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

Forms and Documents

Document Name	Status
Form FR 2100 Reporting Form	Modified
FR2100_20230828_83c.pdf Justification for No Material/Nonsubstantive Change	2023-08-28

IC Document Collections

IC ID	Document Title	Status
243246	Disclosure Other-Final Interagency Policy Statement	Modified
220242	Reporting Form	Modified

ICR Details

OMB Control No: 7100-0368	ICR Reference No: 202211-7100-005
Status: Historical Active	Previous ICR Reference No: 202008-7100-003
Agency/Subagency: FRS	Agency Tracking No: FR 2100
Title: Joint Standards for Assessing the Diversity Policies and Practices of Entities Regulated by the Agencies
Type of Information Collection: No material or nonsubstantive change to a currently approved collection	Common Form ICR:  No
Type of Review Request: Delegated
OIRA Conclusion Action: Approved without change	Conclusion Date: 08/28/2023
	Date Received in OIRA: 08/28/2023
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	08/31/2023	08/31/2023	08/31/2023
Responses	312	0	250
Time Burden (Hours)	1,248	0	1,000
Cost Burden (Dollars)	0	0	0

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Abstract: 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).

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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:
	85 FR 12296	03/02/2020
30-day Notice:	Federal Register Citation:	Citation Date:
	85 FR 38894	06/29/2020
Did the Agency receive public comments on this ICR? No

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Number of Information Collection (IC) in this ICR: 2

IC Title	Form No.	Form Name
Disclosure
Reporting	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	312	250	0	0	62	0
Annual Time Burden (Hours)	1,248	1,000	0	0	248	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: No

Burden Reduction Due to:

Short Statement: The increase in total annual burden hours reflects an update to the respondent counts.

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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.     Yes

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]? No

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: 08/28/2023

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