Joint Standards for Assessing Diversity Policies and Practices

ICR 202201-3064-001

OMB: 3064-0200

Federal Form Document

ICR Details
3064-0200 202201-3064-001
Received in OIRA 202112-3064-001
Joint Standards for Assessing Diversity Policies and Practices
No material or nonsubstantive change to a currently approved collection   No
Regular 01/12/2022
  Requested Previously Approved
01/31/2025 01/31/2025
195 195
1,560 1,560
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

  86 FR 43652 08/10/2021
86 FR 63026 11/15/2021

  Total Request 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 195 195 0 0 0 0
Annual Time Burden (Hours) 1,560 1,560 0 0 0 0
Annual Cost Burden (Dollars) 0 0 0 0 0 0

Manuel Cabeza 202 898-3781 [email protected]


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