Diversity self-assessments by banks are due any time before Oct. 31, the federal bank deposit insurance agency said in a letter on Thursday.
The Federal Deposit Insurance Corp. (FDIC) said financial institutions it supervises are encouraged to voluntarily conduct and submit self-assessments of their diversity policies and practices to the agency.
“The FDIC gathers and analyzes diversity self-assessment information detailed in the Interagency Statement pursuant to Section 342 of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (Dodd-Frank Act),” the agency said in a financial institutions letter.
Standards covered in the self-assessment, for banks and other financial institutions, cover areas including 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.
The agency noted 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 its Community Reinvestment Act (CRA) performance evaluation.