[Federal Register Volume 81, Number 238 (Monday, December 12, 2016)]
[Notices]
[Pages 89463-89464]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2016-29606]
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FEDERAL RESERVE SYSTEM
Agency Information Collection Activities: Announcement of Board
Approval Under Delegated Authority and Submission to OMB
AGENCY: Board of Governors of the Federal Reserve System.
SUMMARY: The Board of Governors of the Federal Reserve System (Board or
Federal Reserve) is adopting a proposal to revise, with revision, the
Joint Standards for Assessing Diversity Policies and Practices (Policy
Statement).
On June 15, 1984, the Office of Management and Budget (OMB)
delegated to the Board authority under the Paperwork Reduction Act
(PRA) to approve of and assign OMB control numbers to collection of
information requests and requirements conducted or sponsored by the
Board. In exercising this delegated authority, the Board is directed to
take every reasonable step to solicit comment. In determining whether
to approve a collection of information, the Board will consider all
comments received from the public and other agencies.
FOR FURTHER INFORMATION CONTACT:
Federal Reserve Board Clearance Officer--Nuha Elmaghrabi--Office of the
Chief Data Officer, Board of Governors of the Federal Reserve System,
Washington, DC 20551, (202) 452-3829. Telecommunications Device for the
Deaf (TDD) users may contact (202) 263-4869, Board of Governors of the
Federal Reserve System, Washington, DC 20551.
OMB Desk Officer--Shagufta Ahmed--Office of Information and Regulatory
Affairs, Office of Management and Budget, New Executive Office
Building, Room 10235, 725 17th Street NW., Washington, DC 20503.
Final approval under OMB delegated authority of the extension for
three years, with revision, of the following report:
Report title: Joint Standards for Assessing Diversity Policies and
Practices.
Agency form number: FR 2100.
OMB control number: 7100-0368.
Frequency: Annual.
Respondents: Financial institutions regulated by the Federal
Reserve.
Estimated annual burden hours: 3,912 hours.
Estimated average hours per response: 8 hours.
Number of respondents: 488.
General description of report: Section 342 of the Dodd-Frank Wall
Street Reform and Consumer Protection Act of 2010 (Dodd-Frank Act)
requires the 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) (the Agencies) each to establish an
Office of Minority and Women Inclusion (OMWI) to be responsible for all
matters of the Agency relating to diversity in management, employment,
and business activities. Section 342 requires each OMWI director to
develop standards for ``assessing the diversity policies and practices
of entities regulated by the agency.'' The Policy Statement, published
jointly by the Agencies in June 2015, contain those standards.
Legal authorization and confidentiality: The Board's Legal Division
has determined that the information collections contained within the
Policy Statement are authorized by section 342 of the Dodd-Frank Act,
which requires the Board's OMWI director to develop standards for
assessing regulated entities' diversity policies and practices and are
voluntary.
The Standard regarding transparency, and a portion of the self-
assessment Standard, call for regulated entities to provide information
to the public, so confidentiality is not an issue with respect to those
aspects of the Policy. A regulated entity may provide self-assessment
material to the Board that contains confidential commercial information
protectable under exemption 4 of the Freedom of Information Act, 5
U.S.C. 552(b)(4), and may request that the information be kept
confidential on a case-by-case basis. The Federal Reserve will
determine whether the information is entitled to confidential treatment
on an ad hoc basis in connection with such a request. As noted in the
Policy Statement, an entity's primary federal regulator may share
information obtained from regulated entities with other Agencies, but
will publish information disclosed to them only in a form that does not
identify a particular entity or individual or disclose confidential
business information.
Current Actions: The Federal Reserve previously received OMB
approval for a voluntary information collection with respect to the
Policy Statement, pursuant to which entities regulated by the Federal
Reserve voluntarily self-assess their diversity policies and
practices.\1\ This revision to that collection adds the Diversity Self-
Assessment Template to assist with the self-assessment. The Template
(1) asks for general information about a respondent; (2) includes a
checklist of the standards set forth in the Policy Statement; (3) seeks
additional diversity data; and (4) provides an opportunity for a
respondent to provide other information regarding or comment on the
self-assessment of its diversity policies and practices.
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\1\ 80 FR 33016 (June 10, 2015).
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On September 27, 2016, the Federal Reserve published a notice in
the Federal Register (81 FR 66275) requesting comment on the proposal
to include a reporting tool entitled ``Diversity Self-Assessment
Template.'' The comment period for this notice expired on November 28,
2016. The Federal Reserve did not receive any comments. The reporting
template will be implemented as proposed.
[[Page 89464]]
Board of Governors of the Federal Reserve System, December 6,
2016.
Robert deV. Frierson,
Secretary of the Board.
[FR Doc. 2016-29606 Filed 12-9-16; 8:45 am]
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