Banks are reminded that annual self-assessments of their diversity policies and practices that are voluntarily conducted and submitted are due by Sept. 30, the federal deposit insurance agency said Thursday in a letter to all insured institutions.
According to the Federal Deposit Insurance Corp. (FDIC), the annual voluntary self-assessments are provided for under section 342 of the 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank).
The FDIC said that, among other things, the self-assessments it gathers and analyzes for year 2022 include information on such things as organizational commitment to diversity and inclusion, workforce profile and employment practices, procurement and business practices/supplier diversity, and practices to promote transparency of organizational diversity and inclusion.
In the financial institution letter (FIL-35-2023) issued Thursday, the FDIC said it provides a user guide, submission demonstration video, and other resources to help institutions assess and identify ways to strengthen their diversity policies and practices “in a manner that reflects their size and unique characteristics.”
As it has noted in the past, the FDIC also said in the letter that the self-assessment is not an examination requirement; results are not shared with examiners and have no impact on an institution’s safety and soundness or consumer compliance ratings, or Community Reinvestment Act (CRA) performance evaluation.