[Federal Register Volume 85, Number 125 (Monday, June 29, 2020)]
[Notices]
[Pages 38894-38895]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2020-13859]


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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) 
is adopting a proposal to extend for three years, with revision, the 
Joint Standards for Assessing the Diversity Policies and Practices of 
Entities Regulated by the Agencies (FR 2100; OMB No. 7100-0368). The 
revisions are effective immediately.

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.
    Office of Management and Budget (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, or by fax to (202) 395-6974.
    A copy of the Paperwork Reduction Act (PRA) OMB submission, 
including the reporting form and instructions, supporting statement, 
and other documentation will be placed into OMB's public docket files. 
These documents also are available on the Federal Reserve Board's 
public website at https://www.federalreserve.gov/apps/reportforms/review.aspx or may be requested from the agency clearance officer, 
whose name appears above.

SUPPLEMENTARY INFORMATION: On June 15, 1984, OMB delegated to the Board 
authority under the PRA to approve and assign OMB control numbers to 
collections of information conducted or sponsored by the Board. Board-
approved collections of information are incorporated into the official 
OMB inventory of currently approved collections of information. Copies 
of the PRA Submission, supporting statements, and approved collection 
of information instrument(s) are placed into OMB's public docket files.
    Final Approval under OMB Delegated Authority of the Extension for 
Three Years, With Revision, of the Following Information Collection:
    Report title: Joint Standards for Assessing the Diversity Policies 
and Practices of Entities Regulated by the Agencies (Policy Statement).
    Agency form number: FR 2100.
    OMB control number: 7100-0368.
    Effective Date: Immediately.
    Frequency: Annual.
    Respondents: All financial institutions regulated by the Board.
    Estimated number of respondents: 125.
    Estimated average hours per response: Reporting: 7 hours; 
Disclosure: 1 hour.
    Estimated annual burden hours: 1,000 hours.
    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, 
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

[[Page 38895]]

agency.'' The Policy Statement, published jointly by the Agencies in 
June 2015, contains those standards.
    Legal authorization and confidentiality: The information 
collections contained within the Policy Statement, as well as the self-
assessment reporting template, are authorized by section 342 of the 
Dodd-Frank Act,\1\ which requires the Board's OMWI director to develop 
standards for assessing regulated entities' diversity policies and 
practices. The information collections associated with the Policy 
Statement are voluntary, as is the use of the self-assessment reporting 
template.
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    \1\ 12 U.S.C. 5452.
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    The Transparency Standard, 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 Statement. A regulated entity may provide self-
assessment material to the Board (including through use of the 
reporting template) containing confidential commercial information that 
is protectable under exemption 4 of the Freedom of Information Act.\2\ 
If a regulated entity submits confidential commercial information that 
is both customarily and actually treated as private by the entity, the 
entity should separately designate such information as ``confidential 
commercial information,'' as appropriate, and the Board will treat such 
designated information as confidential to the extent permitted by law, 
including the Freedom of Information Act.\3\ As noted in the Policy 
Statement, an entity's primary federal regulator may share information 
obtained from regulated entities with other Agencies, but the Agencies 
will only publish information disclosed to them in a form that does not 
identify a particular entity or individual or disclose confidential 
business information.
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    \2\ 5 U.S.C. 552(b)(4).
    \3\ 5 U.S.C. 552.
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    Current actions: On March 2, 2020, the Board published a notice in 
the Federal Register (85 FR 12296) requesting comment for 60 days on 
the proposal to extend, with revision, the Joint Standards for 
Assessing the Diversity Policies and Practices of Entities Regulated by 
the Agencies. The Board has revised the language in the ``Use of 
Information'' section of the reporting template regarding the 
designation of information as confidential by respondents. The Board 
also eliminated the ``Yes/No'' check boxes under Section 5 
(``Institution's Self-Assessment'') of the reporting template and asks 
for a more detailed description of the institution's practices during 
the annual self-assessment period. Additionally, the FR 2100 includes a 
disclosure provision for respondent institutions. The Board has revised 
the FR 2100 information collection to account for this disclosure 
provision. The comment period expired on May 1, 2020. The Board did not 
receive any comments. The revisions will be implemented as proposed.

    Board of Governors of the Federal Reserve System, June 23, 2020.
Michele Taylor Fennell,
Assistant Secretary of the Board.
[FR Doc. 2020-13859 Filed 6-26-20; 8:45 am]
BILLING CODE 6210-01-P