FDIC Encourages Banks to Participate in Diversity Self-Assessment

The FDIC Office of Minority and Women Inclusion ("OMWI") encouraged banks with 100 or more employees to participate in a "Financial Institution Diversity Self-Assessment." The OMWI said it will accept submissions for the 2020 reporting period until June 30, 2021.

The OMWI stated that it assesses a bank's diversity policies along the lines of: organizational commitment; workforce profile; procurement diversity; transparency of organizational diversity; and the entity's self-assessment. The OMWI clarified that the assessment is not an examination requirement and therefore does not impact the banks' safety and soundness, consumer compliance, and CRA examination ratings. Further, the OMWI emphasized that data from the self-assessments are considered confidential commercial information and, accordingly, data requests will be processed subject to the Freedom of Information Act.