclosure provision for respondent institutions. The Board revised the FR 2100 information collection to account for this disclosure provision.

$0
No
    Yes
    No
No
No
No
No
Scott Farmer 202-452-2253 [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.
08/19/2020


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