Joint Standards and CFPB Standards for Assessing the Diversity Policies and Practices

ICR 202208-3170-002

OMB: 3170-0060

Federal Form Document

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Supporting Statement A
Supplementary Document
Supplementary Document
Supplementary Document
IC Document Collections
ICR Details
3170-0060 202208-3170-002
Received in OIRA 201904-3170-001
Joint Standards and CFPB Standards for Assessing the Diversity Policies and Practices
Revision of a currently approved collection   No
Regular 08/12/2022
  Requested Previously Approved
36 Months From Approved 08/31/2022
1,250 750
9,375 9,000
0 0

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 (BCFP) 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 Agencies use the information provided to them to monitor progress and trends in the financial services industry with regard to diversity and inclusion in employment and contracting activities, as well as to identify and highlight those policies and practices that have been successful. The primary federal financial regulator will share information with other agencies, when appropriate, to support coordination of efforts and to avoid duplication. The Agencies may publish information disclosed to them, such as best practices, in any form that does not identify a particular entity or individual or disclose confidential business information.

PL: Pub.L. 111 - 203 342 Name of Law: Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010

Not associated with rulemaking

  87 FR 33473 06/02/2022
87 FR 49583 08/11/2022

IC Title Form No. Form Name
Joint Standards for Assessing the Diversity Policies and Practices Joint Standards and CFPB Standards form N/A

  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 1,250 750 0 500 0 0
Annual Time Burden (Hours) 9,375 9,000 0 375 0 0
Annual Cost Burden (Dollars) 0 0 0 0 0 0
Miscellaneous Actions
Additional questions have been added to address the self-assessment for CFPB contractors. To ensure the fair inclusion of minorities and women in the workforce of CFPB contractors (and, as applicable, subcontractors), the GFE and contractor self-assessment requirements are included in the solicitation package and contract clause as part of the contractor’s no-cost deliverable. Additionally, OMWI changed a field name from “Vendor DUNS” to “Vendor ID”. This action is necessary to comply with the federal adoption of the unique entity identifier (UEI) numbering system which replaces the DUNS system for use in Federal Procurement.

Michael Galleher 202 435-7760 [email protected]


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.

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