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

Forms and Documents

Document Name	Status
Form Joint Standards an Joint Standards for Assessing the Diversity Policies and Practices Form and Instruction	Modified
3170-0060 (Joint Standards and CFPB Standards) supporting statement.docx Supporting Statement A	2022-08-12
OMWI Policy Statement.pdf Supplementary Document	2022-08-12
3170-0060 30-day FRN (published).pdf Supplementary Document	2022-08-11
3170-0060 60-day FRN (published).pdf Supplementary Document	2022-08-09

IC Document Collections

IC ID	Document Title	Status
218832	Joint Standards for Assessing the Diversity Policies and Practices Form and Instruction	Modified

ICR Details

OMB Control No: 3170-0060	ICR Reference No: 202208-3170-002
Status: Received in OIRA	Previous ICR Reference No: 201904-3170-001
Agency/Subagency: CFPB	Agency Tracking No:
Title: Joint Standards and CFPB Standards for Assessing the Diversity Policies and Practices
Type of Information Collection: Revision of a currently approved collection	Common Form ICR:  No
Type of Review Request: Regular	Date Submitted to OIRA: 08/12/2022

	Requested	Previously Approved
Expiration Date	36 Months From Approved	08/31/2022
Responses	1,250	750
Time Burden (Hours)	9,375	9,000
Cost Burden (Dollars)	0	0

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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 (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.

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

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:
	87 FR 33473	06/02/2022
30-day Notice:	Federal Register Citation:	Citation Date:
	87 FR 49583	08/11/2022
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
Joint Standards for Assessing the Diversity Policies and Practices	Joint Standards and CFPB Standards form	N/A

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ICR Summary of Burden

	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

Burden increases because of Program Change due to Agency Discretion: Yes

Burden Increase Due to: Miscellaneous Actions

Burden decreases because of Program Change due to Agency Discretion: No

Burden Reduction Due to:

Short Statement: 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.

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Annual Cost to Federal Government: $0

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? No

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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: 08/12/2022

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