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OMB Stays EEOC Revised Data Collection Requirement "Credit News 24"

The Office of Management and Budget (OMB) on August 29 stayed an Equal Employment Opportunity Commission (EEOC) rule that would have required the collection data on wages and hour worked by race/ethnicity and gender, while the OMB conducts a review to determine whether the revised form meets the standards of the Paperwork Reduction Act.

The stay on this data collection requirement will provide needed regulatory relief for banks and credit unions that are required to file the EEO-1 form.

The old EEO-1 required federal contractors and any company with more than 100 employees to submit data about their workforces — including breakdowns by race, ethnicity, gender and job category.

The new EEO-1 form would have lead to a 20-fold increase in data points to be collected to 3,660 data items per report.

The new data collection requirements were scheduled to go into effect on March 2018.

In announcing the stay, OMB expressed concerns that the revised data collection "lack practical utility, are unnecessarily burdensome, and do not adequately address privacy and confidentiality issues."

Credit unions and banks will be required to complete the old EEO-1 form for fiscal year 2018.

Read the stay memorandum.


Title : OMB Stays EEOC Revised Data Collection Requirement "Credit News 24"
link : OMB Stays EEOC Revised Data Collection Requirement "Credit News 24"