OFCCP views participation in the FDIC and entering into an agreement for insurance as a contract as defined by the regulations implementing Executive Order 11246, VEVRAA, and Section 503, all of which require equal employment opportunity by federal contractors. The regulations define a government contract as “any agreement or agreement modification between any contracting agency and any person for the purchase, sale or use of personal property or non-personal services.” Because “non-personal services” includes insurance and fund depository services, OFCCP considers financial institutions with federal share and deposit insurance as government contractors. Based on this, it is advisable that you include the EO clause in your contracts, subcontracts, and purchase orders. For more information, please refer to OFCCP’s FAQs on Jurisdiction where it addresses questions on financial institutions.
You can use this OFCCP audit checklist to ensure you're doing what is required to maintain OFCCP's regulations including VEVRAA, Section 503, and EO 11246. Or request a demo to streamline your compliance and recruiting efforts.