Proposed Interagency Policy Statement Establishing Joint Standards for Assessing the Diversity Policies and Practices of Entities Regulated by the Agencies and Request for Comment, 64052-64057 [2013-25142]
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Federal Register / Vol. 78, No. 207 / Friday, October 25, 2013 / Notices
According to MSLLC, this transaction
does not involve any provision or
agreement that may limit future
interchange with a third-party
connecting carrier.
According to MSLLC, it will be a
common carrier on the Line, and, once
it acquires the Line, MSLLC intends to
continue operations with Y&SR.2 In
addition, MSLLC states that it will be
the common carrier for the 3 miles of
continuous track segments extending
east of milepost 0.0 in Youngstown,
Ohio, that connect with the Line, but
Y&SR will operate on the lines solely as
an agent of and in the name of MSLLC.
The transaction may be consummated
on or after November 8, 2013, the
effective date of the exemption.3
MSLLC certifies that its projected
annual revenues as a result of this
transaction will not exceed $5 million
and will not result in the creation of a
Class I or Class II rail carrier.
If the verified notice contains false or
misleading information, the exemption
is void ab initio. Petitions to revoke the
exemption under 49 U.S.C. 10502(d)
may be filed at any time. The filing of
a petition to revoke will not
automatically stay the effectiveness of
the exemption. Stay petitions must be
filed no later than November 1, 2013 (at
least 7 days before the exemption
becomes effective).
An original and 10 copies of all
pleadings, referring to Docket No. FD
35773, must be filed with the Surface
Transportation Board, 395 E Street SW.,
Washington, DC 20423–0001. In
addition, one copy of each pleading
must be served on MSLLC’s counsel,
Richard H. Streeter, Law Offices of
Richard H. Streeter, 5255 Partridge Lane
NW., Washington, DC 20016.
Board decisions and notices are
available on our Web site at
‘‘www.stb.dot.gov.’’
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Decided: October 22, 2013.
Interlocking, and which collective rights were also
conferred on CCPA by order of the Bankruptcy
Court dated March 28, 2002, in In re: Pittsburgh &
Lake Erie Properties, Inc., Case No. 96–406 (MFW),
and to which CCPA is successor; and (7) Operating
Rights Agreement between Matteson Equipment
Company (Matteson) and CQPA, to which CCPA is
successor, and Operating Rights Agreement
between Eastern States Railroad, LLC (ESR) and
Matteson dated July 14, 2006, to which CCPA is
successor.
2 To that end, Y&SR has filed a verified notice of
exemption in Youngstown & Southeastern Railway
Company—Operation Exemption—Mule Sidetracks,
L.L.C., Docket No. FD 35774, by which Y&SR seeks
an exemption to continue to operate the Line.
3 This notice was scheduled to be published in
the Federal Register during the time that the agency
was closed due to a lapse in appropriations.
Because publication of this notice has been delayed,
the effective date of the exemption will also be
delayed to provide adequate notice to the public.
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By the Board, Rachel D. Campbell,
Director, Office of Proceedings.
Jeffrey Herzig,
Clearance Clerk.
[FR Doc. 2013–25180 Filed 10–24–13; 8:45 am]
BILLING CODE 4915–01–P
DEPARTMENT OF THE TREASURY
Office of the Comptroller of the
Currency
[Docket ID OCC–2013–0014]
BOARD OF GOVERNORS OF THE
FEDERAL RESERVE SYSTEM
[Docket No. OP–1465]
FEDERAL DEPOSIT INSURANCE
CORPORATION
NATIONAL CREDIT UNION
ADMINISTRATION
BUREAU OF CONSUMER FINANCIAL
PROTECTION
[Docket No. CFPB–2013–0029]
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–70731; File No. S7–08–13]
Proposed Interagency Policy
Statement Establishing Joint
Standards for Assessing the Diversity
Policies and Practices of Entities
Regulated by the Agencies and
Request for Comment
Office of the Comptroller of the
Currency (‘‘OCC’’); Board of Governors
of the Federal Reserve System
(‘‘Board’’); Federal Deposit Insurance
Corporation (‘‘FDIC’’); National Credit
Union Administration (‘‘NCUA’’);
Bureau of Consumer Financial
Protection (‘‘CFPB’’); and Securities and
Exchange Commission (‘‘SEC’’).
ACTION: Notice of proposed interagency
policy statement with request for public
comment.
AGENCY:
The OCC, Board, FDIC,
NCUA, CFPB, and SEC (each an
‘‘Agency’’ and collectively, the
‘‘Agencies’’) are proposing joint
standards for assessing the diversity
policies and practices of the entities
they regulate. Section 342 of the DoddFrank Wall Street Reform and Consumer
Protection Act of 2010 (‘‘Dodd-Frank
Act’’) 1 directed the establishment of an
Office of Minority and Women
Inclusion (‘‘OMWI Office’’) in each
Agency. Each OMWI Office is headed by
SUMMARY:
1 Public Law 111–203, 124 Stat. 1376, 1541 (July
11, 2010), codified as 12 U.S.C. 5452.
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a Director and is responsible for all
Agency matters relating to diversity in
management, employment, and business
activities. Section 342(b)(2)(C) directs
each Agency’s OMWI Director to
develop standards for assessing the
diversity policies and practices of
entities regulated by that Agency. This
proposed interagency policy statement
(‘‘Statement’’) identifies these proposed
standards and requests comment on all
aspects of this Statement.
DATES: Comments must be received on
or before December 24, 2013.
ADDRESSES: Interested parties are
encouraged to submit written comments
to any of the Agencies listed below. To
avoid duplication, the Agencies request
that commenters not submit the same
comment to more than one Agency. The
Agencies will share comments with
each other, as appropriate.
OCC: Because paper mail in the
Washington, DC area and at the OCC is
subject to delay, commenters are
encouraged to submit comments by
email, if possible. Please use the title
‘‘Proposed Interagency Policy Statement
Establishing Joint Standards For
Assessing the Diversity Policies and
Practices of Entities Regulated by the
Agencies and Request for Comment’’ to
facilitate the organization and
distribution of the comments. You may
submit comments by any of the
following methods:
• Email: regs.comments@
occ.treas.gov.
• Mail: Legislative and Regulatory
Activities Division, Office of the
Comptroller of the Currency, Mail Stop
9W–11, 400 7th Street SW., Washington,
DC 20219.
• Fax: (571) 465–4326.
• Hand Delivery/Courier: 400 7th
Street SW., Washington, DC 20219.
Instructions: You must include
‘‘OCC’’ as the agency name and ‘‘Docket
ID OCC–2013–0014’’ in your comment.
In general, the OCC will enter all
comments received into the docket and
publish them on the Regulations.gov
Web site without change, including any
business or personal information that
you provide such as name and address
information, email addresses, or phone
numbers. Comments received, including
attachments and other supporting
materials, are part of the public record
and subject to public disclosure. Do not
enclose any information in your
comment or supporting materials that
you consider confidential or
inappropriate for public disclosure.
You may review comments that
pertain to this notice by:
Viewing Comments Personally: You
may personally inspect and photocopy
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comments at the OCC, 400 7th Street
SW., Washington, DC. For security
reasons, the OCC requires that visitors
make an appointment to inspect
comments. You may do so by calling
(202) 649–6700. Upon arrival, visitors
will be required to present valid
government-issued photo identification
and to submit to security screening in
order to inspect and photocopy
comments.
Board: You may submit written
comments, identified by Docket No.
OP–1465, by any of the following
methods:
• Agency Web site: https://
www.federalreserve.gov. Follow the
instructions for submitting comments at
https://www.federalreserve.gov/apps/
foia/proposedregs.aspx.
• Federal eRulemaking Portal: https://
www.regulations.gov. Follow the
instructions for submitting comments.
• Email: regs.comments@
federalreserve.gov. Include the docket
number in the subject line of the
message.
• Fax: (202) 452–3819 or 202–452–
3102.
• Mail: Address to Robert deV.
Frierson, Secretary, Board of Governors
of the Federal Reserve System, 20th
Street and Constitution Avenue NW.,
Washington, DC 20551.
Please send comments by one method
only.
All public comments will be made
available on the Board’s Web site at
https://www.federalreserve.gov/apps/
foia/proposedregs.aspx as submitted,
unless modified for technical reasons.
Accordingly, comments will not be
edited to remove any identifying or
contact information. Public comments
may also be viewed electronically or in
paper in Room MP–500 of the Board’s
Martin Building (20th and C Streets
NW.) between 9:00 a.m. and 5:00 p.m.
on weekdays.
FDIC: You may submit comments by
any of the following methods:
• FDIC Web site: https://www.fdic.gov/
regulations/laws/federal/purpose.html.
Follow instructions for submitting
comments on the agency Web site.
• FDIC Email: Comments@fdic.gov.
Include ‘‘Comments’’ on the subject line
of the message.
• FDIC Mail: Robert E. Feldman,
Executive Secretary, Attention:
Comments, Federal Deposit Insurance
Corporation, 550 17th Street NW.,
Washington, DC 20429.
• Hand Delivery to FDIC: Comments
may be hand-delivered to the guard
station at the rear of the building at 550
17th Street (located on F Street),
Washington, DC, on business days
between 7:00 a.m. and 5:00 p.m.
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Please note: All comments received
will be posted generally without change
to https://www.fdic.gov/regulations/laws/
federal/propose.html, including any
personal information provided.
Please include your name, affiliation,
address, email address and telephone
number(s) in your comment. Where
appropriate, comments should include a
short Executive Summary (no more than
five single-spaced pages). All statements
received, including attachments and
other supporting materials, are part of
the public record and subject to public
disclosure. You should submit only
information that you wish to make
available publicly.
NCUA: You may submit comments by
any one of the following methods
(please send comments by one method
only):
• Federal rulemaking Portal: https://
www.regulations.gov. Follow the
instructions for submitting comments.
• NCUA Web site: https://
www.ncua.gov/Legal/Regs/Pages/
PropRegs.aspx. Follow the instructions
for submitting comments.
• Email: Address to regcomments@
ncua.gov. Include ‘‘[Your name]—
Comments on Proposed Interagency
Policy Statement Establishing Joint
Standards For Assessing the Diversity
Policies and Practices of Regulated
Entities’’ in the email subject line.
• Fax: (703) 518–6319. Use the
subject line described above for email.
• Mail: Address to Gerard Poliquin,
Secretary of the Board, National Credit
Union Administration, 1775 Duke
Street, Alexandria, Virginia 22314–
3428.
• Hand Delivery/Courier: Same as
mail address.
Public Inspection: You can view all
public comments on NCUA’s Web site
at https://www.ncua.gov/Legal/Regs/
Pages/PropRegs.aspx as submitted,
except for those we cannot post for
technical reasons. NCUA will not edit or
remove any identifying or contact
information from the public comments
submitted. You may inspect paper
copies of comments in NCUA’s law
library at 1775 Duke Street, Alexandria,
Virginia 22314, by appointment
weekdays between 9:00 a.m. and 3:00
p.m. To make an appointment, call (703)
518–6546 or send an email to
OGCMail@ncua.gov.
CFPB: You may submit comments,
identified by Docket No. CFPB–2013–
0029, by any of the following methods:
• Federal eRulemaking Portal: https://
www.regulations.gov. Follow the
instructions for submitting comments.
• Mail/Hand Delivery/Courier:
Monica Jackson, Office of the Executive
Secretary, Bureau of Consumer
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Financial Protection, 1700 G Street NW.,
Washington, DC 20552.
Instructions: All submissions must
include the Agency name and docket
number. In general, all comments
received will be posted without change
to https://www.regulations.gov. In
addition, comments will be available for
public inspection and copying at 1700
G Street NW., Washington, DC 20552,
on official business days between the
hours of 10:00 a.m. and 5:00 p.m.
Eastern Time. You can make an
appointment to inspect the documents
by telephoning (202) 435–7275.
All comments, including attachments
and other supporting materials, will
become part of the public record and
subject to public disclosure. Sensitive
personal information, such as account
numbers or social security numbers,
should not be included. Comments will
not be edited to remove any identifying
or contact information.
SEC: Comments may be submitted by
any of the following methods:
Electronic Comments:
• Use the Commission’s Internet
comment form (https://www.sec.gov);
• Send an email to rule-comments@
sec.gov. Please include File Number S7–
08–13 on the subject line; or
• Use the Federal eRulemaking Portal
(https://www.regulations.gov). Follow
instructions for submitting comments.
Paper Comments:
• Send paper comments in triplicate
to Elizabeth M. Murphy, Secretary,
Securities and Exchange Commission,
100 F Street NE., Washington, DC
20549–1090.
• All submissions should refer to File
Number S7–08–13. This file number
should be included on the subject line
if email is used. To help us process and
review your comments more efficiently,
please use only one method. The
Commission will post all comments on
the Commission’s Internet Web site
(https://www.sec.gov). Comments also
are available for Web site viewing and
printing in the Commission’s Public
Reference Room, 100 F Street NE.,
Washington, DC 20549 on official
business days between the hours of
10:00 a.m. and 3:00 p.m. All comments
received will be posted without change;
we do not edit personal identifying
information from submissions. You
should submit only information that
you wish to make available publicly.
FOR FURTHER INFORMATION CONTACT:
OCC: Joyce Cofield, Executive
Director, Office of Minority and Women
Inclusion, at (202) 649–6460 or Karen
McSweeney, Senior Attorney, Law
Department, at (202) 649–6295, Office of
the Comptroller of the Currency, 400 7th
Street SW., Washington, DC 20219.
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BOARD: Sheila Clark, Director, Office
of Diversity and Inclusion, at (202) 452–
2883; or Katherine Wheatley, Associate
General Counsel, Legal Division, at
(202) 452–3779.
FDIC: Melodee Brooks, Senior Deputy
Director, Office of Minority and Women
Inclusion, (703) 562–6090; Henry R.F.
Griffin, Assistant General Counsel, (703)
562–6404; or Michelle M. Borzillo,
Senior Counsel, (703) 562–6083; or
Robert Lee, Counsel, (703) 562–2020,
Legal Division, Federal Deposit
Insurance Corporation, 550 17th Street
NW., Washington, DC 20429–0002.
NCUA: Tawana James, Director,
Office of Minority and Women
Inclusion, at (703) 518–1650, or Cynthia
Vaughn, Diversity Outreach Program
Analyst, Office of Minority and Women
Inclusion, at (703) 518–1653, or Steven
W. Widerman, Senior Staff Attorney,
Office of General Counsel, at (703) 518–
6540.
CFPB: Stuart Ishimaru, Director,
Office of Minority and Women
Inclusion, at (202) 435–9012, or ToQuyen Truong, Deputy General Counsel,
Legal Division at (202) 435–7434,
Bureau of Consumer Financial
Protection, 1700 G Street NW.,
Washington, DC 20552.
SEC: Pamela A. Gibbs, Director, Office
of Minority and Women Inclusion, (202)
551–6046, or Tracey L. McNeil,
Counsel, Office of Minority and Women
Inclusion, (202) 551–3392, Securities
and Exchange Commission, 100 F Street
NE., Washington, DC 20549.
SUPPLEMENTARY INFORMATION:
I. Background
Each Office of Minority and Women
Inclusion (OMWI) is headed by a
Director who is responsible for Agency
matters relating to diversity in
management, employment, and business
activities. Section 342(b)(2)(C) requires
each Agency’s OMWI Director to
develop standards for ‘‘assessing the
diversity policies and practices of
entities regulated by the agency.’’ Such
standards take into account section
342(b)(4), which states that nothing in
section 342(b)(2)(C) ‘‘may be construed
to mandate any requirement on or
otherwise affect the lending policies and
practices of any regulated entity, or to
require any specific action based on the
findings of the assessment.’’
The Agencies believe that a goal of
section 342 is to promote transparency
and awareness of diversity policies and
practices within the entities regulated
by the Agencies. The establishment of
standards will provide guidance to the
regulated entities and the public for
assessing the diversity policies and
practices of regulated entities. In
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addition, by facilitating greater
awareness and transparency of the
diversity policies and practices of
regulated entities, the standards will
provide the public a greater ability to
assess diversity policies and practices of
regulated entities. The Agencies
recognize that greater diversity and
inclusion promotes stronger, more
effective, and more innovative
businesses, as well as opportunities to
serve a wider range of customers.
The Agencies believe that the term
‘‘assessment’’ encompasses many
different types of assessments including
self-assessment and provides an
opportunity for the Agencies and the
public to understand the diversity
policies and practices of regulated
entities. The assessment envisioned by
the Agencies is not one of a traditional
examination or other supervisory
assessment. Thus, the Agencies will not
use the examination or supervision
process in connection with these
proposed standards.
The Agencies are cognizant that
regulated entities (a) with 100 or more
employees; or (b) who are federal
contractors with 50 or more employees
and are prime contractors or first-tier
subcontractors, with contracts of
$50,000 or more are required to file an
Employer Information Report EEO–1
(‘‘EEO–1 Report’’) with the Equal
Employment Opportunity Commission.
These reports contain data on the
employment diversity at these regulated
entities, and should assist the regulated
entities in assessing their diversity
policies and practices. We encourage
regulated entities that are not required
to file EEO–1 Reports to monitor and
assess their diversity policies and
practices and to use the proposed
standards as a guide.
The OMWI Directors have worked
together to develop a set of proposed
standards for assessing the diversity
policies and practices of entities
regulated by the Agencies. In
developing these standards, the
Agencies took into account individual
entities’ circumstances (for example,
asset size of the entity, number of
employees, governance structure,
income, number of members and/or
customers, contract volume, geographic
location, and community
characteristics). We seek comments
specifically on how we might better take
into account individual entities’
circumstances, especially for small
regulated entities.
II. The Development of Proposed Joint
Standards
During 2012, to encourage input and
to learn more about diversity policies
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and practices, the OMWI Directors and
staff held a series of roundtable
discussions and teleconferences across
the country with representatives of
depository institutions, holding
companies, credit unions, and industry
trade groups. These outreach efforts
served as an opportunity for regulated
entities to provide input on assessment
standards and for the Agencies to learn
about the challenges and successes of
current diversity programs and policies.
The OMWI Directors also held
roundtable discussions with members of
groups representing financial services
professionals, communities, and
consumer advocates. These meetings
provided the Agencies with a greater
understanding of the issues facing
minorities and women with respect to
employment and business contracting
opportunities within the financial
services industry.
Based on feedback received from the
outreach sessions, the Agencies together
have drafted proposed standards for
assessing the diversity policies and
practices of the entities regulated by the
Agencies. These proposed standards
address a regulated entity’s employment
practices and its business practices with
regard to the procurement of goods and
services.
The Agencies recognize that these
standards may need to change and
improve over time. Accordingly, the
Agencies are open to ideas and input
from the public to strengthen and
develop this policy statement. Legal
responsibility for insured depository
institutions, credit unions, and
depository institution holding
companies shall be with the primary
prudential regulator with respect to
section 342 of the Dodd-Frank Act and
these standards.
The proposed Statement follows.
Interagency Policy Statement
Establishing Joint Standards for
Assessing the Diversity Policies and
Practices of Entities Regulated by the
Agencies and Request for Comment
I. Introduction
Section 342 of the Dodd Frank Wall
Street Reform and Consumer Protection
Act of 2010 requires the Directors of the
Offices of Minority and Women
Inclusion (OMWI) to develop standards
by which the diversity policies and
practices of the entities regulated by the
Office of the Comptroller of the
Currency, Board of Governors of the
Federal Reserve System, Federal Deposit
Insurance Corporation, National Credit
Union Administration, Bureau of
Consumer Financial Protection, and
Securities and Exchange Commission
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(‘‘the Agencies’’) may be assessed. To
promote consistency in this area, the
OMWI Directors worked together to
develop joint proposed standards.
II. The Joint Standards
An assessment of diversity policies
and practices of the entities regulated by
the Agencies may include the factors
listed below. These standards may be
tailored to take into consideration an
individual entity’s size and other
characteristics (for example, total assets,
number of employees, governance
structure, revenues, number of members
and/or customers, contract volume,
geographic location, and community
characteristics).
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(1) Organizational Commitment to
Diversity and Inclusion
The leadership of a successful
organization demonstrates its
commitment to diversity and inclusion.
Leadership comes from the governing
body such as a board of directors, senior
officials, and those managing the
organization on a day-to-day basis.
These standards inform how an entity
promotes diversity and inclusion both
in employment and contracting, and
how an entity fosters a corporate culture
that embraces diversity and inclusion.
Standards
In a manner reflective of the
individual entity’s size and other
characteristics,
• The regulated entity includes
diversity and inclusion considerations
in both employment and contracting as
an important part of its strategic plan
including hiring, recruiting, retention
and promotion.
• The entity has a diversity and
inclusion policy that is approved and
supported by senior leadership,
including senior management and the
board of directors.
• The entity provides regular progress
reports to the board and/or senior
management.
• The entity conducts equal
employment opportunity and diversity
and inclusion education and training on
a regular and periodic basis.
• The entity has a senior level official
who oversees and directs the entity’s
diversity efforts. For some institutions,
these responsibilities are assigned to an
executive-level Chief Diversity Officer
(or equivalent position) with dedicated
resources to support diversity strategies
and initiatives. For other entities, such
as smaller entities, these responsibilities
are assigned to a senior officer with
sufficient authority.
• The entity takes proactive steps to
promote a diverse pool of candidates,
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including women and minorities, in its
hiring, recruiting, retention, and
promotion, as well as in its selection of
board members, senior management,
and other senior leadership positions.
(2) Workforce Profile and Employment
Practices
Many entities promote the fair
inclusion of minorities and women in
their workforce by publicizing
employment opportunities, creating
relationships with minority and women
professional organizations and
educational institutions, creating a
culture that values the contribution of
all employees, and encouraging focus on
these objectives when evaluating
performance of managers. Entities with
diversity and inclusion programs
regularly evaluate their programs and
identify areas that can be improved.
Entities use various analytical tools to
evaluate a wide range of business
objectives, including metrics to track
and measure the inclusiveness of their
workforce (e.g., race, ethnicity, and
gender). Regulated entities that are
subject to the Equal Employment
Opportunity Commission (EEOC) and
the Office of Federal Contract
Compliance Programs (OFCCP)
reporting requirements 2 currently
provide data and supporting
documentation that serve as analytical
tools to evaluate diversity and inclusion
programs. For entities not subject to the
EEOC and OFCCP reporting
requirements, these tools may serve as
valuable models for data analysis to
evaluate and assess diversity efforts.
Standards
In a manner reflective of the
individual entity’s size and other
characteristics,
• Entities that file an annual EEO–1
Report as required by Title VII of the
Civil Rights Act of 1964, or otherwise
track their workforce data, use the data
to evaluate and assess workforce
diversity and inclusion efforts.
• Entities that prepare annual
Affirmative Action Plans as required by
Executive Order 11246 under the
jurisdiction of the OFCCP use those
plans to evaluate and assess workforce
diversity and inclusion efforts.
• The entity utilizes metrics to
evaluate and assess workforce diversity
and inclusion efforts, such as
recruitment, applicant tracking, hiring,
2 The Employer Information Report EEO–1 (EEO–
1 Report) is required to be filed annually with the
EEOC by (a) private employers with 100 or more
employees or (b) federal contractors who have 50
or more employees, and are prime contractors or
first-tier subcontractors, with contracts of $50,000
or more.
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promotions, separations (voluntary and
involuntary), career development
support, coaching, executive seminars
and retention across all levels and
occupations of the organization
including executive and managerial
ranks.
• The entity holds management
accountable for diversity and inclusion
efforts.
• The entity has policies and
practices that create diverse applicant
pools for both internal and external
opportunities that may include:
Æ Outreach to minority and women
organizations;
Æ Outreach to educational
institutions serving significant minority
and women student populations; and
Æ Participation in conferences,
workshops, and other events to attract
minorities and women and inform them
of employment and promotion
opportunities.
(3) Procurement and Business
Practices—Supplier Diversity
We recognize that there is limited
public information available on supplier
diversity at regulated entities and it may
be more challenging to compare
supplier diversity policies and practices
among regulated entities. Some smaller
institutions may also face greater
challenges in gathering such
information.
Companies increasingly understand
the competitive advantage of using a
broader choice of available businesses
with benefits such as price, quality,
attention to detail, and future
relationship building. A number of
entities have achieved success at
broadening the range of available
business options by increasing outreach
to minority-owned and women-owned
businesses.
As in the employment context,
entities often use metrics to know the
baseline of how much they spend on
procuring goods and services and
contracting for other business services,
how much they spend with minorityowned and women-owned businesses,
the availability of relevant minorityowned and women-owned businesses,
and the growth in usage over time.
Similarly, entities can use outreach
methods to inform minority-owned and
women-owned businesses (and affinity
groups representing these
constituencies) of the availability of
these opportunities and the mechanism
used by the entity for procurement.
In addition, entities’ prime
contractors often use subcontractors to
fulfill the obligations of various
contracts. The use of minority-owned
and women-owned businesses as
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subcontractors provides valuable
opportunities for both the minorityowned and women-owned businesses as
well as for the prime contractor. The
prime contractor can use this
opportunity to work with minorityowned and women-owned businesses,
and can expand the prime contractor’s
own capability under the contract.
Entities can encourage the use of
minority-owned and women-owned
subcontractors by incorporating this
objective in their business contracts.
emcdonald on DSK67QTVN1PROD with NOTICES
Standards
In a manner reflective of the
individual entity’s size and other
characteristics,
• The entity has a supplier diversity
policy that provides for a fair
opportunity for minority-owned and
women-owned businesses to compete in
procurements of business goods and
services. This includes contracts of all
types, including contracts for the
issuance or guarantee of any debt,
equity, or security, the sale of assets, the
management of assets of the entity, and
the making of equity investments by the
entity.
• The entity has methods to evaluate
and assess its supplier diversity, which
may include metrics and analytics
related to:
Æ Annual contract spending by the
entity;
Æ Percentage spent with minorityowned and women-owned business
contractors by race, ethnicity, and
gender;
Æ Percentage of contracts with
minority-owned and women-owned
business sub-contracts; and
Æ Demographics of the workforce for
contractors and subcontractors.
• The entity has practices to promote
a diverse supplier pool which may
include:
Æ Outreach to minority-owned and
women-owned contractors and
representative organizations;
Æ Participation in conferences,
workshops and other events to attract
minority-owned and women-owned
firms and inform them of contracting
opportunities; and
Æ An ongoing process to publicize its
procurement opportunities.
(4) Practices To Promote Transparency
of Organizational Diversity and
Inclusion
To promote the objectives of section
342, an entity’s diversity and inclusion
program should be transparent.
Transparency and publicity can be an
important aspect of assessing diversity
policies and practices. Greater
awareness and transparency can give
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17:55 Oct 24, 2013
Jkt 232001
members of the public information that
allows them to assess those policies and
practices. Entities can publicize
information on their diversity and
inclusion efforts through normal
business methods, which can include,
among other things, displaying
information on their Web sites, in their
promotional materials and in their
annual reports to shareholders, if
applicable. Making public an entity’s
commitment to diversity and inclusion,
its plans for achieving diversity and
inclusion, and its metrics used to
measure success in both workplace and
supplier diversity, informs a broad
constituency—its investors, employees,
potential employees and suppliers,
customers, and the general community.
Publication of this information can open
new markets to new communities and
can illustrate the progress that has been
made toward an important business
goal.
Standards
In a manner reflective of the
individual entity’s size and other
characteristics, the regulated entity
provides transparency in its activities
regarding diversity and inclusion by
making the following information
available to the public annually through
its public Web site or other appropriate
communication methods:
• Its diversity and inclusion strategic
plan;
• its commitment to diversity and
inclusion; and
• its progress toward achieving
diversity and inclusion in its workforce
and procurement activities, which may
include its:
Æ current workforce and supplier
demographic profiles;
Æ current employment and
procurement opportunities;
Æ forecasts of potential employment
and procurement opportunities; and
Æ the availability and use of
mentorship and developmental
programs for employees and contractors.
III. Proposed Approach to Assessment
In developing the standards proposed
in this Statement, the Agencies believe
that the term ‘‘assessment’’
contemplates both self-assessment and
an opportunity for the Agencies and the
public to understand the diversity
policies and practices of regulated
entities. The assessment envisioned by
the Agencies is not one of a traditional
examination or other supervisory
assessment. Thus, the Agencies will not
use the examination or supervision
process in connection with these
proposed standards.
A model assessment would include:
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Frm 00098
Fmt 4703
Sfmt 4703
• A self-assessment utilizing the
proposed standards to conduct a
quantitative and qualitative evaluation
of the diversity and inclusion policies
and practices, as stated in Section II
(The Joint Standards).
• Voluntary disclosure to the
appropriate Agency of the selfassessment and other information the
entity deems relevant. The Agencies
will monitor the information submitted
over time for use as a resource in
carrying out their diversity and
inclusion responsibilities.
• The entity displays information on
its public Web site and in its annual
reports, and in other materials,
regarding its efforts to comply with
these proposed standards as an
opportunity for more public awareness
and understanding of its diversity
policies and practices. The Agencies
may periodically review information on
regulated entities’ public Web sites to
monitor diversity and inclusion
practices.
Entities that are required to file an
EEO–1 Report are encouraged to use the
proposed standards to develop and
monitor diversity policies and practices.
Entities that do not file EEO–1 Reports
may also consider using the standards
in a manner reflective of the individual
entity’s size and other characteristics.
The OMWI Directors will also
continue to reach out to regulated
entities and other interested parties to
discuss diversity and inclusion
practices and methods of assessment.
IV. Request for Comment
The Agencies request comments on
all aspects of this draft policy statement,
including but not limited to those set
forth below. The Agencies will revise
the Statement as appropriate after a
review of public comments.
(1) Are the proposed joint standards
effective and appropriate to promote
diversity and inclusion? Why or why
not? If not, what standards would be
appropriate and why? How would such
standards support or hinder the
objectives of section 342?
(2) Are the proposed joint standards
sufficiently flexible but still effective to
allow meaningful assessments of
entities with a wide range of particular
characteristics or circumstances (for
example, asset size; number of
employees; contract volume; income
stream; and number of members and/or
customers)? Are there other ways to
approach the standards for smaller
entities, such as those with small
contracting dollar volumes or those not
required to file EEO–1 reports? What
other approaches or characteristics
would be appropriate for any such
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Federal Register / Vol. 78, No. 207 / Friday, October 25, 2013 / Notices
alternative, modified or scaled
approach? How would such
modification or scaling support or
hinder the objectives of section 342?
(3) What other factors, if any, would
be useful in assessing the diversity
policies and practices of the regulated
entities, and why should such factors be
considered? How would such factors
support or hinder the objectives of
section 342?
(4) Is the proposed model approach to
assessment effective and appropriate to
promote diversity and inclusion? Why
or why not? If not, what approach
would be appropriate and why? How
would such approach support or hinder
the objectives of Section 342?
(5) Would there be potential
advantages or disadvantages of the
proposed model approach to
assessment? If so, what would they be?
V. Paperwork Reduction Act
emcdonald on DSK67QTVN1PROD with NOTICES
In accordance with the Paperwork
Reduction Act (PRA) of 1995 (44 U.S.C.
3501 et. seq)., the Agencies have
reviewed the proposed policy statement
and determined that it contains no
collections of information requiring
approval by the Office of Management
and Budget (OMB). As the Agencies
consider the public comments received
and finalize the policy statement, they
will reevaluate this PRA determination.
Dated: October 2, 2013.
Thomas J. Curry,
Comptroller of the Currency.
By order of the Board of Governors of the
Federal Reserve System, October 10, 2013.
Robert deV. Frierson,
Secretary of the Board.
Dated at Washington, DC, this 4th of
October 2013.
Federal Deposit Insurance Corporation.
Robert E. Feldman,
Executive Secretary.
By the National Credit Union
Administration Board on September 18,
2013.
Gerard Poliquin,
Secretary of the Board.
Dated: October 1, 2013.
Richard Cordray,
Director, Bureau of Consumer Financial
Protection.
By the Securities and Exchange
Commission.
Dated: October 22, 2013.
Elizabeth M. Murphy
Secretary.
[FR Doc. 2013–25142 Filed 10–24–13; 8:45 am]
BILLING CODE 4810–33–P; 6210–01–P; 6741–01–P;
7590–01–P; 4810–AM–P; 8011–01–P
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17:55 Oct 24, 2013
Jkt 232001
DEPARTMENT OF THE TREASURY
Internal Revenue Service
Proposed Collection; Comment
Request for Forms 1065, 1065–B, 1066,
1120, 1120–C, 1120–F, 1120–H, 1120–
ND, 1120–S, 1120–SF, 1120–FSC,
1120–L, 1120–PC, 1120–REIT, 1120–
RIC, 1120–POL and Related
Attachments
Internal Revenue Service (IRS),
Treasury.
ACTION: Notice and request for
comments.
AGENCY:
The Internal Revenue Service,
as part of its continuing effort to reduce
paperwork and respondent burden,
invites the general public and other
Federal agencies to take this
opportunity to comment on proposed
and continuing information collections,
as required by the Paperwork Reduction
Act of 1995 (PRA), Public Law 104–13
(44 U.S.C. 3506(c)(2)(A)). This notice
requests comments on all forms used by
business entity taxpayers:
Forms 1065, 1065–B, 1066, 1120,
1120–C, 1120–F, 1120–H, 1120–ND,
1120–S, 1120–SF, 1120–FSC, 1120–L,
1120–PC, 1120–REIT, 1120–RIC, 1120–
POL; and all attachments to these forms
(see the Appendix to this notice). With
this notice, the IRS is also announcing
significant changes to (1) the manner in
which tax forms used by business
taxpayers will be approved under the
PRA and (2) its method of estimating the
paperwork burden imposed on all
business taxpayers.
DATES: Written comments should be
received on or before December 24, 2013
to be assured of consideration.
ADDRESSES: Direct all written comments
to Yvette Lawrence, Internal Revenue
Service, Room 6129, 1111 Constitution
Avenue NW., Washington, DC 20224.
FOR FURTHER INFORMATION CONTACT:
Requests for additional information or
copies of the form and instructions
should be directed to Allan Hopkins, at
Internal Revenue Service, Room 6129,
1111 Constitution Avenue NW.,
Washington, DC 20224, or through the
internet, at Allan.M.Hopkins@irs.gov.
SUPPLEMENTARY INFORMATION:
SUMMARY:
Change in PRA Approval of Forms
Used by Business Taxpayers
Under the PRA, OMB assigns a
control number to each ‘‘collection of
information’’ that it reviews and
approves for use by an agency. A single
information collection may consist of
one or more forms, recordkeeping
requirements, and/or third-party
disclosure requirements. Under the PRA
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Fmt 4703
Sfmt 4703
64057
and OMB regulations, agencies have the
discretion to seek separate OMB
approvals for business forms,
recordkeeping requirements, and thirdparty reporting requirements or to
combine any number of forms,
recordkeeping requirements, and/or
third-party disclosure requirements
(usually related in subject matter) under
one OMB Control Number. Agency
decisions on whether to group
individual requirements under a single
OMB Control Number or to disaggregate
them and request separate OMB Control
Numbers are based largely on
considerations of administrative
practicality.
The PRA also requires agencies to
estimate the burden for each collection
of information. Accordingly, each OMB
Control Number has an associated
burden estimate. The burden estimates
for each control number are displayed
in (1) the PRA notices that accompany
collections of information, (2) Federal
Register notices such as this one, and
(3) in OMB’s database of approved
information collections. If more than
one form, recordkeeping requirement,
and/or third-party disclosure
requirement is approved under a single
control number, then the burden
estimate for that control number reflects
the burden associated with all of the
approved forms, recordkeeping
requirements, and/or third-party
disclosure requirements.
As described below under the heading
‘‘New Burden Model,’’ the IRS’s new
Business Taxpayer Burden Model
(BTBM) estimates of taxpayer burden
are based on taxpayer characteristics
and activities, taking into account,
among other things, the forms and
schedules generally used by those
groups of business taxpayers and the
recordkeeping and other activities
needed to complete those forms. The
BTBM represents the second phase of a
long-term effort to improve the ability of
IRS to measure the burden imposed on
various groups of taxpayers by the
federal tax system. While the new
methodology provides a more accurate
and comprehensive description of
business taxpayer burden, it will not
provide burden estimates on a form-byform basis, as has been done under the
previous methodology. When the prior
model was developed in the mid-1980s,
almost all tax returns were prepared
manually, either by the taxpayer or a
paid provider. In this context, it was
determined that estimating burden on a
form-by-form basis was an appropriate
methodology. Today, over 90 percent of
all business entity tax returns are
prepared using software or with
preparer assistance. In this
E:\FR\FM\25OCN1.SGM
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]]>Agencies
[Federal Register Volume 78, Number 207 (Friday, October 25, 2013)]
[Notices]
[Pages 64052-64057]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2013-25142]
=======================================================================
-----------------------------------------------------------------------
DEPARTMENT OF THE TREASURY
Office of the Comptroller of the Currency
[Docket ID OCC-2013-0014]
BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
[Docket No. OP-1465]
FEDERAL DEPOSIT INSURANCE CORPORATION
NATIONAL CREDIT UNION ADMINISTRATION
BUREAU OF CONSUMER FINANCIAL PROTECTION
[Docket No. CFPB-2013-0029]
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-70731; File No. S7-08-13]
Proposed Interagency Policy Statement Establishing Joint
Standards for Assessing the Diversity Policies and Practices of
Entities Regulated by the Agencies and Request for Comment
AGENCY: Office of the Comptroller of the Currency (``OCC''); Board of
Governors of the Federal Reserve System (``Board''); Federal Deposit
Insurance Corporation (``FDIC''); National Credit Union Administration
(``NCUA''); Bureau of Consumer Financial Protection (``CFPB''); and
Securities and Exchange Commission (``SEC'').
ACTION: Notice of proposed interagency policy statement with request
for public comment.
-----------------------------------------------------------------------
SUMMARY: The OCC, Board, FDIC, NCUA, CFPB, and SEC (each an ``Agency''
and collectively, the ``Agencies'') are proposing joint standards for
assessing the diversity policies and practices of the entities they
regulate. Section 342 of the Dodd-Frank Wall Street Reform and Consumer
Protection Act of 2010 (``Dodd-Frank Act'') \1\ directed the
establishment of an Office of Minority and Women Inclusion (``OMWI
Office'') in each Agency. Each OMWI Office is headed by a Director and
is responsible for all Agency matters relating to diversity in
management, employment, and business activities. Section 342(b)(2)(C)
directs each Agency's OMWI Director to develop standards for assessing
the diversity policies and practices of entities regulated by that
Agency. This proposed interagency policy statement (``Statement'')
identifies these proposed standards and requests comment on all aspects
of this Statement.
---------------------------------------------------------------------------
\1\ Public Law 111-203, 124 Stat. 1376, 1541 (July 11, 2010),
codified as 12 U.S.C. 5452.
---------------------------------------------------------------------------
DATES: Comments must be received on or before December 24, 2013.
ADDRESSES: Interested parties are encouraged to submit written comments
to any of the Agencies listed below. To avoid duplication, the Agencies
request that commenters not submit the same comment to more than one
Agency. The Agencies will share comments with each other, as
appropriate.
OCC: Because paper mail in the Washington, DC area and at the OCC
is subject to delay, commenters are encouraged to submit comments by
email, if possible. Please use the title ``Proposed Interagency Policy
Statement Establishing Joint Standards For Assessing the Diversity
Policies and Practices of Entities Regulated by the Agencies and
Request for Comment'' to facilitate the organization and distribution
of the comments. You may submit comments by any of the following
methods:
Email: regs.comments@occ.treas.gov.
Mail: Legislative and Regulatory Activities Division,
Office of the Comptroller of the Currency, Mail Stop 9W-11, 400 7th
Street SW., Washington, DC 20219.
Fax: (571) 465-4326.
Hand Delivery/Courier: 400 7th Street SW., Washington, DC
20219.
Instructions: You must include ``OCC'' as the agency name and
``Docket ID OCC-2013-0014'' in your comment. In general, the OCC will
enter all comments received into the docket and publish them on the
Regulations.gov Web site without change, including any business or
personal information that you provide such as name and address
information, email addresses, or phone numbers. Comments received,
including attachments and other supporting materials, are part of the
public record and subject to public disclosure. Do not enclose any
information in your comment or supporting materials that you consider
confidential or inappropriate for public disclosure.
You may review comments that pertain to this notice by:
Viewing Comments Personally: You may personally inspect and
photocopy
[[Page 64053]]
comments at the OCC, 400 7th Street SW., Washington, DC. For security
reasons, the OCC requires that visitors make an appointment to inspect
comments. You may do so by calling (202) 649-6700. Upon arrival,
visitors will be required to present valid government-issued photo
identification and to submit to security screening in order to inspect
and photocopy comments.
Board: You may submit written comments, identified by Docket No.
OP-1465, by any of the following methods:
Agency Web site: https://www.federalreserve.gov. Follow the
instructions for submitting comments at https://www.federalreserve.gov/apps/foia/proposedregs.aspx.
Federal eRulemaking Portal: https://www.regulations.gov.
Follow the instructions for submitting comments.
Email: regs.comments@federalreserve.gov. Include the
docket number in the subject line of the message.
Fax: (202) 452-3819 or 202-452-3102.
Mail: Address to Robert deV. Frierson, Secretary, Board of
Governors of the Federal Reserve System, 20th Street and Constitution
Avenue NW., Washington, DC 20551.
Please send comments by one method only.
All public comments will be made available on the Board's Web site
at https://www.federalreserve.gov/apps/foia/proposedregs.aspx as
submitted, unless modified for technical reasons. Accordingly, comments
will not be edited to remove any identifying or contact information.
Public comments may also be viewed electronically or in paper in Room
MP-500 of the Board's Martin Building (20th and C Streets NW.) between
9:00 a.m. and 5:00 p.m. on weekdays.
FDIC: You may submit comments by any of the following methods:
FDIC Web site: https://www.fdic.gov/regulations/laws/federal/purpose.html. Follow instructions for submitting comments on
the agency Web site.
FDIC Email: Comments@fdic.gov. Include ``Comments'' on the
subject line of the message.
FDIC Mail: Robert E. Feldman, Executive Secretary,
Attention: Comments, Federal Deposit Insurance Corporation, 550 17th
Street NW., Washington, DC 20429.
Hand Delivery to FDIC: Comments may be hand-delivered to
the guard station at the rear of the building at 550 17th Street
(located on F Street), Washington, DC, on business days between 7:00
a.m. and 5:00 p.m.
Please note: All comments received will be posted generally without
change to https://www.fdic.gov/regulations/laws/federal/propose.html,
including any personal information provided.
Please include your name, affiliation, address, email address and
telephone number(s) in your comment. Where appropriate, comments should
include a short Executive Summary (no more than five single-spaced
pages). All statements received, including attachments and other
supporting materials, are part of the public record and subject to
public disclosure. You should submit only information that you wish to
make available publicly.
NCUA: You may submit comments by any one of the following methods
(please send comments by one method only):
Federal rulemaking Portal: https://www.regulations.gov.
Follow the instructions for submitting comments.
NCUA Web site: https://www.ncua.gov/Legal/Regs/Pages/PropRegs.aspx. Follow the instructions for submitting comments.
Email: Address to regcomments@ncua.gov. Include ``[Your
name]--Comments on Proposed Interagency Policy Statement Establishing
Joint Standards For Assessing the Diversity Policies and Practices of
Regulated Entities'' in the email subject line.
Fax: (703) 518-6319. Use the subject line described above
for email.
Mail: Address to Gerard Poliquin, Secretary of the Board,
National Credit Union Administration, 1775 Duke Street, Alexandria,
Virginia 22314-3428.
Hand Delivery/Courier: Same as mail address.
Public Inspection: You can view all public comments on NCUA's Web
site at https://www.ncua.gov/Legal/Regs/Pages/PropRegs.aspx as
submitted, except for those we cannot post for technical reasons. NCUA
will not edit or remove any identifying or contact information from the
public comments submitted. You may inspect paper copies of comments in
NCUA's law library at 1775 Duke Street, Alexandria, Virginia 22314, by
appointment weekdays between 9:00 a.m. and 3:00 p.m. To make an
appointment, call (703) 518-6546 or send an email to OGCMail@ncua.gov.
CFPB: You may submit comments, identified by Docket No. CFPB-2013-
0029, by any of the following methods:
Federal eRulemaking Portal: https://www.regulations.gov.
Follow the instructions for submitting comments.
Mail/Hand Delivery/Courier: Monica Jackson, Office of the
Executive Secretary, Bureau of Consumer Financial Protection, 1700 G
Street NW., Washington, DC 20552.
Instructions: All submissions must include the Agency name and
docket number. In general, all comments received will be posted without
change to https://www.regulations.gov. In addition, comments will be
available for public inspection and copying at 1700 G Street NW.,
Washington, DC 20552, on official business days between the hours of
10:00 a.m. and 5:00 p.m. Eastern Time. You can make an appointment to
inspect the documents by telephoning (202) 435-7275.
All comments, including attachments and other supporting materials,
will become part of the public record and subject to public disclosure.
Sensitive personal information, such as account numbers or social
security numbers, should not be included. Comments will not be edited
to remove any identifying or contact information.
SEC: Comments may be submitted by any of the following methods:
Electronic Comments:
Use the Commission's Internet comment form (https://www.sec.gov);
Send an email to rule-comments@sec.gov. Please include
File Number S7-08-13 on the subject line; or
Use the Federal eRulemaking Portal (https://www.regulations.gov). Follow instructions for submitting comments.
Paper Comments:
Send paper comments in triplicate to Elizabeth M. Murphy,
Secretary, Securities and Exchange Commission, 100 F Street NE.,
Washington, DC 20549-1090.
All submissions should refer to File Number S7-08-13. This
file number should be included on the subject line if email is used. To
help us process and review your comments more efficiently, please use
only one method. The Commission will post all comments on the
Commission's Internet Web site (https://www.sec.gov). Comments also are
available for Web site viewing and printing in the Commission's Public
Reference Room, 100 F Street NE., Washington, DC 20549 on official
business days between the hours of 10:00 a.m. and 3:00 p.m. All
comments received will be posted without change; we do not edit
personal identifying information from submissions. You should submit
only information that you wish to make available publicly.
FOR FURTHER INFORMATION CONTACT:
OCC: Joyce Cofield, Executive Director, Office of Minority and
Women Inclusion, at (202) 649-6460 or Karen McSweeney, Senior Attorney,
Law Department, at (202) 649-6295, Office of the Comptroller of the
Currency, 400 7th Street SW., Washington, DC 20219.
[[Page 64054]]
BOARD: Sheila Clark, Director, Office of Diversity and Inclusion,
at (202) 452-2883; or Katherine Wheatley, Associate General Counsel,
Legal Division, at (202) 452-3779.
FDIC: Melodee Brooks, Senior Deputy Director, Office of Minority
and Women Inclusion, (703) 562-6090; Henry R.F. Griffin, Assistant
General Counsel, (703) 562-6404; or Michelle M. Borzillo, Senior
Counsel, (703) 562-6083; or Robert Lee, Counsel, (703) 562-2020, Legal
Division, Federal Deposit Insurance Corporation, 550 17th Street NW.,
Washington, DC 20429-0002.
NCUA: Tawana James, Director, Office of Minority and Women
Inclusion, at (703) 518-1650, or Cynthia Vaughn, Diversity Outreach
Program Analyst, Office of Minority and Women Inclusion, at (703) 518-
1653, or Steven W. Widerman, Senior Staff Attorney, Office of General
Counsel, at (703) 518-6540.
CFPB: Stuart Ishimaru, Director, Office of Minority and Women
Inclusion, at (202) 435-9012, or To-Quyen Truong, Deputy General
Counsel, Legal Division at (202) 435-7434, Bureau of Consumer Financial
Protection, 1700 G Street NW., Washington, DC 20552.
SEC: Pamela A. Gibbs, Director, Office of Minority and Women
Inclusion, (202) 551-6046, or Tracey L. McNeil, Counsel, Office of
Minority and Women Inclusion, (202) 551-3392, Securities and Exchange
Commission, 100 F Street NE., Washington, DC 20549.
SUPPLEMENTARY INFORMATION:
I. Background
Each Office of Minority and Women Inclusion (OMWI) is headed by a
Director who is responsible for Agency matters relating to diversity in
management, employment, and business activities. Section 342(b)(2)(C)
requires each Agency's OMWI Director to develop standards for
``assessing the diversity policies and practices of entities regulated
by the agency.'' Such standards take into account section 342(b)(4),
which states that nothing in section 342(b)(2)(C) ``may be construed to
mandate any requirement on or otherwise affect the lending policies and
practices of any regulated entity, or to require any specific action
based on the findings of the assessment.''
The Agencies believe that a goal of section 342 is to promote
transparency and awareness of diversity policies and practices within
the entities regulated by the Agencies. The establishment of standards
will provide guidance to the regulated entities and the public for
assessing the diversity policies and practices of regulated entities.
In addition, by facilitating greater awareness and transparency of the
diversity policies and practices of regulated entities, the standards
will provide the public a greater ability to assess diversity policies
and practices of regulated entities. The Agencies recognize that
greater diversity and inclusion promotes stronger, more effective, and
more innovative businesses, as well as opportunities to serve a wider
range of customers.
The Agencies believe that the term ``assessment'' encompasses many
different types of assessments including self-assessment and provides
an opportunity for the Agencies and the public to understand the
diversity policies and practices of regulated entities. The assessment
envisioned by the Agencies is not one of a traditional examination or
other supervisory assessment. Thus, the Agencies will not use the
examination or supervision process in connection with these proposed
standards.
The Agencies are cognizant that regulated entities (a) with 100 or
more employees; or (b) who are federal contractors with 50 or more
employees and are prime contractors or first-tier subcontractors, with
contracts of $50,000 or more are required to file an Employer
Information Report EEO-1 (``EEO-1 Report'') with the Equal Employment
Opportunity Commission. These reports contain data on the employment
diversity at these regulated entities, and should assist the regulated
entities in assessing their diversity policies and practices. We
encourage regulated entities that are not required to file EEO-1
Reports to monitor and assess their diversity policies and practices
and to use the proposed standards as a guide.
The OMWI Directors have worked together to develop a set of
proposed standards for assessing the diversity policies and practices
of entities regulated by the Agencies. In developing these standards,
the Agencies took into account individual entities' circumstances (for
example, asset size of the entity, number of employees, governance
structure, income, number of members and/or customers, contract volume,
geographic location, and community characteristics). We seek comments
specifically on how we might better take into account individual
entities' circumstances, especially for small regulated entities.
II. The Development of Proposed Joint Standards
During 2012, to encourage input and to learn more about diversity
policies and practices, the OMWI Directors and staff held a series of
roundtable discussions and teleconferences across the country with
representatives of depository institutions, holding companies, credit
unions, and industry trade groups. These outreach efforts served as an
opportunity for regulated entities to provide input on assessment
standards and for the Agencies to learn about the challenges and
successes of current diversity programs and policies.
The OMWI Directors also held roundtable discussions with members of
groups representing financial services professionals, communities, and
consumer advocates. These meetings provided the Agencies with a greater
understanding of the issues facing minorities and women with respect to
employment and business contracting opportunities within the financial
services industry.
Based on feedback received from the outreach sessions, the Agencies
together have drafted proposed standards for assessing the diversity
policies and practices of the entities regulated by the Agencies. These
proposed standards address a regulated entity's employment practices
and its business practices with regard to the procurement of goods and
services.
The Agencies recognize that these standards may need to change and
improve over time. Accordingly, the Agencies are open to ideas and
input from the public to strengthen and develop this policy statement.
Legal responsibility for insured depository institutions, credit
unions, and depository institution holding companies shall be with the
primary prudential regulator with respect to section 342 of the Dodd-
Frank Act and these standards.
The proposed Statement follows.
Interagency Policy Statement Establishing Joint Standards for Assessing
the Diversity Policies and Practices of Entities Regulated by the
Agencies and Request for Comment
I. Introduction
Section 342 of the Dodd Frank Wall Street Reform and Consumer
Protection Act of 2010 requires the Directors of the Offices of
Minority and Women Inclusion (OMWI) to develop standards by which the
diversity policies and practices of the entities regulated by the
Office of the Comptroller of the Currency, Board of Governors of the
Federal Reserve System, Federal Deposit Insurance Corporation, National
Credit Union Administration, Bureau of Consumer Financial Protection,
and Securities and Exchange Commission
[[Page 64055]]
(``the Agencies'') may be assessed. To promote consistency in this
area, the OMWI Directors worked together to develop joint proposed
standards.
II. The Joint Standards
An assessment of diversity policies and practices of the entities
regulated by the Agencies may include the factors listed below. These
standards may be tailored to take into consideration an individual
entity's size and other characteristics (for example, total assets,
number of employees, governance structure, revenues, number of members
and/or customers, contract volume, geographic location, and community
characteristics).
(1) Organizational Commitment to Diversity and Inclusion
The leadership of a successful organization demonstrates its
commitment to diversity and inclusion. Leadership comes from the
governing body such as a board of directors, senior officials, and
those managing the organization on a day-to-day basis. These standards
inform how an entity promotes diversity and inclusion both in
employment and contracting, and how an entity fosters a corporate
culture that embraces diversity and inclusion.
Standards
In a manner reflective of the individual entity's size and other
characteristics,
The regulated entity includes diversity and inclusion
considerations in both employment and contracting as an important part
of its strategic plan including hiring, recruiting, retention and
promotion.
The entity has a diversity and inclusion policy that is
approved and supported by senior leadership, including senior
management and the board of directors.
The entity provides regular progress reports to the board
and/or senior management.
The entity conducts equal employment opportunity and
diversity and inclusion education and training on a regular and
periodic basis.
The entity has a senior level official who oversees and
directs the entity's diversity efforts. For some institutions, these
responsibilities are assigned to an executive-level Chief Diversity
Officer (or equivalent position) with dedicated resources to support
diversity strategies and initiatives. For other entities, such as
smaller entities, these responsibilities are assigned to a senior
officer with sufficient authority.
The entity takes proactive steps to promote a diverse pool
of candidates, including women and minorities, in its hiring,
recruiting, retention, and promotion, as well as in its selection of
board members, senior management, and other senior leadership
positions.
(2) Workforce Profile and Employment Practices
Many entities promote the fair inclusion of minorities and women in
their workforce by publicizing employment opportunities, creating
relationships with minority and women professional organizations and
educational institutions, creating a culture that values the
contribution of all employees, and encouraging focus on these
objectives when evaluating performance of managers. Entities with
diversity and inclusion programs regularly evaluate their programs and
identify areas that can be improved.
Entities use various analytical tools to evaluate a wide range of
business objectives, including metrics to track and measure the
inclusiveness of their workforce (e.g., race, ethnicity, and gender).
Regulated entities that are subject to the Equal Employment Opportunity
Commission (EEOC) and the Office of Federal Contract Compliance
Programs (OFCCP) reporting requirements \2\ currently provide data and
supporting documentation that serve as analytical tools to evaluate
diversity and inclusion programs. For entities not subject to the EEOC
and OFCCP reporting requirements, these tools may serve as valuable
models for data analysis to evaluate and assess diversity efforts.
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\2\ The Employer Information Report EEO-1 (EEO-1 Report) is
required to be filed annually with the EEOC by (a) private employers
with 100 or more employees or (b) federal contractors who have 50 or
more employees, and are prime contractors or first-tier
subcontractors, with contracts of $50,000 or more.
---------------------------------------------------------------------------
Standards
In a manner reflective of the individual entity's size and other
characteristics,
Entities that file an annual EEO-1 Report as required by
Title VII of the Civil Rights Act of 1964, or otherwise track their
workforce data, use the data to evaluate and assess workforce diversity
and inclusion efforts.
Entities that prepare annual Affirmative Action Plans as
required by Executive Order 11246 under the jurisdiction of the OFCCP
use those plans to evaluate and assess workforce diversity and
inclusion efforts.
The entity utilizes metrics to evaluate and assess
workforce diversity and inclusion efforts, such as recruitment,
applicant tracking, hiring, promotions, separations (voluntary and
involuntary), career development support, coaching, executive seminars
and retention across all levels and occupations of the organization
including executive and managerial ranks.
The entity holds management accountable for diversity and
inclusion efforts.
The entity has policies and practices that create diverse
applicant pools for both internal and external opportunities that may
include:
[cir] Outreach to minority and women organizations;
[cir] Outreach to educational institutions serving significant
minority and women student populations; and
[cir] Participation in conferences, workshops, and other events to
attract minorities and women and inform them of employment and
promotion opportunities.
(3) Procurement and Business Practices--Supplier Diversity
We recognize that there is limited public information available on
supplier diversity at regulated entities and it may be more challenging
to compare supplier diversity policies and practices among regulated
entities. Some smaller institutions may also face greater challenges in
gathering such information.
Companies increasingly understand the competitive advantage of
using a broader choice of available businesses with benefits such as
price, quality, attention to detail, and future relationship building.
A number of entities have achieved success at broadening the range of
available business options by increasing outreach to minority-owned and
women-owned businesses.
As in the employment context, entities often use metrics to know
the baseline of how much they spend on procuring goods and services and
contracting for other business services, how much they spend with
minority-owned and women-owned businesses, the availability of relevant
minority-owned and women-owned businesses, and the growth in usage over
time. Similarly, entities can use outreach methods to inform minority-
owned and women-owned businesses (and affinity groups representing
these constituencies) of the availability of these opportunities and
the mechanism used by the entity for procurement.
In addition, entities' prime contractors often use subcontractors
to fulfill the obligations of various contracts. The use of minority-
owned and women-owned businesses as
[[Page 64056]]
subcontractors provides valuable opportunities for both the minority-
owned and women-owned businesses as well as for the prime contractor.
The prime contractor can use this opportunity to work with minority-
owned and women-owned businesses, and can expand the prime contractor's
own capability under the contract. Entities can encourage the use of
minority-owned and women-owned subcontractors by incorporating this
objective in their business contracts.
Standards
In a manner reflective of the individual entity's size and other
characteristics,
The entity has a supplier diversity policy that provides
for a fair opportunity for minority-owned and women-owned businesses to
compete in procurements of business goods and services. This includes
contracts of all types, including contracts for the issuance or
guarantee of any debt, equity, or security, the sale of assets, the
management of assets of the entity, and the making of equity
investments by the entity.
The entity has methods to evaluate and assess its supplier
diversity, which may include metrics and analytics related to:
[cir] Annual contract spending by the entity;
[cir] Percentage spent with minority-owned and women-owned business
contractors by race, ethnicity, and gender;
[cir] Percentage of contracts with minority-owned and women-owned
business sub-contracts; and
[cir] Demographics of the workforce for contractors and
subcontractors.
The entity has practices to promote a diverse supplier
pool which may include:
[cir] Outreach to minority-owned and women-owned contractors and
representative organizations;
[cir] Participation in conferences, workshops and other events to
attract minority-owned and women-owned firms and inform them of
contracting opportunities; and
[cir] An ongoing process to publicize its procurement
opportunities.
(4) Practices To Promote Transparency of Organizational Diversity and
Inclusion
To promote the objectives of section 342, an entity's diversity and
inclusion program should be transparent. Transparency and publicity can
be an important aspect of assessing diversity policies and practices.
Greater awareness and transparency can give members of the public
information that allows them to assess those policies and practices.
Entities can publicize information on their diversity and inclusion
efforts through normal business methods, which can include, among other
things, displaying information on their Web sites, in their promotional
materials and in their annual reports to shareholders, if applicable.
Making public an entity's commitment to diversity and inclusion, its
plans for achieving diversity and inclusion, and its metrics used to
measure success in both workplace and supplier diversity, informs a
broad constituency--its investors, employees, potential employees and
suppliers, customers, and the general community. Publication of this
information can open new markets to new communities and can illustrate
the progress that has been made toward an important business goal.
Standards
In a manner reflective of the individual entity's size and other
characteristics, the regulated entity provides transparency in its
activities regarding diversity and inclusion by making the following
information available to the public annually through its public Web
site or other appropriate communication methods:
Its diversity and inclusion strategic plan;
its commitment to diversity and inclusion; and
its progress toward achieving diversity and inclusion in
its workforce and procurement activities, which may include its:
[cir] current workforce and supplier demographic profiles;
[cir] current employment and procurement opportunities;
[cir] forecasts of potential employment and procurement
opportunities; and
[cir] the availability and use of mentorship and developmental
programs for employees and contractors.
III. Proposed Approach to Assessment
In developing the standards proposed in this Statement, the
Agencies believe that the term ``assessment'' contemplates both self-
assessment and an opportunity for the Agencies and the public to
understand the diversity policies and practices of regulated entities.
The assessment envisioned by the Agencies is not one of a traditional
examination or other supervisory assessment. Thus, the Agencies will
not use the examination or supervision process in connection with these
proposed standards.
A model assessment would include:
A self-assessment utilizing the proposed standards to
conduct a quantitative and qualitative evaluation of the diversity and
inclusion policies and practices, as stated in Section II (The Joint
Standards).
Voluntary disclosure to the appropriate Agency of the
self-assessment and other information the entity deems relevant. The
Agencies will monitor the information submitted over time for use as a
resource in carrying out their diversity and inclusion
responsibilities.
The entity displays information on its public Web site and
in its annual reports, and in other materials, regarding its efforts to
comply with these proposed standards as an opportunity for more public
awareness and understanding of its diversity policies and practices.
The Agencies may periodically review information on regulated entities'
public Web sites to monitor diversity and inclusion practices.
Entities that are required to file an EEO-1 Report are encouraged
to use the proposed standards to develop and monitor diversity policies
and practices. Entities that do not file EEO-1 Reports may also
consider using the standards in a manner reflective of the individual
entity's size and other characteristics.
The OMWI Directors will also continue to reach out to regulated
entities and other interested parties to discuss diversity and
inclusion practices and methods of assessment.
IV. Request for Comment
The Agencies request comments on all aspects of this draft policy
statement, including but not limited to those set forth below. The
Agencies will revise the Statement as appropriate after a review of
public comments.
(1) Are the proposed joint standards effective and appropriate to
promote diversity and inclusion? Why or why not? If not, what standards
would be appropriate and why? How would such standards support or
hinder the objectives of section 342?
(2) Are the proposed joint standards sufficiently flexible but
still effective to allow meaningful assessments of entities with a wide
range of particular characteristics or circumstances (for example,
asset size; number of employees; contract volume; income stream; and
number of members and/or customers)? Are there other ways to approach
the standards for smaller entities, such as those with small
contracting dollar volumes or those not required to file EEO-1 reports?
What other approaches or characteristics would be appropriate for any
such
[[Page 64057]]
alternative, modified or scaled approach? How would such modification
or scaling support or hinder the objectives of section 342?
(3) What other factors, if any, would be useful in assessing the
diversity policies and practices of the regulated entities, and why
should such factors be considered? How would such factors support or
hinder the objectives of section 342?
(4) Is the proposed model approach to assessment effective and
appropriate to promote diversity and inclusion? Why or why not? If not,
what approach would be appropriate and why? How would such approach
support or hinder the objectives of Section 342?
(5) Would there be potential advantages or disadvantages of the
proposed model approach to assessment? If so, what would they be?
V. Paperwork Reduction Act
In accordance with the Paperwork Reduction Act (PRA) of 1995 (44
U.S.C. 3501 et. seq)., the Agencies have reviewed the proposed policy
statement and determined that it contains no collections of information
requiring approval by the Office of Management and Budget (OMB). As the
Agencies consider the public comments received and finalize the policy
statement, they will reevaluate this PRA determination.
Dated: October 2, 2013.
Thomas J. Curry,
Comptroller of the Currency.
By order of the Board of Governors of the Federal Reserve
System, October 10, 2013.
Robert deV. Frierson,
Secretary of the Board.
Dated at Washington, DC, this 4th of October 2013.
Federal Deposit Insurance Corporation.
Robert E. Feldman,
Executive Secretary.
By the National Credit Union Administration Board on September
18, 2013.
Gerard Poliquin,
Secretary of the Board.
Dated: October 1, 2013.
Richard Cordray,
Director, Bureau of Consumer Financial Protection.
By the Securities and Exchange Commission.
Dated: October 22, 2013.
Elizabeth M. Murphy
Secretary.
[FR Doc. 2013-25142 Filed 10-24-13; 8:45 am]
BILLING CODE 4810-33-P; 6210-01-P; 6741-01-P; 7590-01-P; 4810-AM-P;
8011-01-P
