Document ID: SEC-2015-1840-0001
Agency: sec
Document Type: Notice
Title: Agency Information Collection Activities; Proposals, Submissions, and Approvals: Joint Standards for Assessing the Diversity Policies and Practices of Entities Regulated by the Agencies
Posted Date: 2015-11-06T05:00Z

[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: http://www.federalreserve.gov. Follow the 
instructions for submitting comments at http://www.federalreserve.gov/apps/foia/proposedregs.aspx.
     Federal eRulemaking Portal: http://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 
http://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: http://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: http://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

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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

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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 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

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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