Banks encouraged to begin filing 2020 diversity, inclusion self-assessments

Banks, thrifts, and other federally insured institutions with more than 100 employees are encouraged to submit voluntary self-assessments of their diversity policies and practices during 2020 by June 30, the Federal Deposit Insurance Corp. (FDIC) said Monday.

In a financial institution letter (FIL-17-2021), the agency said it analyzes the data gathered through the surveys in compliance with the 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank).

The agency said the voluntary self-assessments are one of five methods it uses to assess the diversity practices and policies of the institutions it insures. The others are: organizational commitment, workforce profile and employment practices, procurement and business practices/supplier diversity, and practices to promote transparency of the organization.

“The assessment is not an examination requirement; results have no impact on an institution’s safety and soundness, consumer compliance, or CRA examination ratings,” the agency stated in the letter.

The assessment is fully automated and accessible online through a secure portal, the agency said; it may be completed electronically by multiple authorized users.

2020 Financial Institution Diversity Self-Assessments: Voluntary Self-Assessments Accepted Now through June 30, 2021