Agency Information Collection; Submission for OMB Review; Joint Comment Request; Joint Standards for Assessing the Diversity Policies and Practices of Entities Regulated by the Agencies, 68901-68904 [2015-28369]
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Federal Register / Vol. 80, No. 215 / Friday, November 6, 2015 / Notices
DEPARTMENT OF THE TREASURY
Office of the Comptroller of Currency
FEDERAL RESERVE SYSTEM
[Docket No. OP–1465]
FEDERAL DEPOSIT INSURANCE
CORPORATION
BUREAU OF CONSUMER FINANCIAL
PROTECTION
SECURITIES AND EXCHANGE
COMMISSION
Agency Information Collection;
Submission for OMB Review; Joint
Comment Request; Joint Standards for
Assessing the Diversity Policies and
Practices of Entities Regulated by the
Agencies
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 (CFPB); and Securities and
Exchange Commission (SEC).
ACTION: Joint notice, request for
comment, and notice of information
collection to be submitted to the Office
of Management and Budget (OMB) for
review and approval under the
Paperwork Reduction Act of 1995
(PRA).
AGENCY:
The OCC, FDIC, CFPB, and
SEC (each, an Agency and collectively,
the Agencies) have submitted to OMB a
request for approval under the PRA of
the collection of information discussed
below. The Board (also an Agency and
included in Agencies) reviewed the
joint notice under the authority
delegated to the Board by OMB. An
agency may not conduct or sponsor, and
a respondent is not required to respond
to, an information collection unless it
displays a currently valid OMB control
number.
DATES: Comments must be submitted on
or before December 7, 2015.
ADDRESSES: Interested parties are
invited to submit written comments to
any or all of the Agencies. All comments
received will be shared among the
Agencies.
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. Comments may be
sent to: Legislative and Regulatory
Activities Division, Office of the
Comptroller of the Currency, Attention:
1557–NEW, 400 7th Street SW., Suite
3E–218, Mail Stop 9W–11, Washington,
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SUMMARY:
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DC 20219. In addition, comments may
be sent by fax to (571) 465–4326 or by
electronic mail to prainfo@occ.treas.gov.
In general, OCC will enter all
comments received into the docket and
publish them on the www.reginfo.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
include any information in your
comment or supporting materials that
you consider confidential or
inappropriate for public disclosure.
You may personally inspect and
photocopy comments by visiting the
OCC at 400 7th Street SW., Washington,
DC 20219. For security reasons, the OCC
requires that visitors make an
appointment to inspect comments. You
may make an appointment by calling
(202) 649–6700 or, for persons who are
deaf or hard of hearing, TTY (202) 649–
5597. Upon arrival, visitors will be
required to present valid governmentissued photo identification and submit
to a security screening, prior to
inspecting and photocopying comments.
Board: You may submit comments,
identified by ‘‘OMWI Policy Statement,’’
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.
• FAX: (202) 452–3819 or (202) 452–
3102.
• Mail: Robert deV. Frierson,
Secretary, Board of Governors of the
Federal Reserve System, 20th Street and
Constitution Avenue NW., Washington,
DC 20551.
All public comments are available
from the Board’s Web site at https://
www.federalreserve.gov/apps/foia/
proposedregs.aspx as submitted, unless
modified for technical reasons.
Accordingly, your comments will not be
edited to remove any identifying or
contact information. Public comments
may also be viewed electronically or in
paper form 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 on
this information collection, which
should refer to ‘‘Joint Standards for
Assessing Diversity Policies and
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68901
Practices,’’ by any of the following
methods:
• Agency Web site: https://
www.fdic.gov/regulations/laws/federal/.
Follow the instructions for submitting
comments on the FDIC Web site.
• Email: comments@FDIC.gov.
Include ‘‘Joint Standards for Assessing
Diversity Policies and Practices’’ in the
subject line of the message.
• Mail: Gary A. Kuiper, Counsel, MB–
3074, Federal Deposit Insurance
Corporation, 550 17th Street NW.,
Washington, DC 20429.
CFPB: You may submit comments,
identified by the title of the information
collection, ‘‘Joint Standards for
Assessing the Diversity Policies and
Practices of Entities Regulated by the
Agencies,’’ or by the docket number (see
below) using any of the following
methods:
• Electronic: https://
www.regulations.gov (Docket Number:
CFPB±2015±0042). Follow the
instructions for submitting comments.
• Mail: Consumer Financial
Protection Bureau (Attention: PRA
Office), 1700 G Street NW., Washington,
DC 20552.
• Hand Delivery/Courier: Consumer
Financial Protection Bureau (Attention:
PRA Office), 1275 First Street NE.,
Washington, DC 20002.
Please note that comments submitted
after the comment period will not be
accepted. In general, all comments
received will become public records,
including any personal information
provided. Sensitive personal
information, such as account numbers
or social security numbers, should not
be included.
SEC: Please direct your written
comments to Pamela Dyson, Chief
Information Officer, Securities and
Exchange Commission, c/o Remi PavlikSimon, 100 F Street NE., Washington,
DC 20549, or send an email to PRA_
Mailbox@sec.gov with ‘‘SEC File 270–
664 OMWI Policy Statement’’ in the
subject line of the message.
Additionally, commenters may send a
copy of their comments to the OMB
desk officer for the Agencies by mail to
the Office of Information and Regulatory
Affairs, U.S. Office of Management and
Budget, New Executive Office Building
Room 10235, 725 17th Street NW.,
Washington, DC 20503: By fax to (202)
395–6974; or by email to oira_
submission@omb.eop.gov.
FOR FURTHER INFORMATION CONTACT: For
further information about the
information collection discussed in this
notice, please contact any Agency
clearance officer named below. In
addition, background documentation for
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Federal Register / Vol. 80, No. 215 / Friday, November 6, 2015 / Notices
this information collection may be
viewed at www.reginfo.gov or at the
following locations:
OCC: Shaquita Merritt or Mary H.
Gottlieb, (202) 649–5490 or, for persons
who are deaf or hard of hearing, TTY
(202) 649–5597, Legislative and
Regulatory Activities Division, Office of
the Comptroller of the Currency, 400 7th
Street SW., Washington, DC 20219.
Board: Nuha Elmaghrabi: Federal
Reserve Clearance Officer, Office of the
Chief Data Officer, Mail Stop K1–148,
Board of Governors of the Federal
Reserve System, Washington, DC 20551.
FDIC: Gary A. Kuiper, Counsel, MB–
3074, Federal Deposit Insurance
Corporation, 550 17th Street NW.,
Washington, DC 20429, or send an email
to gkuiper@fdic.gov.
CFPB: Darrin A. King, Paperwork
Reduction Act Officer, 1700 G Street
NW., Washington, DC 20552, (202) 435–
9575, or email: PRA@cfpb.gov. Please do
not submit comments to this email box.
SEC: Pamela Dyson, Chief Information
Officer, Securities and Exchange
Commission, c/o Remi Pavlik-Simon,
100 F Street NE., Washington, DC 20549
or send an email to PRA_Mailbox@
sec.gov.
SUPPLEMENTARY INFORMATION: Section
342 of the Dodd-Frank Wall Street
Reform and Consumer Protection Act of
2010 (Dodd-Frank Act) required each
Agency 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 Dodd-Frank Act also
instructed the OMWI Directors to
develop standards for assessing the
diversity policies and practices of
entities regulated by their Agencies. The
Agencies worked together to develop
joint standards and, on June 10, 2015,
they published a Federal Register notice
(80 FR 33016) entitled ‘‘Final
Interagency Policy Statement
Establishing Joint Standards for
Assessing the Diversity Policies and
Practices of Entities Regulated by the
Agencies’’ (Policy Statement).1 The
Policy Statement contains a collection
of information within the meaning of
the PRA (44 U.S.C. 3501 et seq.).
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A. Overview of the Collection of
Information
1. Description of the Collection of
Information and Proposed Use
The title for this proposed collection
of information is:
1 The National Credit Union Administration
(NCUA) joined the Agencies in issuing the Policy
Statement. However, the NCUA is issuing a separate
Federal Register notice for PRA clearance.
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• Joint Standards for Assessing
Diversity Policies and Practices.
The Policy Statement includes Joint
Standards that cover ‘‘Practices to
Promote Transparency of Organizational
Diversity and Inclusion.’’ These
standards contemplate that a regulated
entity is transparent about its diversity
and inclusion activities by making
certain information available to the
public annually on its Web site or in
other appropriate communications, in a
manner reflective of the entity’s size and
other characteristics. The information
noted in these standards is the entity’s
diversity and inclusion strategic plan;
its policy on its commitment to
diversity and inclusion; progress toward
achieving diversity and inclusion in its
workforce and procurement activities
(which may include the entity’s current
workforce and supplier demographic
profiles); and employment and
procurement opportunities available at
the entity that promote diversity.
In addition, the Policy Statement
includes standards that address
‘‘Entities’ Self-Assessment.’’ These
standards envision that the regulated
entity conducts a voluntary selfassessment of its diversity policies and
practices at least annually, provides
information pertaining to this selfassessment to its primary federal
financial regulator, and publishes
information pertaining to its efforts with
respect to the Joint Standards. The
information provided to the Agencies
will be used to monitor progress and
trends among regulated entities with
regard to diversity and inclusion in
employment and contracting activities,
as well as to identify and publicize
leading diversity policies and practices.
2. Description of Likely Respondents
and Estimate of Annual Burden
The collections of information
contemplated by the Joint Standards
will impose no new recordkeeping
burdens as regulated entities will only
publish or provide information
pertaining to diversity policies and
practices that they maintain during the
normal course of business. The
Agencies estimate that, on average, it
will take a regulated entity
approximately 12 burden hours
annually to publish information
pertaining to its diversity policies and
practices on its Web site or in other
appropriate communications and to
retrieve and submit information
pertaining to its self-assessment to its
primary federal financial regulator.
The Agencies estimate the total
burden for all regulated entities as
follows:
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Information Collection: Joint
Standards for Assessing Diversity
Policies and Practices.
Estimated Number of Respondents:
OCC: 215.
Board: 488.
FDIC: 398.
CFPB: 750.
SEC: 1,250.
Frequency of Collection: Annual.
Average Response Time per
Respondent: 12 hours.
Estimated Total Annual Burden
Hours:
OCC: 2,580 hours.
Board: 5,856 hours.
FDIC: 4,776 hours.
CFPB: 9,000 hours.
SEC: 15,000 hours.
Obligation to respond: Voluntary.
B. Solicitation of Public Comments
The Policy Statement included a 60day notice requesting public comments
on the collection of information. During
the comment period, the Agencies
collectively received four comment
letters: Two from industry trade
associations, one from an advocacy
organization, and one from an
individual.2 The comments, which are
described below, addressed the
collection of information under the
‘‘Entities Self-Assessment’’ Joint
Standards. (As noted above, these Joint
Standards envision that a regulated
entity provides self-assessment
information to the OMWI Director of the
entity’s primary federal financial
regulator.) The commenters also
commented on aspects of the Policy
Statement unrelated to the collection of
information; these views are not
relevant to this notice or the paperwork
burden analysis and, accordingly, they
are not addressed below.
After reviewing and considering the
comments related to the collection of
information, the Agencies have decided
not to make any changes to the
collection of information described in
the 60-day notice.
1. Practical Utility of Information
Collection
Two commenters addressed whether
the collection of information pertaining
to self-assessments will have practical
utility. One commenter asserted that it
is premature to gauge how useful
information will be without knowing
precisely what information the Agencies
will request. The other commenter
maintained that the information
collection request in the Policy
2 Separately, the NCUA received a comment letter
from an industry trade association. The Agencies
considered this comment and have included it in
the discussion of comments below.
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Statement will yield large variations in
the information submitted and
predicted that the information received
will have little practical utility. This
commenter argued that the Agencies
should standardize the information they
request so they are able to assess
accurately the state of diversity and
inclusion across the industry. The
commenter’s view is that
standardization of the data request
would enhance the quality, utility, and
clarity of the collected information.
Although the Agencies have not
specified the content or format for the
information collection described in the
Policy Statement, they anticipate that
the information submitted to them will
be similar in content, if not in form.
They contemplate that regulated entities
will organize their information
collection around the categories in the
Joint Standards. The Agencies also
expect that the information they receive
will help achieve the purpose of the
collection, which is to allow the
Agencies to identify trends in the
financial services industry regarding
diversity and inclusion in employment
and contracting and to identify leading
diversity policies and practices.
2. Specific Collection Instrument
Three commenters requested that the
Agencies be more specific about the
information collection. One commenter
asked the Agencies to send questions
that ‘‘comport with how its member
firms operate’’ and that the information
collection request allow entities to
submit qualitative information to add
context to quantitative submissions.
Another commenter asked the Agencies
to provide a ‘‘robust’’ example or
template of the information the entities
should submit. This commenter also
recommended that the Agencies provide
a non-exhaustive list of materials that
respondents can use to compare against
what they are planning to submit. The
third commenter recommended that the
Agencies develop a standardized
collection instrument. This commenter
noted that it had recommended
standardized survey questions when it
commented on the proposed Policy
Statement. The commenter urged the
Agencies to adopt a thorough framework
for collecting specific and consistent
data.
The Agencies appreciate the
collection instrument recommendations
and the offers to assist in developing an
instrument. At this time, however, the
Agencies have not developed a joint
information collection instrument. The
Agencies believe that the Policy
Statement encourages regulated entities
to provide information regarding their
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self-assessments in a manner reflective
of the Joint Standards and that any such
information received will be useful.
3. Assurance of Confidentiality
The Joint Standards addressing SelfAssessments provide that the entities
submitting information may designate
such information as confidential
commercial information, where
appropriate. Three commenters
expressed concerns about whether the
information submitted would remain
confidential. One commenter indicated
that its members are concerned that
information submitted to their primary
federal financial regulator might be
provided, without context, to other
regulators or to the U.S. Congress,
leading to confusion or to the disclosure
of competitive information. This
commenter asked the Agencies to
provide a clearer confidentiality policy
and clarify that submissions will remain
confidential unless the submitting entity
expressly waives confidentiality.
Similarly, another commenter stated
that its members are concerned that
third parties may have access to the
information submitted and could use
this information to the submitter’s
disadvantage. This commenter
requested additional clarification
regarding how the Agencies will use
and protect submitted information, as
well as a written statement providing
assurance that the Agencies will not
share the information with third parties.
The remaining commenter expressed
concern that designating information as
confidential will not guarantee
protection from disclosure. The
commenter observed that, if the public
requests information under the Freedom
of Information Act (FOIA), the regulated
entity will be notified of the request and
provided an opportunity to argue
against disclosure. In the event that the
regulated entity’s argument does not
prevail, the voluntarily submitted
information could be released to the
public.
Two of these commenters
recommended that regulated entities be
allowed to submit information
anonymously. One commenter said its
members might support the use of a
third-party vendor that could capture
and potentially anonymize submissions
as a way to minimize information
collection burden. The other commenter
asserted that giving respondents the
option to submit information
anonymously would enhance the
quality, utility, and clarity of the
information, minimize burden, and
address confidentiality concerns. This
commenter also recommended that the
Agencies allow submitters to classify
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68903
themselves into general categories, such
as by approximate asset size, number of
employees, and geographic location.
The Agencies understand that
regulated entities want assurances that
the Agencies will treat the submitted
information as confidential and will not
disclose the information unless the
submitter expressly waives
confidentiality. To the extent that a
submission includes confidential
information, the Agencies will keep
such information confidential to the
extent allowed by law. The Agencies
advise regulated entities submitting
private information to follow their
primary federal financial regulator’s
FOIA regulations with respect to
designating information as confidential
or seeking confidential treatment.
Finally, with respect to anonymity,
the Agencies are concerned that
anonymous submissions would be less
useful than submissions in which the
submitting entity is identified. As
indicated in the Policy Statement, the
OMWI Directors plan to reach out to
regulated entities to discuss diversity
and inclusion practices and methods of
assessment, and these contacts will be
more informative for both the Agencies
and the entities if the Agencies know
which submission came from which
entity. However, the Agencies will
reassess this matter over time.
4. Accuracy of Burden Estimate
The Agencies estimated that,
annually, it would take an entity 12
burden hours, on average, to publish
information pertaining to its diversity
policies and practices on its Web site
and to retrieve and submit selfassessment information to its primary
federal financial regulator. One
commenter stated that the Agencies
grossly underestimated the time it
would take to collect, categorize, and
submit this information. The commenter
asserted that retrieving diversity data is
a time-consuming and labor-intensive
task, particularly for entities with
hundreds or thousands of employees
located throughout U.S. and the world.
In addition, the commenter maintained
that an entity’s submission would have
to undergo a time-consuming review by
legal counsel and others to assure
accuracy and clarity before the entity
could submit the information.
The Agencies note that the
commenter did not provide an
alternative estimate or formula for
calculating this burden and that 12
hours is an estimated average. In the
absence of more specific information,
the Agencies do not have a basis for
changing their burden estimate at this
time. If, however, future feedback
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indicates that the current estimate needs
further refinement, the Agencies will
consider adjusting their estimates
accordingly.
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5. Estimate of Start-Up Costs
One commenter asserted that it would
take substantial IT, legal, and
operational resources to put diversity
data into a format appropriate for
submission to a regulator. The
commenter said that it could not
provide an exact estimate of capital or
start-up costs for submitting this
information until an actual information
request was available. In response, the
Agencies note that there are no start-up
costs associated with the collection of
information contained in the Joint
Standards. Furthermore, any costs
incurred by a regulated entity, aside
from the 12 burden hours discussed
above to publish information pertaining
to its diversity policies and practices on
its Web site and to retrieve and submit
self-assessment information to its
primary federal financial regulator, will
be incurred in the normal course of its
business activities.
Written comments continue to be
invited on:
(a) The necessity of the collection of
information for the proper performance
of the Agencies’ functions, including
whether the information will have
practical utility;
(b) The accuracy of the Agencies’
estimate of the information collection
burden, including the validity of the
methods and the assumptions used;
(c) Ways to enhance the quality,
utility, and clarity of the information
proposed to be collected;
(d) Ways to minimize the information
collection burden on respondents,
including through the use of automated
collection techniques or other forms of
information technology; and
(e) Estimates of capital or start-up
costs and costs of operation,
maintenance, and purchase of services
to provide information.
The Agencies encourage interested
parties to submit comments in response
to these questions. Comments submitted
in response to this notice will be shared
among the Agencies. All comments will
become a matter of public record.
Dated: October 8, 2015.
Stuart E. Feldstein,
Director, Legislative and Regulatory Activities
Division, Office of the Comptroller of the
Currency.
By order of the Board of Governors of the
Federal Reserve System, November 2, 2015.
Robert deV. Frierson,
Secretary of the Board.
Dated at Washington, DC, this 29th day of
September, 2015.
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Federal Deposit Insurance Corporation.
Robert E. Feldman,
Executive Secretary.
Dated: October 27, 2015.
Christopher D’Angelo,
Chief of Staff, Bureau of Consumer Financial
Protection.
U.S. Securities and Exchange Commission.
Date: October 1, 2015.
Brent J. Fields,
Secretary.
read ‘‘internet at Lanita.VanDyke@
irs.gov’’.
Martin V. Franks,
Chief, Publications and Regulations Branch,
Legal Processing Division, Associate Chief
Counsel, (Procedure and Administration).
[FR Doc. 2015–28343 Filed 11–5–15; 8:45 am]
BILLING CODE 4830–01–P
DEPARTMENT OF VETERANS
AFFAIRS
[FR Doc. 2015–28369 Filed 11–5–15; 8:45 am]
BILLING CODE 4810–33–P; 6310–01–P; 6714–01–P;
4810–AM–P; 8011–01–P
DEPARTMENT OF THE TREASURY
Internal Revenue Service
Proposed Collection; Comment
Request for Revenue Procedure 2003–
37; Correction
Internal Revenue Service (IRS),
Treasury.
AGENCY:
Notice and request for
comments; correction.
ACTION:
This document contains a
correction to the Department of the
Treasury, 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/or continuing information
collections, as required by the
Paperwork Reduction Act of 1995,
Public Law 104–13 (U.S.C.
3506(c)(2)(A)).
SUMMARY:
Written comments are still being
accepted and should be received on or
before December 28, 2015, to be assured
of consideration.
DATES:
Direct all written comments
to Christie Preston, Internal Revenue
Service, Room 6129, 1111 Constitution
Avenue NW., Washington, DC 20224.
ADDRESSES:
SUPPLEMENTARY INFORMATION:
Need for Correction
As published, Revenue Procedure
2003–37 contains an error that may
prove to be misleading and is in need
of clarification.
On page 66618, in the preamble, first
column, under the caption FOR FURTHER
INFORMATION CONTACT:, in the seventh
line, the language ‘‘internet at
Lanita.VanDyke@irs.ov’’ is corrected to
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Advisory Committee: National
Academic Affiliations Council Notice of
Meeting
The Department of Veterans Affairs
(VA) gives notice under Federal
Advisory Committee Act, 5 U.S.C. App.
2 that the National Academic
Affiliations Council will be held
December 8, 2015–December 9, 2015 in
the Office of Academic Affiliations
(OAA) Conference Room, 1800 G Street
NW., Suite 870, Washington, DC. The
December 8th sessions will begin at 9:00
a.m. and end at 4:30 p.m. On December
9th, 2015, sessions will begin at 9:00
a.m. and adjourn at 1:00 p.m.
The purpose of the Council is to
advise the Secretary on matters affecting
partnerships between VA and its
academic affiliates.
On December 8, the Council will
receive an update on the Veterans
Equitable Resource Allocation formula
for education support; discuss strategies
for continued Graduate Medical
Education (GME) expansion authorized
by the 2014 Veterans Access, Choice,
and Accountability (VACAA) Act;
review the consolidation of non-VA
provider programs directed by Public
Law 114–41; and examine potential new
joint ventures with academic affiliates.
On December 9, the Council will
explore the revised ethics rules for
special government employees serving
on Federal advisory committees; and
discuss future possibilities for VA
academic affiliations that strengthen the
70 year legacy of VA Policy
memorandum No. 2. The Council will
receive public comments from 12:30
p.m. to 12:45 p.m. on December 9, 2015.
Interested persons may attend and
present oral statements to the Council.
A sign-in sheet for those who want to
give comments will be available at the
meeting. Individuals who speak are
invited to submit a 1–2 page summary
of their comments at the time of the
meeting for inclusion in the official
meeting record. Oral presentations will
be limited to five minutes or less,
depending on the number of
participants. Interested parties may also
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]]>Agencies
[Federal Register Volume 80, Number 215 (Friday, November 6, 2015)]
[Notices]
[Pages 68901-68904]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2015-28369]
[[Page 68901]]
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DEPARTMENT OF THE TREASURY
Office of the Comptroller of Currency
FEDERAL RESERVE SYSTEM
[Docket No. OP-1465]
FEDERAL DEPOSIT INSURANCE CORPORATION
BUREAU OF CONSUMER FINANCIAL PROTECTION
SECURITIES AND EXCHANGE COMMISSION
Agency Information Collection; Submission for OMB Review; Joint
Comment Request; Joint Standards for Assessing the Diversity Policies
and Practices of Entities Regulated by the Agencies
AGENCY: 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
(CFPB); and Securities and Exchange Commission (SEC).
ACTION: Joint notice, request for comment, and notice of information
collection to be submitted to the Office of Management and Budget (OMB)
for review and approval under the Paperwork Reduction Act of 1995
(PRA).
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SUMMARY: The OCC, FDIC, CFPB, and SEC (each, an Agency and
collectively, the Agencies) have submitted to OMB a request for
approval under the PRA of the collection of information discussed
below. The Board (also an Agency and included in Agencies) reviewed the
joint notice under the authority delegated to the Board by OMB. An
agency may not conduct or sponsor, and a respondent is not required to
respond to, an information collection unless it displays a currently
valid OMB control number.
DATES: Comments must be submitted on or before December 7, 2015.
ADDRESSES: Interested parties are invited to submit written comments to
any or all of the Agencies. All comments received will be shared among
the Agencies.
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. Comments may be sent to: Legislative and Regulatory
Activities Division, Office of the Comptroller of the Currency,
Attention: 1557-NEW, 400 7th Street SW., Suite 3E-218, Mail Stop 9W-11,
Washington, DC 20219. In addition, comments may be sent by fax to (571)
465-4326 or by electronic mail to prainfo@occ.treas.gov.
In general, OCC will enter all comments received into the docket
and publish them on the www.reginfo.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 include any information in your comment or
supporting materials that you consider confidential or inappropriate
for public disclosure.
You may personally inspect and photocopy comments by visiting the
OCC at 400 7th Street SW., Washington, DC 20219. For security reasons,
the OCC requires that visitors make an appointment to inspect comments.
You may make an appointment by calling (202) 649-6700 or, for persons
who are deaf or hard of hearing, TTY (202) 649-5597. Upon arrival,
visitors will be required to present valid government-issued photo
identification and submit to a security screening, prior to inspecting
and photocopying comments.
Board: You may submit comments, identified by ``OMWI Policy
Statement,'' 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.
FAX: (202) 452-3819 or (202) 452-3102.
Mail: Robert deV. Frierson, Secretary, Board of Governors
of the Federal Reserve System, 20th Street and Constitution Avenue NW.,
Washington, DC 20551.
All public comments are available from the Board's Web site at
https://www.federalreserve.gov/apps/foia/proposedregs.aspx as submitted,
unless modified for technical reasons. Accordingly, your comments will
not be edited to remove any identifying or contact information. Public
comments may also be viewed electronically or in paper form 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 on this information collection, which
should refer to ``Joint Standards for Assessing Diversity Policies and
Practices,'' by any of the following methods:
Agency Web site: https://www.fdic.gov/regulations/laws/federal/. Follow the instructions for submitting comments on the FDIC
Web site.
Email: comments@FDIC.gov. Include ``Joint Standards for
Assessing Diversity Policies and Practices'' in the subject line of the
message.
Mail: Gary A. Kuiper, Counsel, MB-3074, Federal Deposit
Insurance Corporation, 550 17th Street NW., Washington, DC 20429.
CFPB: You may submit comments, identified by the title of the
information collection, ``Joint Standards for Assessing the Diversity
Policies and Practices of Entities Regulated by the Agencies,'' or by
the docket number (see below) using any of the following methods:
Electronic: https://www.regulations.gov (Docket Number:
CFPB-2015-0042). Follow the instructions for submitting comments.
Mail: Consumer Financial Protection Bureau (Attention: PRA
Office), 1700 G Street NW., Washington, DC 20552.
Hand Delivery/Courier: Consumer Financial Protection
Bureau (Attention: PRA Office), 1275 First Street NE., Washington, DC
20002.
Please note that comments submitted after the comment period will
not be accepted. In general, all comments received will become public
records, including any personal information provided. Sensitive
personal information, such as account numbers or social security
numbers, should not be included.
SEC: Please direct your written comments to Pamela Dyson, Chief
Information Officer, Securities and Exchange Commission, c/o Remi
Pavlik-Simon, 100 F Street NE., Washington, DC 20549, or send an email
to PRA_Mailbox@sec.gov with ``SEC File 270-664 OMWI Policy Statement''
in the subject line of the message.
Additionally, commenters may send a copy of their comments to the
OMB desk officer for the Agencies by mail to the Office of Information
and Regulatory Affairs, U.S. Office of Management and Budget, New
Executive Office Building Room 10235, 725 17th Street NW., Washington,
DC 20503: By fax to (202) 395-6974; or by email to
oira_submission@omb.eop.gov.
FOR FURTHER INFORMATION CONTACT: For further information about the
information collection discussed in this notice, please contact any
Agency clearance officer named below. In addition, background
documentation for
[[Page 68902]]
this information collection may be viewed at www.reginfo.gov or at the
following locations:
OCC: Shaquita Merritt or Mary H. Gottlieb, (202) 649-5490 or, for
persons who are deaf or hard of hearing, TTY (202) 649-5597,
Legislative and Regulatory Activities Division, Office of the
Comptroller of the Currency, 400 7th Street SW., Washington, DC 20219.
Board: Nuha Elmaghrabi: Federal Reserve Clearance Officer, Office
of the Chief Data Officer, Mail Stop K1-148, Board of Governors of the
Federal Reserve System, Washington, DC 20551.
FDIC: Gary A. Kuiper, Counsel, MB-3074, Federal Deposit Insurance
Corporation, 550 17th Street NW., Washington, DC 20429, or send an
email to gkuiper@fdic.gov.
CFPB: Darrin A. King, Paperwork Reduction Act Officer, 1700 G
Street NW., Washington, DC 20552, (202) 435-9575, or email:
PRA@cfpb.gov. Please do not submit comments to this email box.
SEC: Pamela Dyson, Chief Information Officer, Securities and
Exchange Commission, c/o Remi Pavlik-Simon, 100 F Street NE.,
Washington, DC 20549 or send an email to PRA_Mailbox@sec.gov.
SUPPLEMENTARY INFORMATION: Section 342 of the Dodd-Frank Wall Street
Reform and Consumer Protection Act of 2010 (Dodd-Frank Act) required
each Agency 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 Dodd-
Frank Act also instructed the OMWI Directors to develop standards for
assessing the diversity policies and practices of entities regulated by
their Agencies. The Agencies worked together to develop joint standards
and, on June 10, 2015, they published a Federal Register notice (80 FR
33016) entitled ``Final Interagency Policy Statement Establishing Joint
Standards for Assessing the Diversity Policies and Practices of
Entities Regulated by the Agencies'' (Policy Statement).\1\ The Policy
Statement contains a collection of information within the meaning of
the PRA (44 U.S.C. 3501 et seq.).
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\1\ The National Credit Union Administration (NCUA) joined the
Agencies in issuing the Policy Statement. However, the NCUA is
issuing a separate Federal Register notice for PRA clearance.
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A. Overview of the Collection of Information
1. Description of the Collection of Information and Proposed Use
The title for this proposed collection of information is:
Joint Standards for Assessing Diversity Policies and
Practices.
The Policy Statement includes Joint Standards that cover
``Practices to Promote Transparency of Organizational Diversity and
Inclusion.'' These standards contemplate that a regulated entity is
transparent about its diversity and inclusion activities by making
certain information available to the public annually on its Web site or
in other appropriate communications, in a manner reflective of the
entity's size and other characteristics. The information noted in these
standards is the entity's diversity and inclusion strategic plan; its
policy on its commitment to diversity and inclusion; progress toward
achieving diversity and inclusion in its workforce and procurement
activities (which may include the entity's current workforce and
supplier demographic profiles); and employment and procurement
opportunities available at the entity that promote diversity.
In addition, the Policy Statement includes standards that address
``Entities' Self-Assessment.'' These standards envision that the
regulated entity conducts a voluntary self-assessment of its diversity
policies and practices at least annually, provides information
pertaining to this self-assessment to its primary federal financial
regulator, and publishes information pertaining to its efforts with
respect to the Joint Standards. The information provided to the
Agencies will be used to monitor progress and trends among regulated
entities with regard to diversity and inclusion in employment and
contracting activities, as well as to identify and publicize leading
diversity policies and practices.
2. Description of Likely Respondents and Estimate of Annual Burden
The collections of information contemplated by the Joint Standards
will impose no new recordkeeping burdens as regulated entities will
only publish or provide information pertaining to diversity policies
and practices that they maintain during the normal course of business.
The Agencies estimate that, on average, it will take a regulated entity
approximately 12 burden hours annually to publish information
pertaining to its diversity policies and practices on its Web site or
in other appropriate communications and to retrieve and submit
information pertaining to its self-assessment to its primary federal
financial regulator.
The Agencies estimate the total burden for all regulated entities
as follows:
Information Collection: Joint Standards for Assessing Diversity
Policies and Practices.
Estimated Number of Respondents:
OCC: 215.
Board: 488.
FDIC: 398.
CFPB: 750.
SEC: 1,250.
Frequency of Collection: Annual.
Average Response Time per Respondent: 12 hours.
Estimated Total Annual Burden Hours:
OCC: 2,580 hours.
Board: 5,856 hours.
FDIC: 4,776 hours.
CFPB: 9,000 hours.
SEC: 15,000 hours.
Obligation to respond: Voluntary.
B. Solicitation of Public Comments
The Policy Statement included a 60-day notice requesting public
comments on the collection of information. During the comment period,
the Agencies collectively received four comment letters: Two from
industry trade associations, one from an advocacy organization, and one
from an individual.\2\ The comments, which are described below,
addressed the collection of information under the ``Entities Self-
Assessment'' Joint Standards. (As noted above, these Joint Standards
envision that a regulated entity provides self-assessment information
to the OMWI Director of the entity's primary federal financial
regulator.) The commenters also commented on aspects of the Policy
Statement unrelated to the collection of information; these views are
not relevant to this notice or the paperwork burden analysis and,
accordingly, they are not addressed below.
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\2\ Separately, the NCUA received a comment letter from an
industry trade association. The Agencies considered this comment and
have included it in the discussion of comments below.
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After reviewing and considering the comments related to the
collection of information, the Agencies have decided not to make any
changes to the collection of information described in the 60-day
notice.
1. Practical Utility of Information Collection
Two commenters addressed whether the collection of information
pertaining to self-assessments will have practical utility. One
commenter asserted that it is premature to gauge how useful information
will be without knowing precisely what information the Agencies will
request. The other commenter maintained that the information collection
request in the Policy
[[Page 68903]]
Statement will yield large variations in the information submitted and
predicted that the information received will have little practical
utility. This commenter argued that the Agencies should standardize the
information they request so they are able to assess accurately the
state of diversity and inclusion across the industry. The commenter's
view is that standardization of the data request would enhance the
quality, utility, and clarity of the collected information.
Although the Agencies have not specified the content or format for
the information collection described in the Policy Statement, they
anticipate that the information submitted to them will be similar in
content, if not in form. They contemplate that regulated entities will
organize their information collection around the categories in the
Joint Standards. The Agencies also expect that the information they
receive will help achieve the purpose of the collection, which is to
allow the Agencies to identify trends in the financial services
industry regarding diversity and inclusion in employment and
contracting and to identify leading diversity policies and practices.
2. Specific Collection Instrument
Three commenters requested that the Agencies be more specific about
the information collection. One commenter asked the Agencies to send
questions that ``comport with how its member firms operate'' and that
the information collection request allow entities to submit qualitative
information to add context to quantitative submissions. Another
commenter asked the Agencies to provide a ``robust'' example or
template of the information the entities should submit. This commenter
also recommended that the Agencies provide a non-exhaustive list of
materials that respondents can use to compare against what they are
planning to submit. The third commenter recommended that the Agencies
develop a standardized collection instrument. This commenter noted that
it had recommended standardized survey questions when it commented on
the proposed Policy Statement. The commenter urged the Agencies to
adopt a thorough framework for collecting specific and consistent data.
The Agencies appreciate the collection instrument recommendations
and the offers to assist in developing an instrument. At this time,
however, the Agencies have not developed a joint information collection
instrument. The Agencies believe that the Policy Statement encourages
regulated entities to provide information regarding their self-
assessments in a manner reflective of the Joint Standards and that any
such information received will be useful.
3. Assurance of Confidentiality
The Joint Standards addressing Self-Assessments provide that the
entities submitting information may designate such information as
confidential commercial information, where appropriate. Three
commenters expressed concerns about whether the information submitted
would remain confidential. One commenter indicated that its members are
concerned that information submitted to their primary federal financial
regulator might be provided, without context, to other regulators or to
the U.S. Congress, leading to confusion or to the disclosure of
competitive information. This commenter asked the Agencies to provide a
clearer confidentiality policy and clarify that submissions will remain
confidential unless the submitting entity expressly waives
confidentiality. Similarly, another commenter stated that its members
are concerned that third parties may have access to the information
submitted and could use this information to the submitter's
disadvantage. This commenter requested additional clarification
regarding how the Agencies will use and protect submitted information,
as well as a written statement providing assurance that the Agencies
will not share the information with third parties.
The remaining commenter expressed concern that designating
information as confidential will not guarantee protection from
disclosure. The commenter observed that, if the public requests
information under the Freedom of Information Act (FOIA), the regulated
entity will be notified of the request and provided an opportunity to
argue against disclosure. In the event that the regulated entity's
argument does not prevail, the voluntarily submitted information could
be released to the public.
Two of these commenters recommended that regulated entities be
allowed to submit information anonymously. One commenter said its
members might support the use of a third-party vendor that could
capture and potentially anonymize submissions as a way to minimize
information collection burden. The other commenter asserted that giving
respondents the option to submit information anonymously would enhance
the quality, utility, and clarity of the information, minimize burden,
and address confidentiality concerns. This commenter also recommended
that the Agencies allow submitters to classify themselves into general
categories, such as by approximate asset size, number of employees, and
geographic location.
The Agencies understand that regulated entities want assurances
that the Agencies will treat the submitted information as confidential
and will not disclose the information unless the submitter expressly
waives confidentiality. To the extent that a submission includes
confidential information, the Agencies will keep such information
confidential to the extent allowed by law. The Agencies advise
regulated entities submitting private information to follow their
primary federal financial regulator's FOIA regulations with respect to
designating information as confidential or seeking confidential
treatment.
Finally, with respect to anonymity, the Agencies are concerned that
anonymous submissions would be less useful than submissions in which
the submitting entity is identified. As indicated in the Policy
Statement, the OMWI Directors plan to reach out to regulated entities
to discuss diversity and inclusion practices and methods of assessment,
and these contacts will be more informative for both the Agencies and
the entities if the Agencies know which submission came from which
entity. However, the Agencies will reassess this matter over time.
4. Accuracy of Burden Estimate
The Agencies estimated that, annually, it would take an entity 12
burden hours, on average, to publish information pertaining to its
diversity policies and practices on its Web site and to retrieve and
submit self-assessment information to its primary federal financial
regulator. One commenter stated that the Agencies grossly
underestimated the time it would take to collect, categorize, and
submit this information. The commenter asserted that retrieving
diversity data is a time-consuming and labor-intensive task,
particularly for entities with hundreds or thousands of employees
located throughout U.S. and the world. In addition, the commenter
maintained that an entity's submission would have to undergo a time-
consuming review by legal counsel and others to assure accuracy and
clarity before the entity could submit the information.
The Agencies note that the commenter did not provide an alternative
estimate or formula for calculating this burden and that 12 hours is an
estimated average. In the absence of more specific information, the
Agencies do not have a basis for changing their burden estimate at this
time. If, however, future feedback
[[Page 68904]]
indicates that the current estimate needs further refinement, the
Agencies will consider adjusting their estimates accordingly.
5. Estimate of Start-Up Costs
One commenter asserted that it would take substantial IT, legal,
and operational resources to put diversity data into a format
appropriate for submission to a regulator. The commenter said that it
could not provide an exact estimate of capital or start-up costs for
submitting this information until an actual information request was
available. In response, the Agencies note that there are no start-up
costs associated with the collection of information contained in the
Joint Standards. Furthermore, any costs incurred by a regulated entity,
aside from the 12 burden hours discussed above to publish information
pertaining to its diversity policies and practices on its Web site and
to retrieve and submit self-assessment information to its primary
federal financial regulator, will be incurred in the normal course of
its business activities.
Written comments continue to be invited on:
(a) The necessity of the collection of information for the proper
performance of the Agencies' functions, including whether the
information will have practical utility;
(b) The accuracy of the Agencies' estimate of the information
collection burden, including the validity of the methods and the
assumptions used;
(c) Ways to enhance the quality, utility, and clarity of the
information proposed to be collected;
(d) Ways to minimize the information collection burden on
respondents, including through the use of automated collection
techniques or other forms of information technology; and
(e) Estimates of capital or start-up costs and costs of operation,
maintenance, and purchase of services to provide information.
The Agencies encourage interested parties to submit comments in
response to these questions. Comments submitted in response to this
notice will be shared among the Agencies. All comments will become a
matter of public record.
Dated: October 8, 2015.
Stuart E. Feldstein,
Director, Legislative and Regulatory Activities Division, Office of the
Comptroller of the Currency.
By order of the Board of Governors of the Federal Reserve
System, November 2, 2015.
Robert deV. Frierson,
Secretary of the Board.
Dated at Washington, DC, this 29th day of September, 2015.
Federal Deposit Insurance Corporation.
Robert E. Feldman,
Executive Secretary.
Dated: October 27, 2015.
Christopher D'Angelo,
Chief of Staff, Bureau of Consumer Financial Protection.
U.S. Securities and Exchange Commission.
Date: October 1, 2015.
Brent J. Fields,
Secretary.
[FR Doc. 2015-28369 Filed 11-5-15; 8:45 am]
BILLING CODE 4810-33-P; 6310-01-P; 6714-01-P; 4810-AM-P; 8011-01-P
