FDIC encourages banks to submit diversity self-assessments

Federal Issues FDIC Diversity Bank Regulatory

On March 15, the FDIC’s Office of Minority and Women Inclusion (OMWI) encouraged FDIC-supervised financial institutions with 100 or more employees to submit voluntary self-assessments of their diversity policies and practices. OMWI’s diversity program will assess a financial institution’s diversity policies in the following areas: (i) organizational commitment; (ii) workforce profile and employment practices; (iii) procurement and business practices/supplier diversity; (iv) transparency of organizational diversity and inclusion; and (v) an entities’ self-assessment. OMWI noted that the self-assessment is not an examination requirement, and therefore will not impact a financial institution’s safety and soundness, consumer compliance, or Community Reinvestment Act examination ratings.