There have been conflicting opinions about this. The Wage and Hour Division staff, the agency which is responsible for enforcing this Executive Order, are saying that this only applies to federal contractors who fall under the following: 1. Procurement contracts for construction covered by the Davis-Bacon Act (DBA) 2. Service contracts covered by the McNamara-O’Hara Service Contract Act (SCA) 3. Concessions contracts, including any concessions contracts excluded from the SCA by the Department of Labor’s regulations at 29 CFR 4.133(b) 4. Contracts in connection with Federal property or lands and related to offering services for Federal employees, their dependents, or the general public 5. Any subcontract of a covered contract that (like the upper-tier contract) falls into one of the above four categories The issue is that OFCCP has historically maintained that banks and financial institutions who have entered into an agreement for Federal Deposit Insurance Corporation (FDIC) insurance are also covered federal contractors under the regulations it enforces. The best thing to do would be to consult with your AAP attorney to determine whether your company is subject to the requirements of EO 13706.
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.