Affirmative Action Requirements For Banks: Complying During COVID-19

Is your organization meeting affirmative action requirements? Understand your obligations during the pandemic.

Financial institutions must adhere to several affirmative action obligations, including those under:

• Executive Order 11246 (affirmative action for women and minorities)
• Section 503 of the Rehabilitation Act of 1973 (affirmative action for individuals with disabilities)
• VEVRAA (affirmative action for protected veterans)
• Executive Order 13672 (prohibiting discrimination on the basis of sexual orientation and gender identity)

Despite the additional layer of challenge rendered by the COVID-19 pandemic, you remain obligated to meet these legal requirements. Now is a perfect time to revisit the laws and examine your workforce and practices to ensure compliance.

• Why are banks and credit unions subject to federal contractor affirmative action obligations? What does this mean for you?
• What are the general compliance obligations under Executive Order 11246, Section 503, VEVRAA, and Executive Order 13672?
• How are compliance obligations different for banks and credit unions that have 50 or more employees?
• What are the specific steps that a bank or credit union must take to comply with the new Section 503 and VEVRAA rules?
• What are the risks of failing to comply with these affirmative action rules for federal contractors? Who does OFCCP audit and why?