Voluntary self-assessments of banks’ diversity policies, practices for 2022 due by Sept. 30

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.

2022 Financial Institution Diversity Self-Assessments: Voluntary Self-Assessments Accepted Now through September 30, 2023