Extended deadline of May 31 set for voluntary diversity assessments from banks

Voluntary diversity assessments for banks and thrifts are due by May 31, an extended submission deadline, the federal insurer of bank deposits said Monday.

In a financial institution letter (FIL-23-2020), the Federal Deposit Insurance Corp. (FDIC) pointed out that the diversity assessment – required under the 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank) – applies to all FDIC-regulated financial institutions with 100 or more employees.

The agency also noted that the assessment has been automated for the institutions it regulates. “This automated format provides your financial institution with the ease and efficiency to: (a) complete the diversity self-assessment electronically with multiple authorized users, (b) view previous submissions, (c) attach supporting material, and (d) print and save in pdf format,” the agency said in the letter.

The FDIC said it encourages all reporting institutions to use the automated format.

Request for 2019 Diversity Self-Assessments from FDIC-Regulated Financial Institutions

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